Can Senator Chris Dodd Succeed Where Obama has Failed?
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By now Americans have become aware that the Obama administration has failed to provide the strong regulation needed to ensure that the financial meltdown which transpired in 2008 does not repeat itself and further devastate our economy.
Bill Black, a Ph.D. criminologist and lead attorney at the government’s Office of Thrift Supervision. who helped steer the brilliant federal effort that cleaned up the S&L industry states here:
“Obama’s current efforts are doomed to fail — and, in a twist, it’s for lack of trying. “There is not a single successful regulator giving him advice,” Black says. Obama has a fresh face, but those of his crew aren’t. Black pointedly views Treasury Secretary Tim Geithner and Securities and Exchange Commission Chair Mary Schapiro as flops in the prelude to the crisis; they flacked for the financial industry’s “self-regulation.” Some of Obama’s appointees have a history as ardent advocates for financial crooks and active foes of regulation. Because neither the Obama team nor its proposed reforms pack the requisite punch, Black predicts, “There will be far more catastrophic losses.” That would be on top of the trillions of dollars already lost.”
As this piece in the New York Times states concerning the frustrations of Former Chairman of the Federal Reserve Paul Volcker regarding the Obama administration:
“[Volcker] wants the nation’s banks to be prohibited from owning and trading risky securities, the very practice that got the biggest ones into deep trouble in 2008. And the [Obama] administration is saying no, it will not separate commercial banking from investment operations.”
Considering that Barack Obama raised over three quarters of a billion dollars in his 2008 election bid heavily financed by hedge fund employees, private equity firms, and Wall Street executives, should we begun to wonder if there is any correlation to his administration’s unwillingness to pass substantial financial reform and a fear of alienating his once generous supporters?
Enter Senator Chris Dodd, offering bold reform as mentioned in the video above to address some of the failures of our financial systems regulatory scheme. To what extent, if any, will the Obama Administration try to water down or extinguish the changes so needed in our system proposed by Dodd?
At this point, it would behoove people to watch this administration’s actions in these matters with a closer eye, as opposed to engaging in mind numbing racial cheer leading for the first Black President. But what does it matter? Its only money.