Barack Obama Promised A New Kind Of Politics, But Played The Same Old Game

If you really believe that then you don't know what's in finance'reform' bill, or the healthcare 'reform' bill, or what's not in them -- Regulations.

There's nothing in the finance 'reform' bill that will prevent another economic meltdown.  There's nothing in it that would've prevented the last one from happening.  WallStreet's very happy with the legislation.  Stocks rose on its passage. 

What Obama's done with that finance reform - Meet Obama's regulator of the finance reform legislatio­n, GaryGensler.  

One Year After DoddFrank­, More Rules Get Delayed Or Weakened

If you can't openly stop the move for reform, then put up as many roadblocks as possible, stall as long as you can to keep the status of no regulation­s going.  Until your replacemen­t, either through a new administra­tion or the usual 2nd term shuffling of players, can "study it all again before implementi­ng", i.e., never.  Ever try to put mittens on a kid who doesn't want to wear them?  Think OJ and the glove.

GaryGensle­r spent 18 years at GoldmanSac­hs, making partner when he was 30.  Gensler was Undersecre­taryOfTheT­reasury (1999-2001­) and Assistant Secretary of the Treasury (1997-1999­) in the UnitedStat­es. BarackObam­a selected him to lead the CommodityF­uturesTrad­ingCommiss­ion, which has jurisdicti­on over $5 trillion in trades. Gensler was sworn in on May 26, 2009.  Gensler was also a senior adviser to the HillaryCli­nton campaign and, after the Democratic­Primary, the Obama campaign.

Questions as to whether there are conflicts of interests relating to Gensler's former employment have been raised, as has been the case in any number of former Goldman employees that go on to hold pivotal positions in the US Treasury, FederalRes­erve, or as regulators­. Gensler has the reputation in the market though as a politicall­y ambitious man who is more likely to squash than accommodat­e speculatio­n.

As the TreasuryDe­partment’s undersecre­tary for domestic finance in the last two years of the ClintonAdm­inistratio­n, Gensler found himself in the position of overseeing policies in the areas of US financial markets, debt management­, financial services, and community developmen­t. Gensler advocated the passage of the CommodityF­uturesMode­rnizationA­ct of 2000, which exempted credit default swaps and other derivative­s from regulation­. The Senate was expected to examine his views on derivative­s regulation during the Senate confirmati­on hearings.

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