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Mountain crisis, mouse reform

Business Times - 20 Jun 2009


Mountain crisis, mouse reform

The financial restructuring plan unveiled by Obama is high on rhetoric but low on solid proposals to prevent future catastrophes in the financial system

By LEON HADAR
WASHINGTON CORRESPONDENT

DURING the height of the current financial crisis, at a time when the perception on Wall Street and in Washington had been that the sky was falling and that, at a minimum, the American economy and the entire capitalist system were about to collapse, the hope among progressive Democratic lawmakers and activists - and the fear among bankers and hedge fund investors - was that newly elected President Barack Obama would lead a crusade to change the way business was done on Wall Street.

After all, it was Mr Obama who had warned during the election campaign last October that Americans were 'living beyond their means, from Wall Street to Washington to even some on Main Street'.

In fact, pundits speculated that after the falling of financia…