Sunday, November 16, 2008

[President-elect] Obama tries to soothe Wall Street's nerves: Denies he favors 'heavy-handed' regulation

From MarketWatch:
President-elect Barack Obama tried to soothe Wall Street's frayed nerves in a televised interview Sunday, saying he would not press for "heavy-handed" regulation of the financial industry.

Obama, who has kept largely out of sight since winning the election 10 days ago, made the comments in a lengthy interview on the CBS News program 60 Minutes."
"My job is to restore confidence," Obama told "60 Minutes" correspondent Steve Kroft.
He later said it was a "top priority" to restore "a sense of trust and openness" on Wall Street.
The pendulum is still swinging towards more rules for the financial markets. Obama said he would try to achieve "a balance" between entrepreneurship and regulation....MORE
See our post "President Obama Will Be a Good Friend to Wall Street"
Then see Howard Lindzon:
Too much energy is spent and too many accolades are given to those that are ‘right’. Lot’s of people were right calling for a nasty recession. Most of them are still broke or down 40 percent. You can’t say you were ‘right’ if you called for a tsunami and than it smacked you and your family in the face as you watced it coming from the back porch....
I shall revisit that quote when I feel like bragging. Not that it will stop me, but...