Originally posted by john124
A fight with the banks now then... since all of his other plans have gone out of the window. This will become interesting, if it actually gets
anywhere and become more than another failed promise.
news.bbc.co.uk...
"While the financial system is far stronger today than it was one year ago, it is still operating under the exact same rules that led to its near
collapse," Mr Obama said.
His proposals also include a ban on retail banks from using their own money in investments - known as proprietary trading. Instead, banks would be
limited to investing their customers' funds.
Banking reforms do not come bigger than those proposed by President Obama," the BBC's business editor Robert Peston said.
[edit on 21-1-2010 by john124]
A few comments,
On the first paragraph above, the financial system only "appears" to be stronger because the government used US taxpayer money, which is actually at
interest FED money created out of nothing to prop up the system. Nothing of real tangible value was added, therefore any apparent financial
strengthening is an illusion.
On the second paragraph, oh great, now the banks get to gamble with our money only. So, if the stock market fails or the banks make bad financial
decisions, the depositors are screwed, but the bank is safe. Something like the patient lived but the doctor died.
On the third comment, banking reforms come way larger than this tripe. Deconstruction of the FED and a return to a viable precious metal standard is
considerably more constructive.
But.... the last time a president tried that, FED deconstruction under EO11110 (I think it was) was back in the early 60's and that was JFK. I think
we all know what happened to him.
Obama is making the hollow promises he made before he was elected, he is simply a corporate shill.
Cheers - Dave
PS. I saw that pic of Michael his wife (or whatever), I've always thought it looks like an ugly man in drag, but that pic, yow! Looks like too much
time under the fever tree.
