georgephillip
Diamond Member
- Dec 27, 2009
- 43,776
- 5,208
"Shoring up his legacy was clearly on the mind of the President, based on his comments during the press conference. (See full transcript here.) At one point the President suggested that the political bashing coming at him from the campaign trail was getting under his skin..."
"The problem with the President’s new public relations push to cement his image as the fierce enforcer of Wall Street reform is, unfortunately, the facts on the ground.
"Dodd-Frank was signed into law by President Obama on July 21, 2010. It left in place many of the worst abuses on Wall Street, like the ability of Wall Street firms to pay the rating agencies (like Moody’s and Standard and Poor’s) for the ratings they assign to bonds underwritten on Wall Street.
"The financial collapse and U.S. housing collapse was greatly influenced by the fact that the ratings agencies were assigning triple-A ratings to subprime mortgage debt — what was effectively junk bonds destined to fail."
Wall Street On Parade
Obama's Wall Street legacy of covering up fraud and corruption will either be continued with Hillary or (possibly) ended with Bernie. No doubt the current enabler-in-chief is worried about a repeat of 2008's meltdown cutting into his speaker's fees after leaving office.
"The problem with the President’s new public relations push to cement his image as the fierce enforcer of Wall Street reform is, unfortunately, the facts on the ground.
"Dodd-Frank was signed into law by President Obama on July 21, 2010. It left in place many of the worst abuses on Wall Street, like the ability of Wall Street firms to pay the rating agencies (like Moody’s and Standard and Poor’s) for the ratings they assign to bonds underwritten on Wall Street.
"The financial collapse and U.S. housing collapse was greatly influenced by the fact that the ratings agencies were assigning triple-A ratings to subprime mortgage debt — what was effectively junk bonds destined to fail."
Wall Street On Parade
Obama's Wall Street legacy of covering up fraud and corruption will either be continued with Hillary or (possibly) ended with Bernie. No doubt the current enabler-in-chief is worried about a repeat of 2008's meltdown cutting into his speaker's fees after leaving office.
