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Posted on 06/17/2009 9:25:42 AM PDT by NormsRevenge
WASHINGTON – President Barack Obama proposed new "rules of the road" for the nation's financial system Wednesday, ...
Obama blamed the crisis on "a culture of irresponsibility" that he said had taken root from Wall Street to Washington to Main Street, .. regulations crafted to deal with the depression of the 1930s were "overwhelmed by the speed, scope and sophistication of a 21st century global economy."
The Obama plan would give new powers to the Federal Reserve to oversee the entire financial system and would also create a new consumer protection agency ...
In remarks prepared for delivery later in the day, Obama attributed much of the country's current problem to "a cascade of mistakes and missed opportunities" that happened over decades.
(Excerpt) Read more at news.yahoo.com ...
"a culture of irresponsibility" .. DOH!!!
A culture of corruption and a rush towards total socialism the last 75 years .. The DEms agenda.
Culture of Irresponsibility?
Yeah - unfortunately, the guys most responsible (Congress) are still running the show. :(
whst would we do without the dictator to put a pacifier in our mouths?
In the past, Wall St has contributed to a disturbing climate in which economic growth and profitability was seen as acceptable. It is traits like that which will now be kept in check.
What a brilliant statement by John Adams. Our founding fathers were great men.
Wow! Is that the guy who played “Lurch” on the Addams Family show,or is it John Kerry? :)
Watch him appoint a few more czars with zero accountability to anyone but “The One”. Every day, another outrage.
Yeah - unfortunately, the guys most responsible (Congress) are still running the show. :(
The rest of the guys responsible were fined only 3% instead of a jail sentence and they’re still there,too!
Exactly my thoughts as I read the story. The dims are the culture of corruption.
Ah, notice "Main Street" is irresponsible too. It isn't just Wall Street that is going to be regulated. Watch out small business, here it comes! Obama's plumbing czars are on the way to free America of irresponsible tradesmen.
Behold the Fuhrer.
I interviewed Dr. James Dobson on the radio a few years ago and he essentially paraphrased Mr. Adams’ remarks when he declared that “Capitalism WITHOUT an underlying Christian or God centered moral system is LITTLE MORE THAN A HUNTING LICENSE.”
We have met the enemy and he is US.
Yup. And the fellows who will probably craft the actual law are Frank and Dodd.
Like the "Glass-Steagall" Act this will probably be known as the "Dodd-Frank" Act.
The world has seriously gone mad.
Apparently one of those “new rules” is allowing banks to require you to wait for FORTY FIVE MINUTES to cash a check, from the time you hand it to them, if you don’t have an account at that bank. They claim they are doing even more anal probing of the account holder than usual. This is new policy at Bank of America as of June 1.
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