Tuesday, June 15, 2010

Obama protecting Gulf gusher and derivatives

In Louisiana and other states on the Gulf of Mexico there is frustration over what many residents see as a slow response by the U.S. government to protecting coastal areas. Some critics of the Obama administration cite offers by the Netherlands in April to supply sophisticated skimmers and dredging devices, and the administration's failure to accept the offer. The issue is as murky as the oil slick now threatening regional beaches.
A Senate proposal to force banks to shed their lucrative yet risk-laden derivatives units -- which is vehemently opposed by Wall Street -- is gaining steam, picking up the support of some regional Federal Reserve chiefs with more on the way.

Yet President Barack Obama's Treasury Department, led by Timothy Geithner, continues to oppose the measure, Senate aides say, who add that Treasury is supporting Wall Street over Main Street by opposing the measure considered of "utmost importance" to financial stability.

He is a liar, a traitor, and an enemy of mankind. He must go.