Jamesb101.com

commentary on Politics and a little bit of everything else

Paul Volcker…the ‘Big Guy’ is back with the ‘Vocker Rule’…..

I saw him standing next to President Obama today…..

And so did a lot of other people…..

For much of last year, Paul Volcker wandered the country arguing for tougher restraints on big banks while the Obama administration pursued a more moderate regulatory agenda driven by Treasury Secretary Timothy F. Geithner.

Thursday morning at the White House, it seemed as if the two men had swapped places. A beaming Volcker stood at Obama’s right as the president endorsed his proposal and branded it the “Volcker Rule.” Geithner stood farther away, compelled to accommodate a stance he once considered less effective than his own.

The moment was the product of Volcker’s persistence and a desire by the White House to impose sharper checks on the financial industry than Geithner had been advocating, according to some government sources and political analysts. It was Obama’s most visible break yet from the reform philosophy that Geithner and his allies had been promoting earlier.

The Dog also thinks that the President has fallen back on an ‘Old Hand’ for several reasons…..

Number One being that Geithner and Bernanke are on the outs with Congress right now…..Number Two is that Volcker’s anti- financial business slate is good for ¬†political business…..Number Three is Scott Brown’s win sucking all the air out the political room for the last few days…..

Lets see if the Big Guy stays around this time……

January 21, 2010 - Posted by | Breaking News, Government, Law, Media, Men, PoliticalDog Calls, Politics, The Economy, Updates | , , ,

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