To battle Wall Street, Obama should channel Teddy Roosevelt

[kentuck]

http://www.washingtonpost.com/wp-dyn/content/article/2010/04/02/AR2010040201523.html

<snip>
In late February 1902, J.P. Morgan, the leading financier of his day, went to the White House to meet with President Theodore Roosevelt and Attorney General Philander Knox. The government had just announced an antitrust suit -- the first of its kind -- against Morgan's recently formed railroad monopoly, Northern Securities, and this was a tense moment for the stock market. Morgan argued strongly that his industrial trusts were essential to American prosperity and competitiveness.

<snip>
The banker wanted a deal. "If we have done anything wrong, send your man to my man and they can fix it up," he offered. But the president was blunt: "That can't be done." And Knox succinctly summarized Roosevelt's philosophy. "We don't want to fix it up," he told Morgan, "we want to stop it."

Just over a century later, on March 27, 2009, 13 bankers were summoned to the White House. The global financial system was verging on collapse, in no small measure because of the bankers' concentrated power and their manifest inability to manage the risks of their "financial innovation." Banking had to be rescued -- no modern economy can function without credit, of course -- and only the Obama administration had the power to save the day.

But instead of specific new regulations or changes in the way they operate -- or even any constraints on their power -- what did these 13 bankers find waiting for them? On this day and in the months that followed, the administration provided generous expressions of unconditional financial and moral support, both explicit and implicit, along with gentle and nonbinding admonitions.

<snip>
Will the administration stand up and fight now, before we have another crisis? Surely this is what Theodore Roosevelt would have done. He liked to act preemptively; when he saw excessive power, he took it on, creating his own moments of political opportunity

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[MannyGoldstein]

1. Teddy's Ghost Needs To Displace Reagan's Ghost

Would be great.

[DJ13]

2. If only.... sigh

Im afraid Obama is no Roosevelt, either Teddy or FDR.

He's more like Jimmy Carter..... if Carter had aspirations of doing the corporation's bidding during his time in office just so he could retire on Easy Street raking in the corporate charity speaking fees after he was done playing President (like every President since has done).

[Captain Hilts]

3. FYI, Theodore HATED being called 'Teddy'. He preferred 'Ted', 'Theodore' or 'Tee'. nt

[texastoast]

4. Ted bears??

I think not.

:rofl:

[Captain Hilts]

5. He HATED that! He should have loosened up, but he was crazy. nt