Posted by: Lotfi Frigi | January 21, 2010

Paul Volcker To The Rescue!

Yours truly thought for the longest time that the game is rigged. But for the sake of exercising the old dull brains, I will play along… So, Paul Volcker intends to grab the bull by the horns and wrestle it down to the ground (Paul Volcker Prevails). Admirable, courageous and noble! But, like they say where I come from, shouldn’t you build the mosque before you buy the carpets? Shouldn’t the powers that be take aim at the 2000-lbs bull (The Federal Reserve) and its 900-lbs bullock (Goldman-Sachs) sitting in your room, staring right back at you, instead of swinging and whiffing at the smoke they’re snorting out of their noses?
For the sake of argument, let’s say that the President and his administration are not equipped at this stage to do that and that they prefer taking baby steps before going for the big jump. Fine. I’ll buy that. But then many questions beg to be asked…
1- Why did it take a slap in the face (as in the senatorial debacle in Mass. yesterday and the outcry that followed) before this administration decided to fulfill one of its main campaign promises, namely to grab Wall Street by the neck, regulate the trade and make the institutions more accountable.
2- Why did Obama and his advisers refuse to re-introduce the comprehensive Glass-Steagall Act and opted instead for a crappy watered-down version of it? A version with so many loopholes that nobody can practically be accountable for any screw-up…
3- Why can’t Obama be accountable himself and stand on a podium, explain why his administration has been playing softball with Wall Street; why he hasn’t done a lick about it for a year now; and why he keeps the same team of financial advisers that either misguided him or put him on the wrong path in the first place…
If you must take baby steps, Mr. President, then your next one should be naming Volcker as your chief financial adviser. The second step should be getting rid of that team of advisers around you (Summers, Rahm, Geithner and their gangs) whose allegiance to you and to us, citizens of this country, is murky at best. Good luck to you and to Mr. Volcker with all of that going through the Senate and the greedy, ready-to-be-bought characters that populate it!


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