Obama: New rules will keep 'worst traits in check'

AP on Yahoo ^ | 6/17/09 | Jim Kuhnhenn - ap

[NormsRevenge]

WASHINGTON – President Barack Obama proposed new "rules of the road" for the nation's financial system Wednesday, ...

Obama blamed the crisis on "a culture of irresponsibility" that he said had taken root from Wall Street to Washington to Main Street, .. regulations crafted to deal with the depression of the 1930s were "overwhelmed by the speed, scope and sophistication of a 21st century global economy."

The Obama plan would give new powers to the Federal Reserve to oversee the entire financial system and would also create a new consumer protection agency ...

In remarks prepared for delivery later in the day, Obama attributed much of the country's current problem to "a cascade of mistakes and missed opportunities" that happened over decades.

[E. Pluribus Unum]

Because government is so much less corrupt than the peasants they rule.

[HardStarboard]

Obama’s regulation proposals are a naked power grab. The White House in conjunction with the Fed would essentially be able to micro-manage any business they label as a threat to the economy....without, so far, any definition as to what consists a threat.

[Bulwyf]

as an outsider looking in, how can Americans take all this and still haven’t revolted? I’m starting to worry that nobody will, but if they do, I’ll come throw in my hand.