President Obama has proposed a sweeping reform bill, giving the government greater controls over the financial industry, including credit cards and mortgages, with this all designed to reverse the deregulation that came with the Reagan Presidency, and has led to the abuses that caused the greatest economic crisis since the Great Depression.
Obama said today that the point was to regulate the excesses of financial capitalism while promoting its benefits, but he will have many critics that he is going too far.
It seems to me that what Obama promotes IS essential in the economic climate that now prevails. We cannot continue in the same direction that we have been pursuing since 1980. It is indeed time for sweeping change!