President Obama’s weekly address: “Holding Wall Street Accountable”. 4-17-2010
In the continuous saga of the failure of neo-liberalism, president Obama is doing his best in trying to save the U.S. version of capitalism from its demise. Truth be told, reduced government regulation of the economy is what led the U.S. to be in the dire economic state that it is today. So, when president Obama calls for serious regulation of the banks, he should be supported.
Robert Reich,(former Secretary of Labor) is on point when he writes: “The only way to avoid another bailout of Wall Street is to cap the size of Wall Street’s big banks”. “The only sure way to ensure that no bank becomes too big to fail is to make sure no bank is too big”.
The neo-liberal mantra that unregulated market benefits everyone as long as “private” enterprise is free of any “bonds” imposed on it by government is a sham. What deregulation has created is economic anarchy that benefits the rich at the expense of the poor.
Professor Mekonen Haddis