"US President Barack Obama on Monday warned Wall Street it must not return to the "reckless behavior" and "unchecked excess" which he blamed for unleashing the global financial crisis." No more reckless behavior: Obama warns Wall Street http://news.yahoo.com/s/afp/20090914/ts_afp/usfinanceeconomyobamaexcess "So I want them to hear my words: We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses. [appetite for quick kills and bloated bonuses.] "Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall."
That is the problem. He does not understand why they were bailed out by the government in the first place and that the bail out basically paved the road for the upcoming socialist regulations. It would be no need for regulations if there was no government interference. Unfortunately governments can only regulate and collect taxes.
Little or no regulation was tried in both the 19th century and in the twentieth century during the Greenspan era. I did not turn out well in the eyes of most. Rockefeller, however, reveled in laissez faire capitalism. He said, " competition is a sin."
Reich should be at the Fed instead of Bernanke and Geithner. Nothing has changed at all. <div><iframe height="339" width="425" src="http://www.msnbc.msn.com/id/22425001/vp/32839290#32839290" frameborder="0" scrolling="no"></iframe><p style="font-size:11px; font-family:Arial, Helvetica, sans-serif; color: #999; margin-top: 5px; background: transparent; text-align: center; width: 425px;">Visit msnbc.com for <a style="text-decoration:none !important; border-bottom: 1px dotted #999 !important; font-weight:normal !important; height: 13px; color:#5799DB !important;" href="http://www.msnbc.msn.com">Breaking News</a>, <a href="http://www.msnbc.msn.com/id/3032507" style="text-decoration:none !important; border-bottom: 1px dotted #999 !important; font-weight:normal !important; height: 13px; color:#5799DB !important;">World News</a>, and <a href="http://www.msnbc.msn.com/id/3032072" style="text-decoration:none !important; border-bottom: 1px dotted #999 !important; font-weight:normal !important; height: 13px; color:#5799DB !important;">News about the Economy</a></p></div>