Word: banking
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...Republicans say they haven't seen any downside yet to opposing reform. Brown actually stepped into Obama's populist trap by opposing the bank tax, and it didn't seem to help his opponent, Martha Coakley, even though internal polling gave her a 21-point advantage when it came to "taking on Wall Street." Why? "People thought Democrats in Washington would not deliver on these issues," says her pollster, Celinda Lake...
...Obama's bank tax - designed not only to make taxpayers whole but also to discourage excessive risk-taking - came from Geithner. And so did most of the Administration's plans to address the too-big-to-fail problem, create an independent consumer agency for financial products and otherwise overhaul the regulatory system that failed so dramatically in 2008. Geithner sees big banks not as evil empires to be toppled but as moneymaking machines to be restrained, so that the panic and bailouts of two years ago are never repeated. Just because it's populist, he likes to say, doesn...
...Read "Bank Earnings: Economic Woes Persist...
...fact, while Volcker did have some policy disagreements with Geithner and National Economic Council chairman Larry Summers - who were not eager to dismantle large banks and did not see how proprietary trading contributed to the crisis - those ideas had support from White House economists like Christina Romer and Austan Goolsbee of the Council of Economic Advisers and Jared Bernstein in Vice President Joe Biden's office. Volcker was never really persona non grata; he's friendly with Biden, and Goolsbee says Volcker spoke "extensively and repeatedly" with all the key players - including Obama. Still, White House officials were increasingly frustrated...
...political aides were eager to adopt a more populist tone, urging Treasury to give them something they could use. The bank tax was already in the works, but after Volcker made his case at a White House meeting in October, the rest of the Administration started shifting his way. Giant firms like Goldman Sachs were raking in record profits, and financiers ranging from British central banker Mervyn King to former Citigroup chairman John Reed were endorsing the Volcker rule. (See the worst business deals...