A different kind of Wall Street crash

While the European Banks and exchanges are still allowed to continue their traditional, legalized plundering strategies, Obama has made a start to limit the commissions of Wall Street operators. The US administration has initiated a series of measures that intend to reduce back room deals and make the banking system as a whole more transparent.

Has one of the world leaders finally seen the light? It is still not clear how effective the proposed legislation will be, but at least a change in policy has been made. Change, which has been Obama's credo during the election campaigns may occur at last. Although the largest chunk of his campaign funding was said to come from private donations, a considerable sum was donated by banks - Lehman Brothers ($ 318,647), Morgan Stanley ($ 259,876), JP Morgan Chase ($ 362,207), Citigroup ($ 358,054), Goldman Sachs ($ 571,330) and UBS AG ($ 364,806).

Obama's legislation change will probably not be beneficial to their operations, because it may expose them for what they are: clandestine deals. Obama earned himself a place in history by going after one of his campaign funders (Goldman Sachs). JFK earned himself a magical bullet for doing something of a similar order. Beside the banks there were influential personas (Soros, Brzezinski etc.) living way above middle class standards, who were contributing in various ways to Obama's journey to the White House. The change might be harmful to their business too.

Then there is the ongoing matter of Obama's nationality which will determine if his presidency is legal or not. The verdict may affect his decisions as a president if the court resolves he is not entitled to be in office. But before jumping to conclusions, I am curious to see what will result from his intention to reduce the banks' and Wall Street's power.