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Obama's False Financial Reform

http://www.thenation.com/doc/20090706/greider2

By William Greider

The most disturbing thing about Barack Obama's call for financial reform was the way in which the president falsified our predicament. He tried to make it sound as though everyone was implicated in the financial breakdown and therefore no one was really to blame. "A culture of irresponsibility took root from Wall Street to Washington to Main Street," Obama explained. "And a regulatory system basically crafted in the wake of a 20th century economic crisis--the Great Depression--was overwhelmed by the speed, scope and sophistication of a 21st century global economy."

That is not what happened, to put it charitably. Unlike some other presidents, Obama is much too intelligent not to know this. The regulatory system was not overwhelmed by historic forces. It was systematically gutted and dismantled by the government in Washington at the behest of the banking interests. If Obama wants details, he can consult his economic advisors--Summers-Geithner--who participated directly as accomplices in unwinding the prudential rules and regulations. Cheers were led by the Federal Reserve with heavy lifting by both political parties.

Continued...
http://www.thenation.com/doc/20090706/greider2

Excellent article!

I totally agree with William Greider's view that Obama is kicking the can down the road. This is a case of unbridled greed and irresponsibility by the banksters. Giving the Fed more power is the absolute wrong thing to do. The Fed is the problem, not the solution. Obama is clearly owned by the banksters. They own the US Government and have for a long, long time. Banksters and their corporate partners have dictated policies by using their deep pockets to insure favorable treatment no matter who was president.
Remember this as the economy continues to fail. The greedy banksters in all their forms are directly responsible.