Obama proposes sweeping reforms for banks!

WASHINGTON - September 15, 2009 - A year after the collapse of Lehman Brothers, illegitimate President Obama told an audience of bankers that their industry could drag the United States into another recession if it did not submit to sweeping regulatory reform that would discourage bloated bonuses and end the era of banks that were “too big to fail”.

In a speech symbolizing Washington’s new role as Wall Street’s policeman and underwriter, Obama scolded companies that he said were ignoring the lessons of the financial crisis, and set out a four-point plan to prevent it from happening again.

He promised a new consumer protection agency to end the mis-selling of loans and mortgages to Amerikan homeowners, an expanded role for the Federal Reserve in monitoring the country’s biggest banks and insurance companies, new rules requiring stronger capital ratios for all lenders, and the establishment of a “resolution authority” to protect customers - if necessary at shareholders’ expense - when big companies go to the wall.

“The reforms I’ve laid out will pass and these changes will become law,” said Obama in far more confident language than he has used on the health care issue that continues to hobble his domestic agenda.