POLITICAL observations & opinions

* it’s not too late for real reform of our financial system

Posted by Lew Weinstein on January 21, 2010

Jim Kuhnhenn writes for AP (1/21/10) …

  • President Barack Obama, eager to harness and redirect voter anger over bank bailouts, is ramping up his war on Wall Street.
  • Building on his own proposals and the work of the House, the president wants new federal government powers to limit the size and complexity of large financial institutions and to limit their ability to engage in high-risk trades.

Read the entire article at … http://news.yahoo.com/s/ap/20100121/ap_on_bi_ge/us_financial_overhaul

LMW COMMENT …

It is a disgrace that the original bailouts of the financial institutions by both the Bush and Obama administrations did not include conditions to the loans that would require lending, limit bonuses, and assure responsible risk-taking.

But maybe it’s not too late. If the Democrats in Congress have the guts to act. And if President Obama shows the strength to insist.

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