The White House’s latest salvo against banks misses the target
Jan 28th 2010 | From The Economist print edition
For investors the most dangerous words in the English language are “this time it’s different.” For governments and financial policemen they are “never again.” Yet that is what Barack Obama promised on January 21st when he announced proposals to stop banks trading on their own account and to limit their involvement in hedge funds and private equity: “Never again will the American taxpayer be held hostage by a bank that is too big to fail.” Can he live up to this promise? Or is it destined to become a YouTube classic, played endlessly in half a decade or so, after another banking implosion?
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