Skip to the 4:40 mark for discussion of the Federal Reserve and financial regulation.
Is this a joke? President Obama can't honestly think we're this dense. Or is the problem that he doesn't understand himself?
The Federal Reserve is responsible for regulating Wall Street, yet they can't even regulate themselves. (You need to see this.) They missed the tech bubble, the housing bubble (wtf?...they created the housing bubble), the leverage bubble (oops!), and then this morning President Obama made the audacious argument that the Fed hadn't failed in its regulatory duties. The only plausible explanation we've got, The Prez is hallucinating. (And before you flail me incorrectly as a Republican [but I'm sure as hell not a Democrat either], know that I voted for Obama.)
In an interview shown on the CBS Early Show, Obama said the administration wants an overseer that "is accountable and clear when it comes to these large systemic firms that could potentially bring down the entire financial system. The Fed has the expertise and the credibility I think to do it." Asked whether lapses by the Fed contributed to last year's crisis, Obama said, "It wasn't the Fed where regulations broke down here."
