Day: September 15, 2009

Time For Real Regulatory Reform For Wall Street And Banks

President Obama went to Wall Street yesterday to declare that, a year after the financial collapse began which has led to the Great Recession, it is time for Wall Street and the big banks to start changing their strategies, as the US Government does not intend and cannot promote constant taxpayer bailout.

Obama is now beginning to call for real regulatory reform as his next goal after health care legislation, and this is essential, as we cannot allow greedy, money hungry Wall Street and the big banks to victimize this nation as they have so willingly done in recent years, without a care as to how it affects the American people.

Barack Obama’s reputation as President will, to a great extent, be measured by how much reform he brings to Wall Street and the banking system, and it is time for action NOW!

Three Former Presidents And Barack Obama

Three former Presidents are in the news in relation to President Obama.

Former President Bill Clinton had lunch yesterday with Obama in New York City when Obama came to speak to Wall Street about the need for regulatory reform, on the anniversary of the financial collapse. They had been sitting next to each other at the Walter Cronkite Remembrance gathering last week in New York, but had not had time to have a private discussion. It is obvious that Bill Clinton is becoming closer to the new President, with the fact that his wife is playing a significant role as Secretary of State, as part of the equation.

Former President Jimmy Carter declared that Obama is facing such severe opposition and criticism, even on trivial matters, and with marches like the one last weekend in the capital, mostly because of his being African American. Carter said he is well aware of a high level of racism by many whites, South and also North, who simply cannot tolerate that a black man is President, and believe that no black man is qualified to be President. While every President has criticism and opposition, the attacks have become very venal, and it is sad for me to have to say that I agree with President Carter that the race issue is a major factor in the vehement attacks on Obama.

Former President George W. Bush now has been revealed to believe last year that Obama did not have a “clue” of what it is like to be President, an ironic statement for a man who came in ill prepared himself to be President, and who many believe is one of our worst Presidents ever. The only good thing that Bush had to say was that he thought Sarah Palin totally unqualified to be a heartbeat away from the Presidency, and he made it clear that he never felt comfortable with John McCain running for President, preferring former Massachusetts governor Mitt Romney as his successor.

This has been a very interesting set of events, to see the interaction and relationships between the incumbent President and former Presidents. It is certain that we will be hearing much more on this whole subject in the future.