But will they?
by Ted Rudow III,MA ( Tedr77 [at] aol.com )
Wednesday Sep 16th, 2009
But one year after the collapse of Lehman Brothers set off a series of federal interventions, the government is the nation’s biggest lender, insurer, automaker and guarantor against risk for investors large and small. Between financial rescue missions and the economic stimulus program, government spending accounts for a bigger share of the nation’s economy — 26 percent — than at any time since World War II.
The government is financing 9 out of 10 new mortgages in the United States. Under both the Bush and Obama administrations, the government, from the Federal Reserve to the Treasury Department, has flushed the banking systems and other components of the financial markets with $17.5 trillion worth of loans, guarantees, and other forms of support.
But in his speech on Monday, Mr. Obama has step up pressure on Wall Street to accept tougher oversight. Simply funding the banking system without reforming it is an expensive and dangerous game. Obama is capable of truly fixing things—by dividing up the Wall Street mega-banks with a new Glass Steagall Act. But will they? We have been deceived just recently."For thy merchants were the great men of the earth; for by thy sorceries were all nations deceived".REV.18:23b
Ted Rudow III,MA