It Took A Kick in the Head, But This is Still Good News

From Felix Salmon at Reuters, this statement from a White House press release:

"President Obama joined Paul Volcker, former chairman of the Federal Reserve; Bill Donaldson, former chairman of the Securities and Exchange Commission; Congressman Barney Frank, House Financial Services Chairman; Senator Chris Dodd, Chairman of the Banking Committee and the President’s economic team to call for new restrictions on the size and scope of banks and other financial institutions to rein in excessive risk taking and to protect taxpayers."

Perhaps the best news in the whole article is Mr. Salmon's next comment:

"Note here how Geithner and Summers just become part of “the President’s economic team”, while Volcker gets top billing."

Has Obama come to understand what it took FDR two years to realize- that, however much you might desire a solution that everyone will like, you can never sate the rapaciousness of the rich, and there is no program that will work for ordinary people that bankers will agree to? It took the prospect of a looming election defeat in 1936 to get Roosevelt off the fence and realize he had to chose sides. It's interesting how the prospect of losing that house on Pennsylvania avenue can focus the mind. Let's hope Obama makes the right choice.

I hope so. It would be a great thing.

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