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No One Can Rein in Wall Street, Not Even Obama

Updated on October 26, 2010
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Glendon and his wife have led church ministries, conducted empowerment seminars, and travelled to faraway places on business and vacation.

In a 30-minute address which came one year after the collapse of Lehman Brothers, American President Barack Obama proposed the creation of the Consumer Financial Protection Agency. He was hitting the nail on the head when he said that much of the economic collapse was caused by consumers signing contracts and mortgages they did not understand. The agency will regulate financial matters like credit cards and mortgages.

He wants more power for regulators of the financial system. Evidently the administration would like to close those gaping holes that Wall Street exploited to wash billions of dollars with those financial instrument that not even the computer programmers can figure out.

And this is going to be juicy for the conspiracy theorists (including me), Obama wants new cooperation between nations to stimulate demand and try to put a handle on the economic forces that led to the global meltdown.

US President Barack Obama.

Source:  Pete Souza, The Obama-Biden Transition Project courtesy of Wikimedia Commons.  Creative Commons Attribution 3.0 License.
Source: Pete Souza, The Obama-Biden Transition Project courtesy of Wikimedia Commons. Creative Commons Attribution 3.0 License.

On his rescue plan report card the President said that banks have repaid $70 billion of the bailout, even earning taxpayers a 17% return on their money. Some persons will tell you that's because some banks that did not need the bailout were forced to accept it in order for Citi to not look bad.

So the big man has ventured into the den of thieves to tell them it’s rude to steal. Good luck Barack. But if I am to believe the global conspiracy mantra, and I do, then all of this is just for the camera. The elite bankers who pull the strings know that any successful president must obey their secret plans to enrich the few and impoverish the many in order to control the masses. Wow, I am sounding like one of those conspiracy types. Events of recent times have persuaded me to become a conspiracy type…almost.

I believe that no American president in his right mind wants to rein in Wall Street. America is built on private enterprise masquerading as public good, and that includes the Federal Reserve.

So it makes for good press to talk tough:

"We will not go back to the days of reckless behavior and excess which was at the heart of this crisis. People cannot take risks without regard to consequences, and expect taxpayers will be there to break their fall."

Yea, but behind the scenes a good prez will wheel and deal his way into the hearts of Wall Street’s finest in order to survive among the political sharks and the global puppet masters...then there is the small matter of campaign finance.


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    • thejcrevelator2 profile image

      thejcrevelator2 7 years ago

      Nice Hub,

      In my opinion we are beyond a simple fix. The problem is the enemy is helping structure the solution.

      Obama needed to get rid of Bernanke and Geithner and start from scratch. By keeping two of the people that helped create the mess he is buying into their actions.

      The federal government should NEVER bailout private for profit companies with taxpayer money. It is a bad idea no matter who does it – Republican or Democrat.

      The private company needs to go bankrupt and then the government can, if necessary step in and buy up the assets for 10 cents on the dollar. That is what Bush should have done, but his rich buddies would have lost billions and he didn’t let it happen.

      I don’t think Obama well let it happen either when it happens again as it will if nothing is done.