President Obama Failed to Redesign the Financial System

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The “overhaul” of the financial regulatory system just proposed by President Obama avoids serious reform of the US banking system which rececently sent the world into the worst recession since the Depression. The opportunity to redesign and innovate a dangerous and out-of-control system is now lost. What FDR did in the 30’s following the bank collapse, Obama is failing to do—make hard decisions, anger people, create new institutions that force new behaviors, put the nation above special interests.

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