Wednesday, June 17, 2009

More Change We Can Believe In

From McClatchey:

"WASHINGTON — Among the sweeping changes in government regulation that President Barack Obama will propose Wednesday is the creation of an independent and powerful Consumer Financial Product Safety Commission to regulate financial products such as mortgages and credit cards.

With an eye toward protecting consumers and ordinary investors, the Federal Reserve and other bank regulators would lose their oversight over mortgages, credit cards and other financial products that are sold to consumers. It's a radical shift in approach and a tacit acknowledgment of federal failure."

While we are all a little concerned about Obama's seeming timidness on certain issues, let us never forget that, almost every day, something like this happens, that would never, never have happened under President McCain.

We'll still need to see the details, but this is exactly the sort of thing we elect Democrats to do. We need to keep the pressure on, but we also need to enjoy the tremendous progress that is being made on many fronts.

2 comments:

quietmagpie said...

It looks to me not so much like timidity as holding things at a distance to thwart the Right from identifying him with a wedge issue. This may be partly the reason that the Republicans are still looking for a central narrative with which to attack him (the other reason is that they have nothing to offer anyway).

Green Eagle said...

I agree with you one thousand percent. I think Obama has made some real calculations about just what he can get done without giving the Republicans one of their bogus issues to go screeching to the world about, and he is keeping his eye on the ball, which is health care reform- the single greatest issue on which his administration is going to be judged. He simply will not allow himself to be dragged into a swamp of idiotic issues, until this is dealt with. And in my opinion, he is making the right choice.