Image by Confetti via Flickr
President Obama in his weekly address to the American people says that he wants to get the American taxpayers' money back.
So far so good.
So he wants to tax the big banks to get that money back.
So far so good.
President Obama says the big bankers not only need to be taxed but they need to be regulated.
So far so good.
But President Obama previously has said that he plans to increase Fed power and let the Fed do the regulation of the big banks.
Now that isn't so good.
"The Obama administration wants the Federal Reserve to be the maximum regulator of the American financial system. As Treasury Secretary Timothy Geithner told the Senate Banking Committee, "The Federal Reserve is best positioned to play that role. It already supervises and regulates bank holding companies, including all major U.S. commercial and investment banks...."Source: Reuters
So if President Obama really wants to regulate the financial system then he wouldn't turn that system completely over to the Federal Reserve, the very same people that caused the last collapse.
Turning the regulation of Wall Street and the Banksters over to the working arm of banksterism, the Federal Reserve, is a recipe for the type of disaster capitalism and economic collapse we have already seen.
President Obama is clear in his analysis on the terrible economic problem created by the "gambling" and "reckless risk"of the bankers in his weekly address to the American people.
But he needs to be clear on his desire for real oversight and regulation of the big banks. Turning over that responsibility to a private institution that works solely to benefit the big banks and their leadership is nothing more than the same old same old packaged under new legislation.
So taxing the banks needs to be done. But real regulation is also a necessity. If Obama doesn't initiate real change somewhere and soon, he will not be given a second term to continue to fool the American people..
Video Posted at Huffington Post
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