Obama Planning "Substantial Overhaul" For Financial Markets

President-elect Barack Obama told CNBC he plans "a substantial overhaul" of financial markets in the coming months, including a major restructuring of regulatory agencies.

"Wall Street has not worked," Obama told CNBC's John Harwood in an exclusive interview. "So it's going to be a substantial overhaul. We're going to have better enforcement, better oversight, better disclosure, increased transparency.

Read the whole story here.

Comments

[pieco]

Hope Will Soon very Well..

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[ObjectiveRealist]

I love it! I know my 100s of hours of volunteer work for his campaign were worth it whenever I read things like
quote:
"Wall Street has not worked," Obama told CNBC's John Harwood in an exclusive interview. "So it's going to be a substantial overhaul. We're going to have better enforcement, better oversight, better disclosure, increased transparency. "We're going to have to look at this alphabet soup of agencies and figure out how do we get them to work together more effectively," he added. "We've got to update the whole system to meet the needs of the 21st century."
/quote

While he is reforming the government, somebody needs to reform the academic fields of business and economics, especially eradicating the obsolete, Cold War detritus known as the Chicago School of economics. High school graduation should require basic familiarity with demand curves, as well as at least 8 years of civics so that every voter knows at least as much about our own government as today's naturalized immigrant citizens, poli-sci majors and lawyers.

Paulson and Bernanke chatter as long as the cameras keep rolling, the lunatic fantasy that the economy -- not select but important economic activities, the entire economy -- is driven by credit rather than by production. If they get away with their $Trillion heist -- and it looks like they will -- it will have been because too few taxpayers can deconstruct their euphemisms and identify the mechanisms of this theft more accurately than the perpetrators. Never

[Maschine]

He should start by cleaning house in all those agencies then he should bring in an Investors Bill of Rights.

If a trading house wants to "borrow' my shares , I would think at the very least they ask me and offer some monetary compensation, after all, they are my shares, if i had the certificates in my safe, they wouldn't be able to.

he should also consider taking oil out of the trading system. You buy oil, be prepared to take delivery of it before you can trade it.

I know I know, it sucks, but in case we all missed something, Capitalism as defined by the US just hasn't worked.

[BarackstarObama]

Global regulations are on the way with Obama. :-)

[usreporter]

Isn't it nice to have a grown up in charge. Bush just blusters platitudes about how everything is fine.

[loveobamas]

yeah real adult supervision the next 8 yrs going to be great.

[Freesia2]

Oh my yes.

[vote-obama]

fire them all. incompetence should be rewarded accordingly.

[Ged2012]

I like the fact that we could monitor every dollar spent in his stimulus plan online. Now that's what we call accountability to the people.

[judyc]

Can you tell me where that info is online? Thanks.

[hilary916]

I imagine it'll be on change.gov once it's available.

[chicagoike]

After these guys sucked up hundreds of billions of the taxpayer's money, I think reform is badly needed.

[lynnn]

Wohoo!