It looks like the financial sector didn't learn anything from the meltdown in their industry several months ago. Due to their greed and mis-management, many of their companies tanked, and the only ones to survive, did so because the United States government bailed them out with huge influxes of money.
Now they're acting like nothing happened, and reverting to their old ways of doing things -- the same ways that got them in trouble before. In addition, they're opposing and using their lobbyists to fight Congress passing new rules to protect the industry and their customers.
But President Obama is having none of it. He is warning the industry that they must change their way of operating. The president said, "We will not go back to the days of reckless behavior and unchecked excess at the heart of this crises. There are some in the financial industry who are misreading this moment. Instead of learning the lessons of Lehman and the crises from which we are still recovering, they are choosing to ignore them. They do so not just at their own peril, but at our nation's."
He went on to tell them they should not expect the people of America to bail them out again. I say Amen! There should be no more bail-outs for these robber-barons. If they screw it up again, we should just let them go belly-up. It's what they deserve.
And just as soon as Congress has dealt with health care, it should push hard to institute President Obama's new financial regulations. The industry has operated for too long virtually unregulated -- that's what allowed them to screw up the industry and our economy in the first place.
The industry had better listen to President Obama. The American people are angry, and will not spend another penny to bail out these jerks.
(The above cartoon is by Pat Bagley in the Salt Lake Tribune.)
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