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Michael is correct on this one. In addition to not providing a template for healthcare policy change, Obama forgot to forcefully propose a way to regulate the financial industry. The NYTimes is doing a series on this now and it is clear from the reader comments that the public is outraged. Yes, investment bankers have stolen public money (which they promise to pay back when they can), but no regulation exists to prevent credit default swaps, such as those recently proposed on Life Insurance, from bankrupting Wall Street yet again. All politicians are silent on the matter because they are on the take for Campaign financing. In simple terms, one reader writes, 'Wall Street has a gun at our heads', and thereby prevents regulation. Free markets aren't free: They work only when they are orderly, and I never heard of an orderly distribution of a bank robbers proceeds. Wall Street must be regulated by incentive for moral behavior and punishment for bad behavior. It can and must be done, but the President is the only possible one who can propose it. And, he is asleep at the switch, having reappointed Bernanke and still having faith in Geithner.
Toggle Commented Sep 12, 2009 on Executive relies on Congress at Pro Commerce
1 reply