Don't Cry for Wall Street

[mgc1961]

On Thursday, President Obama went to Manhattan, where he urged an audience drawn largely from Wall Street to back financial reform. “I believe,” he declared, “that these reforms are, in the end, not only in the best interest of our country, but in the best interest of the financial sector.”

Well, I wish he hadn’t said that — and not just because he really needs, as a political matter, to take a populist stance, to put some public distance between himself and the bankers. The fact is that Mr. Obama should be trying to do what’s right for the country — full stop. If doing so hurts the bankers, that’s O.K.

More than that, reform actually should hurt the bankers. A growing body of analysis suggests that an oversized financial industry is hurting the broader economy. Shrinking that oversized industry won’t make Wall Street happy, but what’s bad for Wall Street would be good for America.


More at http://www.nytimes.com/2010/04/23/opinion/23krugman.html?hp

[ShortnFiery]

1. I won't because THEY OWN US. We work for them ... have since Saint Reagan.

It's smart to know who the real OWNERS of this nation are.

Although I FEAR their power, I loathe what they do.

[unhappycamper]

3. Like the sign.

:thumbsup:

[proudohioan]

2. No tears in this household!

And you are right; Obama shouldn't continue to take such an apologetic tone with Wall Street.

[Demeter]

4. Facts are such Stubborn Things

Will we ever solve the heartbreak of Denial? Keep pounding them out, Krugman! Somehow reality has got to intrude on the political consciousness and conscience.