A moment ago, however, a headline on HuffingtonPost caught my eye and gave me a glimmer of hope that Obama and his team will respond to this wake-up call with a "course correction," as they say.
The news:
Paul Volcker, legendary central banker turned radical reformer of our financial system, has won an important round. The WSJ is now reporting:
President Barack Obama on Thursday is expected to propose new limits on the size and risk taken by the country's biggest banks, marking the administration's latest assault on Wall Street in what could mark a return -- at least in spirit -- to some of the curbs on finance put in place during the Great Depression.This is an important change of course that, while still far from complete, represents a major victory for Volcker - who has been pushing firmly for exactly this.
Let's hope this is only the beginning of wiser and saner heads, less immersed in Wall Street group-think, prevailing on the financial team. Until now, it seems that Volkner has been largely ignored in his advisory role; but now he has won on this issue.
Ralph
"dispirited" is a good way to put it. I know it's "dis" something. If Obama is to have a wake-up call, I suppose at the one year mark is better than later. The thing that gets to me is that in spite of the valid criticisms of various aspects of this first Obama year, I don't think the reasons for our "dispirit" are explained by them. The opposition has mastered a technique of unrelenting contempt and obstruction that works [in the "swiftboating" way]. It eats at the spirit and the soul of everything...
ReplyDeleteWell put, Mickey.
ReplyDelete