While Obama was in China kowtowing to our nation's real bankers, Tim Geithner was on the hill pleading for financial reforms even as most observers believe that because the public thinks thing are getting better, and because our legislators don't want to think about it, there is no passion for cracking down on the practices and people that got us into this mess.
AP reported: � ���"Treasury Secretary Timothy Geithner told Congress on Tuesday that efforts to strengthen the global financial system to prevent another deep crisis will falter if the United States drops the ball on overhauling regulation of its own banking system.
"We need to move on the reform agenda when the memory of the crisis is still acute.� �� �
Sorry Tim: We have no memory in our United States of Amnesia where the national attention span finds twittered messages too long.
Already the Obama Administration is preaching reform while also killing reform as in watering down the Sarbanes Oxley rules, enacted after the Enron Scandal and passed by Busheviks, for companies making less than $75 billion. That's considered � ���"small business.� �� �
And what about protecting Consumers from abuses that EVERYONE knows are outrageous. Mike Kranish writes in the Boston Globe that reforms to lower credit card rates are fading:
WASHINGTON - Efforts in Congress to cap credit-card interest rates are faltering because of opposition from Democrats and a lack of specific support from the White House, despite growing consumer outrage over a rush by banks to impose rates as high as 30 percent.
During the 2008 presidential campaign, Barack Obama vowed to back a strict limit on credit-card interest rates. But the White House is not yet behind any particular plan this year. While Obama has chastised credit-card companies, his spokeswoman declined to say this week how he planned to follow through on his campaign pledge.� �� �
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