Why Obama's financial 'reforms' won't prevent future crises.
In the elaborate roll-out of its proposed overhaul of financial regulations, the one thing that President Obama, Timothy Geithner, and their economic advisers have not done is explain how their recommendations--if they had been in place four or five year ago--would have prevented the present financial and economic crisis.
If President Obama thought he'd score some easy political points by endorsing new PAYGO legislation to control deficit spending, he was sadly mistaken. Although PAYGO--budget-speak for "pay-as-you-go"--seems to limit Congress' ability to cut taxes or raise spending, the initial reviews were unkind and sometimes harsh."This is like qutting drinking, but making an exception for beer and hard liquor," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, an advocacy...
For Obama, today's misery is a political opportunity.