Thursday, January 21, 2010
I'll Believe It When I See It (In the Fine Print)
Obama has again pulled Volcker into his photo ops, and is talking tough about putting limits on the size of banks, restoring the "spirit" of Glass-Steagall, and curtailing the giant banks' prop trading operations.
I'll believe it when I see it (in the fine print).
As Yves Smith reminds us, Obama and Congress talked tough about reining in derivatives, but did nothing. See this.
They talked tough about reforming health care to make it better to the American people, but ended up crafting a bill which is a giveaway to the giant insurance companies.
I'll only get interested if I see a bill that actually does something ... and whose fine print doesn't create more loopholes than it plugs and more gifts to the financial industry than it removes.
3 comments:
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I wish I could belive that too, but even IF Obama sign any of that (which I very much doubt), today's 'TBtF' hold to much power for OUR own good. There is no reversal, only forward we go... Im just waiting for the final bust....
ReplyDeleteRest your oars GW, there will be nothing of substance in any bill..
ReplyDeleteAnd to think all of this newly found moral zeal - is that what it is, moral zeal - might have been brought on by Coakley's defeat in Massachusetts. :-)
ReplyDeleteHere's what Hitler thought when he learned of Brown's victory:
http://www.creditwritedowns.com/2010/01/hitler-finds-out-scott-brown-won-massachusetts-senate-seat.html