www.pot-ce-poti-si-tu.ro

Let Them Eat Task Forces

In his State of the Union speech, President Obama said and proposed many reasonable-sounding things. One of them was this:

We'll also establish a Financial Crimes Unit of highly trained investigators to crack down on large-scale fraud... financial firms violate major anti-fraud laws because there's no real penalty for being a repeat offender... So pass legislation that makes the penalties for fraud count. ugg solde

And tonight, I'm asking my Attorney General to create a special unit of federal prosecutors and leading state attorney general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis.

Now, how could you be against that? In his speech, and indeed as has been true for his entire career, Mr. Obama deserves an A for rhetoric. But what grade does he deserve for action? Alas, he flunks. ugg solde

It has now been three and a half years since the financial crisis of September 2008. Only a few months after that crisis -- three years ago now -- President Obama took office. At the time, he had an overwhelming popular mandate and huge majorities in both houses of Congress. The nation was in crisis, with unemployment growing nearly half a percent per month. The Bush Administration's policies (and the financial sector that those policies had allowed to run wild) were utterly discredited. If ever real change is possible in Washington DC, this was that time.
air max tn chaussures
In that situation, and over the intervening three years, what did President Obama do? Well, we got a stimulus package, and then a year later a watered-down, absurdly complicated new law that addressed everything except the most important issues. And that's about it. Consider the record:
air max bw classic

President Obama's personnel appointments were heavily weighted towards those who had sat by and done nothing as the housing bubble grew (Tim Geithner, Ben Bernanke), former officials who had made major contributions to causing it (Larry Summers), senior lobbyists for the worst of the banks (Mark Patterson, Tom Donilon), a former board member of AIG (Richard Holbrooke), and literally dozens of former executives of banks and hedge funds that had played major roles in causing the crisis.
tn requin

The new chair of the SEC, Mary Shapiro, was the former head of the investment banking industry's self-regulation body, which brought not a single enforcement action related to the bubble. Her new director of enforcement, Robert Khuzami, was formerly general counsel for Deutsche Bank, which profited by helping John Paulson create securities so that he could profit by betting that they would fail. ugg boots pas cher

We got the Financial Crisis Inquiry Commission, deliberately crippled through its tiny budget (less than $10 million for its entire operation, beginning to end), limited subpoena power, and publication date conveniently just after the 2010 midterm elections. Even so, the FCIC actually did a pretty decent job, and demonstrated that the housing bubble had involved pervasive fraud on the part of the banks.

• autentifică-te sau înregistrează-te pentru a adăuga comentarii