The president is talking like a populist. But he also needs to punch like one.
Two days after Republican Scott Brown's upset win in Massachusetts, the Obama administration proposed two new measures that would limit the ability of big financial institutions to wheel and deal. In announcing these initiatives—one of which would prevent investment banks from playing the market with their own cash—President Barack Obama got rather feisty:
What we've seen so far, in recent weeks, is an army of industry lobbyists from Wall Street descending on Capitol Hill to try and block basic and common-sense rules of the road that would protect our economy and the American people. So if these folks want a fight, it's a fight I'm ready to have. And my resolve is only strengthened when I see a return to old practices at some of the very firms fighting reform.
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