Obama’s “Fireside Chat” (FDR or Jimmy Carter?)

Joseph Palermo: Tuesday night President Obama explained how his administration is going to respond to the most devastating human-made ecological catastrophe in the nation’s history. But he apparently doesn’t recognize how overwhelmingly popular it would be right now with the American people if he came out swinging against the malefactors of great corporate wealth like BP (or Goldman Sachs).

Financial Reform Too Small to Succeed

wall street reform

Joseph Palermo: The financial reform legislation currently winding its way through the Congress is a step in the right direction but it retains too much of the status quo that brought down the economy in the first place. The key problem, as many economists have been telling us, is that the top financial institutions remain “too big to fail.” Congress can enact all the regulations it wishes but even the best written rules won’t be enough to prevent another financial meltdown.

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