Obama Says ‘Further Reforms’ Needed To Rein In Wall Street

I realize that President Obama will be criticized by most everyone about either standing in the way of economic success for the “job creators” or not bringing Wall Street to heel for their irresponsible behavior. My thoughts on the matter is that our President can only do so much and he is correct in stating that Wall Street needs much more stringent reform. Our congress is responsible for the legislative branch in our three pronged democratic structure and it is high time that they do their job. I cannot help but put the blame on the Republican Party, not only for their obstructionist behavior, but also for their inability to recognize that financial deregulation is what brought our economy to its knees and we are in desperate need for intelligent and thoughtful reforms to be reinstated such as Glass-Steagal. The Dodd-Frank bill has been watered down by the lobbyists to such an extent as to make it almost toothless. It is high time that Wall Street cease to privatize the gains it makes while subsidizing the losses it incurs; our President cannot do anything about that, only congress can and the Republican Party as a whole is unwilling to do what is required. I know that there are quite a few democrats who also cozy up to Wall Street, but it is easier to call them on it than their republican colleagues, because the democrats that I am thinking of are beholden to their constituents, who actively want Wall Street reined in so bending those democrats to the people’s will is easier given the ideological bent of the left. Wall Street reforms can be done, but we need democrats to prevail in November for that to happen.
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