What the Obama Plan Means for Business
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Taking apart the new financial regulations. New York Times’ columnist Joe Nocera takes several shots at President Obama’s financial regulatory plan in today’s paper. The gist of his argument is that while the plan includes an impressive number of proposals, few if any of them would prevent a similar meltdown from happening. The main failings: no mention of regulating so-called “customized derivatives”; the perpetuation of the belief that there are banks that are too big to fail; and placing too much trust in the Federal Reserve, an institution which Nocera contends let us down during the creation of the dot-com and housing bubbles. Nocera had hoped that Obama’s plan would take bold steps similar to those of FDR during the Great Depression, when “Wall Street hated the reforms…but Roosevelt didn’t care.” Instead, Nocera writes, “…the Obama plan is little more than an attempt to stick some new regulatory fingers into a very leaky financial dam rather than rebuild the dam itself. Without question, the latter would be more difficult, more contentious and probably more expensive. But it would also have more lasting value.”
Is Louisiana the new Detroit? Look out Tesla Motors, there’s a new player in the eco-friendly car industry. V-Vehicles, founded in 2006 by former Oracle exec Frank Varasano and backed by activist billionaire T. Boone Pickens, announced plans to open its first factory in a former headlight plant in tiny Monroe, Louisiana. But that’s about all they announced. The company has been surprisingly tight-lipped about their business model, even declining to give details about the kind of car they intend to produce at the new factory.
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