President Obama gave a great speech about the need for financial regulatory reform, and then as he did with health care reform, left all the details up to everyone else. There’s only one catch: this issue is all about details. The President acknowledges that some financial conglomerates are too big, and yet his solution is to leave them too big, and just assess a fee to bail themselves out if there’s a problem. How about making them smaller, more clearly defined, where banks are banks, and those working in the shadows of the financial system continue to be allowed to do so at their own risk? Glenn and Jeff also take on the thorny issue of what exactly constitutes a bank, and how the problem can be better addressed by looking at what banks do, and don’t do, and then coming up with solutions. They also explain why another financial task force or regulatory agency isn’t needed –just more clear rules, the restoration of Glass-Steagall, more transparency, and maybe Glenn and Jeff taking the reins of the financial system. The PoliTalk guys have your back and watch your wallet on this episode of PoliTalk.
PoliTalk: Best Friends. Vast Political Experience. Refreshing political discussion…without the fighting…and with a few laughs. Hosted by Glenn Gaudet and Jeff Kimball.
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