James Pethokoukis
Politics and policy from inside Washington
The Volcker Rule, again
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President Obama is continuing to push the Volcker Rule to ban prop trading by banks. My sources give me no indication this has a realistic chance of happening. Certainly none of the key members — Dodd, Shelby, Corker, Warner — have warmed to it. So why is Obama pushing it, then? Hey, it is about the only part of his agenda with any popular support. Certainly not healthcare or cap-and-trade or the stimulus. Anti-Wall Street populism works, so more anti-Wall Street populism we will get. This is also why the GOP wants to pass a financial reform bill. It deprives Dems of a political weapon that plays on the stereotype of Republicans as the Party of the Rich.
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So true James. Eventually American voters will realize they’re being played for suckers by Obama, but not just yet.
Obama is just doing his job as rodeo clown, trying to convince people that Wall Street is really too big and too complicated to be brought into compliance with little things like ethics, financial accountability and the law.
You ain’t seen full-on anti-Wall Street populism yet, but at the rate things are going, you will.