All the more reason why we should never waste a good crisis:

“As the world’s banking system teetered on the brink of collapse just about a year ago, there were widespread, heartfelt, calls for reform.

Politicians of all stripes on both sides of the Atlantic, spurred on by taxpayers’ outrage at the cost of bailing out those who ought to need help least, vowed to get tough. No longer would banks be allowed to become too big to fail, or bankers be rewarded for taking risks that prove the undoing of their institutions.

But just one year later, as the world’s economy begins to emerge from a severe recession and some big banks once again appear profitable, it is not clear that the political resolve remains as strong.

To this end G20 finance ministers, meeting in London, agreed the broad outlines of a future regulatory structure designed to ensure that banks cannot take risks they do not understand or offer senior employees rich rewards for activities that, years later, prove the system’s undoing.”

Will O be like FDR, or just another Carter . .  .?


Regulation: Doubts over political resolve for reform
Norma Cohen
FT, October 5 2009 17:23 | Last updated: October 5 2009 17:23

Category: Bailouts, Regulation

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

28 Responses to “Political Resolve For Reform ?”

  1. madman130 says:

    Take it to the Bank he will be another W Bush.

    Carter is a well meaning dude without ego. Obama has too much ego, he will avoid this.
    Omaba already lost all the momentum to be another FDR. No that I cared for much of FDR’s policies to begin with.

    I thought at best Obama would be next Clinton. The way it looks like he will be another W Bush. By the time he is done he will be liked by 30% of the blinds and rejected by the rest.

  2. algernon says:

    Give me the feckless Carter any day over the capricious & pernicious FDR. The latter followed Hoover’s lead in attempting to cartelize all business with the NRA, raised taxes steeply, confiscated gold & trashed all the contracts written in gold–thereby consfiscating a lot of private wealth, inflicted forced unionization where the unions were allowed to be as violent as they wanted never found to be in the wrong. Then he moved to strongly tax corp. retained earnings, which even the Dems had the good sense to reverse over his veto.

    Obama has a ways to go before he is as horrible as FDR!

  3. KJ Foehr says:

    Now that O and his minions think they have the economy on the mend, they are turning their attention to the progressive agenda – health care, and now gay rights.

    This is what got Clinton off on the wrong foot; we’ll see how it plays with The Chosen One.

    It appears the mask is coming off, and the wealthy are not going to like what they see.

    An aside: How can one man possibly be so lucky? Winning the presidency at 47 years old, after serving only four years in federal elected office (and spending two of those years campaigning for president), and then winning the Nobel Peace prize after only eight months in office without doing anything significant for peace anywhere in the world?

    They said Reagan was the Teflon president. Well this guy is the Midas president! I just hope his golden touch will carry over to the rest of the country! We sure as hell need some fairy tale magic!

  4. “…6. Examples from multiple Government Accountability Office (GAO) reports of wasteful duplication include 342 economic development programs; 130 programs serving the disabled; 130 programs serving at-risk youth; 90 early childhood development programs; 75 programs funding international education, cultural, and training exchange activities; and 72 safe water programs.

    7. Washington will spend $2.6 million training Chinese prostitutes to drink more responsibly on the job.

    8. A GAO audit classified nearly half of all purchases on government credit cards as improper, fraudulent, or embezzled. Examples of taxpayer-funded purchases include gambling, mortgage payments, liquor, lingerie, iPods, Xboxes, jewelry, Internet dating services, and Hawaiian vacations. In one extraordinary example, the Postal Service spent $13,500 on one dinner at a Ruth’s Chris Steakhouse, including “over 200 appetizers and over $3,000 of alcohol, including more than 40 bottles of wine costing more than $50 each and brand-name liquor such as Courvoisier, Belvedere and Johnny Walker Gold.” The 81 guests consumed an average of $167 worth of food and drink apiece.

    38. Homeland Security employee purchases include 63-inch plasma TVs, iPods, and $230 for a beer brewing kit.[38] …”

    “…Even the most useless programs are passionately supported by the armies of recipients, administrators, and lobbyists that benefit from their existence…”
    “…Each year, it ranks the top 25 and publishes them in its yearbook, “Censored: Media Democracy in Action.” The latest “Censored 2010: The Top 25 Censored Stories of 2008 – 09″ just out is the subject of this review. The book may now be purchased locally, online, and most easily at

    The current edition is larger than even, and includes the year’s honorable mention choices as well as additional chapters covered below.
    In the preface, Peter Phillips and former Associate Director Mickey Huff highlight Censored 2010′s theme in explaining the corporate media’s emphasis on commercialism, the “inane”, the “irrelevant,” and their willful suppression of real news and information on vital issues.
    Their betrayal of the public trust reveals them to be “a gossip rag or screed sheet, a veritable three-ring circus sideshow of spectacle and distraction,” and a “dying system” relying on disinformation, faux reporting over real journalism, and the main threat to democracy in America that can’t flourish without a free and open media able to supply everyone with real news and information…”
    PC’s Top 25 2008 – 2009 Stories

    (1) US Congress Sells Out to Wall Street

  5. scharfy says:

    At this point it appears he is a strange hybrid. Corrupt and lost like W. Bush, Ego of Bill Clinton, world elitist socialist ala FDR. Oh yea, splash of Oprah Winfrey just for flavor……. Really no Carter in him at all, except maybe the lack of cajones…

  6. scharfy says:

    Obama seems to have the best qualities of many past presidents, a rare super-hybrid. The humility of Bill Clinton, courage of Jimmy Carter, and the wisdom of W Bush.

    and a splash of Oprah….

  7. clawback says:

    Barry, hasn’t Obama already shown his true colors? He stumped for the bailout in the Senate like his life depended on it, and then as pres. elect, his handlers demanded that the next 350B of TARP be ready to go when he took office. And before the FAS 157 change, he was going to let Timmay! set up a trillion-dollar PPIP — not that Barack has any freakin’ clue about most things financial. Through and through, the proper label for Obama is what The Daily Bail refers to as a “bailout socialist” — bailouts for the bankers, while the little people get to pick up the tab. Isn’t that what he means when he says we all “have to have some skin in the game”? As I think BR has said elsewhere, the crisis has already been wasted.

  8. DL says:

    … and a splash of Oprah.

  9. ab initio says:

    madman I think you are on to something!

    Note that O has continued W’s policies of privatization of profits and socialization of losses incurred by the financial plutocracy but on steroids. And he is using sleight of hand to make W’s Patriot Act transgressions on personal liberty even more retrograde.

    Isn’t he the perfect Manchurian Candidate?

  10. VennData says:

    The above commenters are name callers. No data, no support, what they used to call ‘mud slingers,” Whiners who want what they want…. NOW! You need to learn patience, discipline, and data analysis…

    …and most likely have missed the 50% plus rally that Obama told you to get into…

    There’s some data for you GOP genuflectors. Sorry madman130, algernon, KJ Foehr, Sharfy, DL. Sorry you missed the rally.

    You can always buy into the next once-in-a-life-timer. LOL

  11. madman130 says:

    Ah, the true believers…..
    There’s no cure for them.

    Venn, from the article you linked, Obama should have gotten the Nobel prize in Economics, too. Did you send that link to Nobel committee?

  12. Harry Wagner says:

    Yes VennData – I clap my hands at your astute observations and these name calling poopy heads are just jealous the did not get on this mini boom, yes the HOG economy is upon us boom-Boom-BOom-BOOm-BOOM louder and louder it gets.

    I wish these people would just learn BUY the Dips and follow those inducies and you will be riding high on top of the HOG built mini boom.

    Madman – No Obama already got his Noble Prize, the prize for Economics will go to Bearnake, for bringing us this wonderful little mini boom

  13. clawback says:


    Usually your comments are intelligent. But what are you kvetching about? The “data analysis” showing the similarities between Obama’s policies and W’s has been all over these pages for months. And if madman130 is a “GOP genuflector,” I’ll eat my left shoe.

  14. DL says:

    VennData’s vendetta.

  15. mathman says:

    The entire system of government (local to national) is corrupted by money. There are no true statesmen any more who think independently and do what’s right for the citizenry or the environment. “Our” government has been taken over by the corporate sector since corporations were given “personhood” status via some wayward legal case back in 1886. The elections are a sham, the Constitution is ignored, governmental policies are short-sighted and benefit the few over the many in most cases, and “our elected officials” are mostly in it for their own benefit. How anyone can believe this system can be reformed or used for progressive change is largely due to being naive. Wall Street now runs the show and the decline in our standard of living will continue, due to our money becoming ever more worthless and backed by the police state being foisted on us under the guise of terrorism prevention.

  16. Paul Jones says:

    Carter had oracular wisdom, the American people were too Disneyfied to comprehend what he was saying.

    Reagan just papered over our current problems with debt.

  17. some_guy_in_a_cube says:

    “Will O be like FDR, or just another Carter . . .?”

    O will be just like W.

  18. call me ahab says:


    if you a measure a president’s success by a market rally- than you are a lost soul-

    maybe you should write a book called the Obama Boom- much as Bowyer did for Bush-

    i am sure to him- he felt this rally during the Bush years was the “mark of great man”-

    of course- a fool- would think that

  19. wunsacon says:

    If you can’t see differences between O and W, it seems to me that you’re not even trying.

    Respecting science. Trying to push legislation to combat global warming.
    Didn’t start a losing $2T war. Trying diplomacy genuinely and not as cover for war.
    Reversed policy on torture.
    Reducing commitment to Iraq, increasing in Afghanistan.
    Improving civil rights for gays.

    Is the financial picture the same as under W? Over 12+ years, Clinton and W (and the American people) dug the hole O’s standing in. You guys want to blame him for not solving it yet? Criticize him as a means to push him. Fine.

    But, to say he’s another W? Since it would be “at best” premature to say that, statements like that remind me instead of the “wishful thinking” you see from the folks who say explicitly that they want O to fail. Are any of you guys in that camp? Really?

    * (I cheered. I love Obama but don’t wish “Olympic-sized debt” on Chicago. In contrast, with all those natural resources to tap, Rio might be able to afford it.)

  20. wunsacon says:

    Oops. Last, asterisked statement is non sequitur. Originally, I pointed out that the extreme-right cheered when O failed to make a difference in the Olympic committee’s decision.

  21. dark1p says:

    Obama is not a socialist or a demon, as presented by the right wing clowns. He’s simply an ambitious guy who is in way over his head. He never did anything of note, and still hasn’t, but he’s young and black and smart and looks good in a suit, and says all the right things.

    I throw in ‘black’ because his race has really been a relatively large factor in his political success here and also his acceptance overseas. You could say that a white politician with his track record wouldn’t even have made the Senate, but for centuries ‘empty suit’ whites have succeeded where much better qualified AAs never could. The sad truth of Obama’s election is that it does show a long-time-coming change in white racial attitudes, but only to prove that an underqualified, well-marketed African American can now win a national election, just like underqualified, well-marketed whites do.

    I guess on some level, this is progress. Still, I would have preferred someone who actually had a record of achievement and a greater familiarity with the workings of Washington. Although given all of the choices last time around, I don’t know if we’d really be doing any better on any front.

  22. clawback says:

    If you can’t see differences between O and W, it seems to me that you’re not even trying.

    Respecting science. Trying to push legislation to combat global warming.
    [OK. But this makes him *worse* and even MORE authoritarian than Bush. Psst, if you think buying into the global warming hoopla = "respecting science", you probably don't spend a lot of time thinking about this.]

    Didn’t start a losing $2T war. ["start"? Right, he's continuing them. No difference here.]

    Trying diplomacy genuinely and not as cover for war. [Are you kidding me? BHO likes a little more foreplay, but the end result is known in advance.]

    Reversed policy on torture. [Right, *we* don't torture anymore, but thank goodness all those other countries do. This has been well covered in the left-wing press. Maybe only us GOP folks read Glenn Greenwald and watch Amy Goodman.]

    Reducing commitment to Iraq, increasing in Afghanistan. [Great! More war! And if he keeps murdering Pakistani women and children, we'll have ourselves a war there, too. All Obama has done is disarm the anti-war movement. Not good for peace.]

    Improving civil rights for gays. [Bullshit. He's said some things about gay marriage, but he has no intentions of respecting habeas corpus for any of us -- gay, straight, whatever. Warrantless wiretapping? Yes we can! Fine you or throw you in jail for not supporting Big Pharma and Big Insurance? Will do!]

    Is the financial picture the same as under W? Over 12+ years, Clinton and W (and the American people) dug the hole O’s standing in. You guys want to blame him for not solving it yet?

    [Totally disingenuous. We want him to stop digging!]

  23. wunsacon says:

    >> OK. But this makes him *worse* and even MORE authoritarian than Bush.

    “Law” is always “authoritarian”. When it comes to avoiding another “tragedy of the commons”, we need some law.

    >> Didn’t start a losing $2T war. ["start"? Right, he's continuing them. No difference here.]

    Do you count sunken cost when performing a cost-benefit analysis of your next steps?

    Clawback, the rest of your comments have some merit. (Not like I haven’t thought about them.) But not enough to change my mind that anyone lumping O in with W has grossly distorted perceptions.

  24. clawback says:

    Fair ‘nough, wunsacon.

  25. WaveCatcher says:

    Wow, it’s good to see that not everybody on this board is as “lefty” as I had previously thought. Libertarians unite!!!

  26. VangelV says:

    “Will O be like FDR, or just another Carter . . .?”

    Sorry but I must be missing something. FDR took a sharp contraction made worse by his predecessor and turned it into a long depression that did not really end until after he died. There is little doubt to any objective observer that he was one of the worst presidents your nation has ever had. While not as bad, Carter was also a very bad president who had good intentions but no common sense and little understanding of economics. No matter which one Obama is like, the US seems to be in big trouble.

  27. VangelV says:

    “Obama is not a socialist or a demon, as presented by the right wing clowns. He’s simply an ambitious guy who is in way over his head. He never did anything of note, and still hasn’t, but he’s young and black and smart and looks good in a suit, and says all the right things.”

    He is not a socialist? Haven’t you been listening to him talk? He seems to be even more in favour of big government than Bush was. And haven’t you been paying attention to the people that he has made a part of his administration? They are certainly very left wing and no friends of markets and individual liberty.

  28. FrancoisT says:

    The title of the FT article reads:
    “Doubts over political resolve for reform”

    How can there be any doubts? It won’t happen, period. Congress is bought and paid for, Obama Econ team is a by-product of the Trilateral and Wall Street, and the slothful American press never, ever ask the tough questions.

    Case closed!