Finally President Barack Obama has come to his senses on financial regulation. His endorsement of what he calls the “Volcker Rule” for once puts him squarely on the side of ordinary Americans as opposed to the banking bandits who have so thoroughly fleeced the public.
Please don’t let your eyes glaze over on this issue as a matter of arcane economic regulation. It’s the ballgame as far as breaking the death grip of Wall Street over our economy. The projected $1.6 trillion deficit is only the first installment on decades of crippling debt that will pile up because of the irresponsibility of a radically deregulated banking system. This should be the only reminder we need that little else matters in the way of public policy discussion as long as Wall Street bleeds us dry.
Wednesday, February 03, 2010