Huffington: Obama captains the S.S. America

Arianna Huffington offers her thoughts on the absolute nonsense "reform" speech delivered yesterday by President Obama to Wall Street:

Listening to President Obama's heartfelt, well-intentioned, but ultimately naïve speech on financial reform today, my mind kept flashing on a story I heard the last time Washington, in the wake of the Enron scandal, promised to reform Wall Street.

The story came from a friend who took a family trip on a cruise ship. Her 10-year-old son kept pestering the crew, begging for a chance to drive the massive ocean liner. The captain finally invited the family up to the bridge, whereupon the boy grabbed hold of the wheel and began vigorously turning it. My friend panicked -- until the captain leaned over and told her not to worry, that the ship was on autopilot, and that her son's maneuvers would have no effect.

And that's the way it is with our leaders. They stand on the bridge making theatrical gestures they claim will steer us in a new direction while, down in the control room, the autopilot, programmed by politicians in the pocket of special interests, continues to guide the ship of state along its predetermined course.

I agree. President Obama's financial reform agenda isn't guided by him. Though I add... while he apparently wants to be remembered in history as an Abraham Lincoln... he's more likely to be remembered as an Edward Smith.

America's financial system needs to be righted. I recommend the strongest regulation possible - legalize the Constitution:

The Congress shall have Power... To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures (Article I, Section 8)

And President Obama should begin this national discussion on regulating the financial system by discussing:

1) fractional reserve banking vs. full reserve banking
2) fiat money vs. honest money
3) the existence of the Federal Reserve

Tim White