And now, the Obama course correction
It took three statewide election losses and a sure-as-rain in Florida certainty that Teddy Kennedy is now haunting the White House, but it appears that Team Obama has finally gotten the message. Yes, America, they hear you. And it appears that going forward, it’s going to be (a lot) less healthcare, more financial reform and J.O.B.S.; and less Geithner, more Volcker; which represents a serious shift for the administration, which has been pretty much ignoring Volcker, the former Fed chairman and head of its “Economic Recovery Board” in favor of the Goldman-Sachs-favoring Harvard wiz kids (wiz, indeed.) Well, it looks like the trauma of losing Teddy’s seat may have finally convinced Obama to move on the big banks, and to do something about “too big to fail” (which the public really wants, along with about 10 million jobs…) Read more
Quote of the day: Barney Frank vs. Ralph Nader
“Ralph gets to luxuriate in the purity of his irrelevance.” – Barney Frank responding to Nader’s critique of his bank regulatory reform bill, on “The Ed Show,” October 26th.
Obama administration, Barney Frank target ‘too big to fail’
Perhaps realizing that the right is going to accuse him of being an anti-capitalist ogre anyway, President Obama appears finally to be prepared to take on the wizards of Wall Street (with a member of Congress, in this case Barney Frank, running point, of course…) From the New York Times this morning:
A senior administration official said on Sunday that after extensive consultations with Treasury Department officials, Representative Barney Frank, the chairman of the House Financial Services Committee, would introduce legislation as early as this week. The measure would make it easier for the government to seize control of troubled financial institutions, throw out management, wipe out the shareholders and change the terms of existing loans held by the institution. Read more
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