Obama -- Wall Street's best friend
Original post made by a reader, Another Pleasanton neighborhood, on Sep 25, 2009
"The danger is the spread of moral hazard could make the next crisis much bigger,"
Timothy Geithner isn't doing enough to reign in financial firms. Geithner is doing nothing to prevent a company from becoming "too big to fail" in the future. We are in this mess not because taxes were too high, or that there was too much regulation of business, or that Barney Frank wouldn't regulate Fannie May. We are in this crisis because huge companies like AIG operated like casinos, issuing side bets that they could never pay off. Then when it all collapsed, they held the taxpayers hostage. We should never let this happen again!
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