President Barack Obama wants to seek new governmental power to limit bank risks. He called on Congress today to limit the size and complexity of major financial institutions. He figures that this way banks won't become too bloated and taking on risks that threaten the economy. He doesn't like the obscene bonuses, and irresponsible behavior. He said that they need to be regulated. The House and the Senate are drafting their own versions of the bill. He hopes to tighten the reigns on the banks, so that the American people aren't help hostage by banks that are too big to fail.
http://www.foxnews.com/politics/2010/01/20/source-obama-seek-greater-banking-limits/?test=latestnews
My Opinion: I don't like unnecessary government intervention. I think that the government needs to not have to regulate and micromanage everything. In order for Capitalism to work correctly, there needs to be business opportunities for PRIVATE businesses to function correctly without a government agency completely micromanaging everything they do. However, there do need to be some laws set up by the government so that the average individual doesn't get screwed over. Some laws are ok, but too many and things turn regulatory, which then turn Socialist. People can think for themselves, and the government doesn't always need to micromanage. However, obscene bonuses and poor decisions aren't good for banks and big businesses to be making because then We The People has to bail them out and save them, otherwise we go down with them. So, to make a long opinion short, government rules:Yes. Government regulation/micromanaging:NO I guess time will tell if this legislation just means rules or regulation.
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