The Volcker Rule Is Now The Volcker Suggestion -- Grading Obama On Wall St. Reform (Ratigan & Spitzer CLIP)

Video:  Dylan Ratigan with Jonathon Alter & Eliot Spitzer -- May 28, 2010

It's a beautiful thing.  Larry Summers and Tim Geithner get pretty much all the blame.  And the Volcker rule ain't happening:

• "The current provision is more like the Volcker weak suggestion than the Volcker Rule."

• "Will we see President Obama stand up against bank lobbyists or will he ultimately hide behind the political expediency and convenience of perpetuating this infinitely leveraged, non-transparent system because he's afraid to take the risk of actually fixing it?"

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Comments

[mark mchugh]

Let's not pretend that any of this is about financial reform. They should call it what it is: The Financial FALSE SENSE OF SECURITY Bill.

They want to say "look what we did!" Bullshit

The financial system was infinitely better off fifteen years ago before the repeal of Glass-Steagall, before the exemptions on leverage limits and before the removal of the uptick rule. These clowns will never admit that they were wrong so there is no chance they can reform the system.

1) The system wasn't broke - they broke it
2) You can't fix something if you're being fundamentally dishonest about why it's broke.

[S. Gompers]

Good post Mark. It takes years and many hands in the batter to f@ck a cake up this bad.

[DailyBail]

nice point mark...