Surprise, Geithner and his Treasury Department is giving the green light for Congress to gut the Volker rule, and allow federally insured institutions to gamble with our money.
Well, he never like Volker anyway:
The Obama administration lowered expectations Tuesday for the “Volcker rule” to curb risky trading by banks, emphasizing “limits” rather than an outright ban, as Congress shied from the original proposal.
The Treasury Department said in a statement that it supports “mandatory limits” on banks’ proprietary trading, in which they trade for their own accounts. The administration last month had called for an outright ban on such trading.
Seriously, the combination or regulatory capture and cowardice by the Obama administration is beginning to get to me.
Have Geithner and Summers ever acted as anything but "inside men"?
Obama's FISA vote (after he had promised to fillibuster) was enough for me; I quit the Democratic Party before he even got the nomination.
I voted for him in the General, of course. I don't hate my country that much, after all. But his financial team, combined with his health care "reform" proposals tell us most of what we need to know about the man. He's considerably to the right of Richard Nixon on everything except race-baiting and carpet-bombing.
I think that the appropriate term is "Made Men."
It's like the Mafia.