NYT is reporting:
President Obama on Thursday will publicly propose giving bank regulators the power to limit the size of the nation’s largest banks and the scope of their risk-taking activities, an administration official said late Wednesday.
This kind of interference in the private sector is what the Communists and Socialists do in third world countries to stymie growth and innovation.
Any restriction on bank risk-taking is against the very grain of American innovation. Without risk-taking, where would we be? Would we have any air travel had Teddy Roosevelt, a proponent of progressive ideas himself, restricted any such risk taking?
Banks, as corporations, exist to provide satisfactory returns to their shareholders. Preventing proprietary trading is like preventing Microsoft from making money from its investment activities, such as those highlighted on its website. Obama and Volcker want to stop just this.
No more money making. Banks shall be re-incorporated as 501(c)(3)s.
