Paul Volcker is trying to save America and Obama isn't listening

[AllentownJake]

Wake up Gentleman

The guiding myth underpinning the reconstruction of our dangerous banking system is: Financial innovation as-we-know-it is valuable and must be preserved. Anyone opposed to this approach is a populist, with or without a pitchfork.

Single-handedly, Paul Volcker has exploded this myth. Responding to a Wall Street insiders‘ Future of Finance “report“, he was quoted in the WSJ yesterday as saying: “Wake up gentlemen. I can only say that your response is inadequate.”

Volcker has three main points, with which we whole-heartedly agree:

1. “ moves around the rents in the financial system, but not only this, as it seems to have vastly increased them.”
2. “I have found very little evidence that vast amounts of innovation in financial markets in recent years have had a visible effect on the productivity of the economy”

and most important:

3. “I am probably going to win in the end”.

http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#more-5720

[tblue]

1. Jake, now I told you. Lower your expectations.

Obama is doing everything humanly possible. Right? Got it?

[AllentownJake]

3. Fuck that he's part of the problem right now

Not part of the solution.

[tblue]

6. I know.

I don't know what to do. I really actually thought we voted for change. The change we got was Democrats embracing Republican policies instead of railing against them. I am learning to expect very little of Obama. Even his denouncing of "fat cats" on 60 Minutes was just a bone to placate the people who want him to do something other than complain on 60 Minutes. People heard that and thought, "Yep, he's on the case. He's in our side."

I can't believe how many people think Obama is some kind of helpless victim forced to do what he doesn't want to do, or is secretly plotting progressive actions were gonna see any day now, or else that he hates and regrets everything he does. Nothing is his choice. Nothing is his responsibility. Nothing is his fault.

[galileoreloaded]

7. They aren't embracing Rep policies..... they are the same set of policies.

There is no difference in policy, rather than tinkering on the edges.

This is the misnomer, that there is some great rift in ideas, there is no rift. People might have ideas, but the status quo demands miniscule adjustments, with maximum presentation. This is how dynasty's maintain their power, sleight of hand.

[laughingliberal]

2. We know how that feels. He isn't listening to us, either.

I do like his point #3 and hope he is correct on that.

[AllentownJake]

4. After they crash the car again

The enablers will not have a leg to stand on.

[chill_wind]

5. Summers has been treating him like a crazy uncle

in the attic. He's not going to like this if Volcker keeps making noise.

April 2009

Summers- the wrong man but the right gatekeeper

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=5389801&mesg_id=5391013

[AllentownJake]

8. Kick

[Jax]

9. k&r

Alyce