Monday, December 14, 2009
Obama tells US banks to lend more and not oppose reform
President Obama is telling bankers to lend loans to small and medium sized businesses. Obama also criticized the lobbyist during his meeting that they are trying to stall down his administrations financial services sector's reform and stop trying to block his moves for regulatory reform.
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This article clearly displays the debate over the role of the government. Obviously, the Obama administration tries to increase government involvement by directly overseeing the banks. However, this contradicts the main principles of a pure market economy. It is indeed a very controversial question: whether the government should regulate the financial sector. Many believe that the current crisis was the result of too much freedom. However, it is important to remember that the easing of regulation on subprime mortgages came from the Bush administration, which is again an example of government involvement.
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