Posted on 06/17/2009 11:35:19 AM PDT by AngelesCrestHighway
WASHINGTON – President Barack Obama proposed sweeping new "rules of the road" for the nation's financial system Wednesday, casting the changes as a critically important response to the economic crisis and the greatest regulatory transformation since the Great Depression. Obama blamed the financial crisis on "a culture of irresponsibility" that he said had taken root from Wall Street to Washington to Main Street, and he said regulations crafted to deal with the depression of the 1930s had been "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 to guard against credit and other abuses that played a big role in the current crisis.
(Excerpt) Read more at news.yahoo.com ...
Slash and burn Obama...running as fast as he can to destroy America!
Wanta guess who the two main guys are that he is going to use? How about Dodd and Frank. Those are two of the names he mentioned.
.....no mention of the “culture of irresponsibility” belonging to borrowers who defaulted.
While America sits back & watches it happen.
The government is to bloated right now that they are tripping all over one another. So, the answer is 'more government'? ..... Sigh.
Anyone yet seen a link to the actual white paper? I'd like to read for myself what this plan proposes.
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