By John W. Lillpop
President Barack Obama, America's self-appointed Nanny-god, know-it-all, and used czar salesman rolled into one dysfunctional ball of narcissistic Marxism, is at it again.
Not content with merely bankrupting the American automobile industry, working 24/7 to do likewise to the health insurance industry, ruining the economy for untold generations to follow, and carrying water for Osama bin Laden in the late, great war on terror, our beleaguered community administrator has decided to take on banking regulators as the next item on his To Do list.
As reported at telegraph.com.uk, in part: +
"On the eve of the one-year anniversary of Lehman's liquidation filing, the US President will on Monday warn that there remains much to be done to ensure the problems of the last 12 months do not happen again.
"Speaking just 10 days before the start of the G20 summit in Pittsburgh – at which world leaders are set to discuss curtailing bankers' bonuses among a raft of potentially restrictive reforms – he will also put the amount of capital banks hold on their balance sheets back at the top of the agenda, acknowledging that the demise of Lehman and Bear Stearns were a by-product of inadequate capital requirements.
"In a wide-reaching speech on the need for regulatory reform in order to avert another financial crisis he will call on the US Senate banking committee to kick-start work on these reforms as soon as possible.
"Speaking from Federal Hall on Wall Street, just steps from the New York Stock Exchange, President Obama will stress that regulators and legislators not only in the US, but around the world, need to take the next steps to tighten financial regulation.
"His comments will be closely watched by the banking fraternity on both sides of the Atlantic, eager to ensure that regulations do not become overly prohibitive. "
Overly protective?
How can anyone question the financial wisdom of a man who earnestly believes that health care costs can be reduced by adding 46 million people to the mix? Or that adding nine-trillion dollars to the national debt is a fiscally sound fix for an ailing economy?
Some brief, but powerful, advise for responsible world leaders who would follow Barack Obama: Don't!
+ http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6184202/Lehman-collapse-President-Barack-Obama-to-push-banking-overhaul.html
