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Obama -- Wall Street's best friend

Original post made by a reader on Sep 25, 2009

Some people who voted for Obama during what was the worst financial crisis since the great depression, thought that his administration would focus on fixing the problem so that we couldn't find ourselves in the same position in the future. But now Paul Volcker, chairman of the White House Economic Recovery Advisory Board says that the planned new legislation to designate some financial firms as "systemically important" carries an even bigger hazard.

"The danger is the spread of moral hazard could make the next crisis much bigger,"

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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!

Comments (3)

Posted by m, a resident of Another Pleasanton neighborhood
on Sep 26, 2009 at 8:21 am


Posted by Pleasanton Parent, a resident of Pleasanton Meadows
on Sep 28, 2009 at 11:10 am

The way this administration (and the last) have handled the financial sector is completely unacceptable. I agree, if you tell me a company is too large to fail, then you better put some sort of regulation, oversight, or break it up into separate entities to ensure it can't again in the future.

Posted by a reader, a resident of Another Pleasanton neighborhood
on Sep 28, 2009 at 9:54 pm

Unfortunately, the issue doesn't seem to get the attention it deserves.

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