President Barack Obama identified five major problems on Wall Street in his speech at Cooper Union today. Unfortunately, the solutions he has proposed to these problems either will not work, or are not included in the legislation that passed the Senate Banking Committee under the stewardship of Chris Dodd (D-CT). Here they are, one-by-one:
Despite strong rhetoric against aggressive Wall Street lobbying and deceptive Republican attacks, President Barack Obama appears ready to declare victory on a tepid and ineffective financial reform bill. more »
Tomorrow President Obama will return to Cooper Union in New York, where he gave a speech on financial reform as a candidate two years ago. We're told that his advisors want him to "go big" in his speech, as he did when he addressed a joint session of Congress on health reform. But if he follows the same course he followed in health reform - "going big" on rhetoric and then "acting small" on policy - he's not just courting political blowback: He's running the risk of going down in history as this century's Herbert Hoover. more »
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