OBAMA AGENDA: Siding with Volcker
The Wall Street Journal: "President Barack Obama proposed new limits on the size and activities of the nation's largest banks, pushing a more muscular approach toward regulation that yanked down bank stocks and raised the stakes in his campaign to show he's tough on Wall Street."
More: "With former Federal Reserve Chairman Paul Volcker at his side, Mr. Obama said he wanted to toughen existing limits on the size of financial firms and force them to choose between the protection of the government's safety net and the often-lucrative business of trading for their own accounts or owning hedge funds or private-equity funds. Mr. Volcker has been an outspoken advocate of such rules; until recently Mr. Obama's top economic advisers, including Treasury Secretary Timothy Geithner and Lawrence Summers, were less than enthusiastic."
The New York Post: "Obama laid blame for the financial crisis squarely at the feet of the banks, railed against their "excess and abuse," and laid out far-reaching new regulations on them that instantly drew sour reactions from Mayor Bloomberg and others concerned about the vitality of the financial industry."
There's your transparency... "The Obama administration on Friday is posting to the Internet a wealth of government data from all Cabinet-level departments, on topics ranging from child car seats to Medicare services," the AP writes. "The mountain of newly available information comes a year and a day after President Barack Obama promised on his first full day on the job an open, transparent government. Under a Dec. 8 White House directive, each department must post online at least three collections of 'high-value' government data that never have been previously disclosed."