Paul Volker Warns Obama on Banking Practices

Obama team ignores Volcker at its peril.

According to Uchitelle, the key difference is that Volcker "wants the nation's banks to be prohibited from owning and trading risky securities, the very practice that got the biggest ones into deep trouble in 2008." Regrettably, "the administration is saying no, it will not separate commercial banking from investment operations."

One only needs to look at Gaitner...he was on board Cllintons team when the banks were deregulated.

More here:

http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/obama-team-ignores-volcker-at-its-peril.aspx

So much for change,,just a new shiney new face beholden to the financial lobbies.

We are also still pushing bad lending practices. They do not want the banks to resume their normal and historic standards practice.

RIchard, it would seem so. One has to consider that Gaitner is involved because he was involved in the removal of the banking regs in the first place. Its really looking like the main cause of this recession and meltdown is the policies of Alan Greenspan. I guess left or right most dont give a sh_t. Its business at usual for the banks except they are withholding lending in most cases or the requirements are so onerous, no one can meet them.

In the book End the Fed, it discusses Greenspan a great deal and the author also puts a lot of the problems on Greenspan.