04.26.10
Financial reform
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http://www.globalresearch.ca/index.php?context=va&aid=14048
Instead of Real Financial Reform, Obama’s Plan capitulates to Wall Street
by Prof. Michael Hudson
The story is worse than just “Pres. Obama labored, and brought forth a
mouse.” He is morphing into Joe Lieberman in reaching across the aisle
for Republican support – and no doubt future campaign contributions from
the financial sector. There also is a touch of Boris Yeltsin in
sponsoring a financial “reform” disturbingly similar to what advisor
Larry Summers backed in Russia – relinquishing government power to a
banking elite (the notorious “Seven Bankers” in post-Soviet Russia). The
Financial Regulatory Reform proposal promotes Wall Street’s “product,”
debt creation, at the expense of the economy at large, and lets
financial chieftains continue to self-regulate the debt industry – and
by the way, to keep all their gains from the past decade’s worth of
fraudulent lending, scot-free.
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