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Reid: Obama Hasn’t Got a Clue

Obama Says He'll Solve the Fiscal Crisis; Reid Scoffs

Barack Obama, yesterday:

To get out of this crisis – and to ensure that we are not doomed to repeat a cycle of bubble and bust again and again – we must take immediate measures to create jobs and continue to address the housing crisis; we must build a 21st century regulatory framework, and we must pursue a bold opportunity agenda that creates new jobs and grows the American economy…

Our capital markets cannot succeed without the public’s trust. It’s time to get serious about regulatory oversight, and that’s what I will do as President. That starts with the core principles for reform that I discussed at Cooper Union.

First, if you’re a financial institution that can borrow from the government, you should be subject to government oversight and supervision…

Second, we must reform requirements on all regulated financial institutions…

Third, we need to streamline our regulatory agencies…

Fourth, we need to regulate institutions for what they do, not what they are…

Fifth, we must crack down on trading activity that crosses the line to market manipulation…

Sixth, we must establish a process that identifies systemic risks to the financial system like the crisis that has overtaken our economy… See? It’s all quite clear. Barack Obama knows exactly what must be done. He probably learned during his time as a community organizer.

Why then, didn’t Harry Reid simply call on Barack before his press conference today?

Senate Majority Leader Harry Reid, asked today what new regulatory actions Congress can take, said, bluntly, “No one knows what to do. We are in new territory here. This is a different game. We’re not here playing soccer, basketball or football, this is a new game and we’re going to have to figure out how to do it…”

So does Harry Reid think that Barack Obama is blowing smoke, or does he simply not think of Barack Obama as someone worth listening to? Whichever it is, he sure seems like someone who would welcome the input of a commission.

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