Proposed Financial Reforms Lack Teeth
Sep 16, 09
After President Obama made his passionate and forceful speech about the need for more regulation of Wall Street and the giant banking firms, reaction was mixed. Many people do not believe that Wall Street has the will to behave better.
When you break down the substance of Mr. Obama’s speech, there are major flaws in his proposed plan that any banker worth his salt can drive an eighteen-wheeler through. Mr. Obama also does not subscribe to the notion that the largest firms should be made smaller.
For a comprehensive analysis of why the administration’s proposals lack teeth, read “Obama and the Ghost of Louis Brandeis”.
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