That Was Quick.....

Its funny what a sobering election loss will do to for the Obama Administration.
Do my eyes deceive me? This is almost too good to be true.

http://online.wsj.com/article/SB10001424052748704320104575015910344117800.html?mod=WSJ_hps_LEFTWhatsNews

I am not surprised this is coming out this quickly. Could it be that Obama is finally listening to Volcker? Volcker's paws are all over this, which is refreshing.

The most important thing here is that Prop Trading has to be separated from deposit lending. This is a policy must for the Obama Administration. The days of reckless risk taking financed by customer deposits and tax payer generosity has to be extinguished.

I have posted before that Volcker has been marginalized.

http://tradersutra.blogspot.com/2009/11/obama-is-more-bush-then-bush.html

But predicted that he would less marginalized going forward.

http://tradersutra.blogspot.com/2010/01/things-i-think-will-happen-i-think.html

Most might think that this is pure public posturing, but what ever gets Obama off of the Geithner/Bernanke/Summers unholy alliance is note worthy and warrants attention.

The banks of course will scream bloody murder and get their lobbying machine in full force on this one. But at the end of the day politics is all about survival and Obama and the Democrats are in survival mode after the Mass Elections.

I wonder what Goldman Sachs has to say about this? Of course it shouldn't matter to them as prop trading is only 10% of their business. Yeah right!

Team Obama badly botched up Health Care and allowed derivatives legislation to be gutted like a fish, this particular motion needs to be better explained and is long overdue.