After being bailed out by the government, big banking entities started making money. So, they decided to give themselves big bonuses in celebration. Yet the banking trouble and the poor state of the economy including that of the world were largely created by them. Some thought by repaying their bail-out loans, they can have a freer hand. So, now Obama and his cabinet are flexing their muscles. They have now downsized the array of things that the banking fraternity can do. No more speculation or buying into mutual funds to shore up prices.Wall Street went down. Obama continues to challenge Wall Street. The battle royale is brewing. So is Obama doing the right thing to stop banking excesses or are the banks right in challenging the President who will make them 1930 sitting ducks?
I just watched a while ago a video of the jubilant supporters of soon-to-be US President...