Thursday, September 24, 2009

Obama does not go far enough with financial regulation

I work for a company that is 'too big to fail' and that is a scary prospect.  Here's another thing on the list that I don't agree with Obama about.  I like him a great deal, but don't think he's as progressive as he was billed...

Hopefully congress can see through this and will pass some decent legislation regarding overhauling the so-called PATRIOT act and other things that Obama has not taken a very strong stand on.

Volcker: Obama Plans Maintain 'Too Big To Fail'
A top White House economic adviser says the Obama administration's proposed overhaul of financial rules preserves the policy of "too big to fail," and could lead to future bailouts.

Former Federal Reserve Chairman Paul Volcker said Thursday that by designating some companies as critical to the broader financial system, the plans create an expectation that those firms enjoy government backing in tough times. That implies those financial companies "will be sheltered by access to a federal safety net," he said.

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