Obama lied his ass off to us rubes who voted for him. But he sure keeps his promises to the overclass owners of “politics,” doesn’t he?
Today’s delivery, with its typical confirmation of the “bipartisan” [translated from the Doublepseak: non-partisan, one-party] nature of the system, requires no further comment. Even The New York Times can’t disguise this one:
White House Pares Its Financial Reform Plan
The Obama administration on Wednesday abandoned a…significant provision [of its alleged reform plan] in the face of widespread political and industry opposition.
At a hearing before the House Financial Services Committee, Treasury Secretary Timothy F. Geithner announced that the administration had dropped one provision in its plan for a consumer financial protection agency — a requirement for banks and other financial services companies to offer “plain vanilla” products, like 30-year fixed mortgages and low-interest, low-fee credit cards.
Mr. Geithner’s decision followed a wave of criticism by Democrats and Republicans, some with close ties to the industry, that the plan was the first step toward a new regulatory regime in which the administration would be handing new powers to government bureaucrats approving and disapproving a wide array of financial products.