It's About Damned Time!

Don't need to look any further to see if Obama's proposed regulations are necessary and proper. Here are some selected reactions from the bankers:

Goldman Sachs chief financial officer David Viniar called the ideas “impractical” because they run counter to global deregulation.“You have global institutions around the world who are set up in a certain way and to put rules in place that roll back the financial system by 10 years is going to be a very, very hard thing to do,” Mr. Viniar said in a conference call.

The proposal will restrict lending, increase risk, decrease stability in the system, and limit our ability to help create jobs,” warned Steve Bartlett, president and chief executive of the Financial Services Roundtable, which speaks for the big banks.

Glass-Steagall was enacted during the last depression. It basically separated deposit taking banks from investment banks. Will Obama have the political will to undo the damage of the last twenty years?