Pelosi announced the House no longer had the votes to enact Health Care Access Restrictions on the private American citizen. This precipitated Mr Obama's retaliatory strike against America's economic health.In a reach, Mr Obama proposed new life sucking restrictions on commercial banks. Mr Obama is attempting to capitalize on Americans' hurt and confusion over the ongoing economic mess.
Damaging banks forced to take federal money shows Mr Obama has no intention of easing the burden on any American. Instead, Mr Obama's seeks to show his foes (the American People) that he can strike back against them for electing a conservative to the Senate which frustrated Mr Obama's plan to control health care access.
Big banks will be effectively banned from trading on their own accounts and hedge funds; Mr Obama's regulators will deem the trading activity as "too risky." But risk is the mother's milk of capitalism and economic growth. So Obama is effectively taking over the entire investment market.
The stock market tumbled immediately in response. Commercial banks are what commerce go around. So clobbering them hurts the whole productive sector. If Mr Obama cannot restrict your access to health care he will restrict you access to your daily bread. Round one to Mr Obama's destructive action.
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update
"U.S. stocks took a major dive during Thursday's session prompted by the selling off of stocks following Obama's announcement. The Obama administration publicized the plan to enhance the largest financial firms' level of regulation. This would include placing stricter parameters around trading activity in both size and span." From Gryphon Financial's Market Overview for January 21, 2010 p.m.
You probably note the mild tone toward Mr Obama. Gryphon is a very "liberal" financial service. They are still hooked on Mr Obama.
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