Wall Street's Gain is Main Street's Pain. (McCain, Congress, lawyers)

[kovert]

"Obama needs to stop playing inside games with bankers and insurance lobbyists, and start being a fighter for regular Americans. Otherwise, he can kiss it all goodbye."

A good outline of the mistakes made by the Big O's administration so far. If you look at the comments below, a lot of liberals/moderates have had just about enough.

The Dems need a good kick in the behind to wake them up to the needs of the people who elected them to serve the public interest.

Man, I wish people who would push for real financial reform like Spitzer had a spot on Barry's team.

Great debate here and the full version here.

[kovert]

"Obama must overrule the self-serving advice of Summers, and the outsized financial contributions of the Wall Street lobby promised to Rahm Emanuel, and move to break up the concentrated power of the big banks, as even Volker, Greenspan, McCain and The Wall Street Journal urge him to do. If not he will fast become a failed President faced with an increasingly hostile Republican House and Senate."

Hopefully, a loss or near loss will bring the Dems back to their senses. They need to remember who voted them in and why.

[HappyTexan]

They are bought and paid for by corporate and banking interests.
They do not represent Main Street; sad for you to think they do.

[kovert]

Originally Posted by HappyTexan

They are bought and paid for by corporate and banking interests.
They do not represent Main Street; sad for you to think they do.

I don't think they do. I KNOW they were voted into their positions to protect their citizens and not just the Fortune 500 ones.

And if they have forgotten this and continue on as they have, well then there should be no surprise if the world is hailin' Palin come 2012.

[kovert]

So who's wearing the pants in this relationship, the lobbyists for the gambling addicts or our so called democratically appointed public servants.

Regulators, Banks Grapple With Volcker Rule's Reach

"When J.P. Morgan Chase & Co. lawyers came to Washington in September to vent about prohibitions in the Volcker rule, they didn't bother stopping at the White House or Congress.

The reason: The power to hammer out exact language in the rule aimed at preventing risky bets belongs to a small army of regulators, including some who were unknown on Wall Street before the financial-overhaul bill passed in July. Dozens of career regulators at the Federal Reserve, the Securities and Exchange Commission and the Treasury Department are facing off against bankers, lawyers and other officials at financial firms that want to soften the impact of the rule named after former Fed Chairman Paul Volcker, which outlaws trades that aren't designed to meet near-term client demand or as a hedge.

Of course, some say that Wall Street will get its way in the end, especially since some of the regulators looking at the rule used to work in finance or are reluctant to take away banks' ability to make money by serving clients."

I sure as hell hope Bennet actually meant it with his bill.