Research

… if you want details concerning President Obama’s new proposals to increase regulations on banks by restricting their size and scope of products and services. John Carney of The Business Insider’s “Clusterstock” blog reports today:

The Treasury Department has been scrambling to figure out what to say about the new proposals unveiled by Barack Obama last week limiting the size and scope of banks …

The Treasury Department has been fielding questions from bankers and journalists about the new regulations—but so far has not been able or willing to provide much information. Calls and emails to a Treasury Department spokesperson went unanswered this week and last week.

Days before the special U.S. Senate election in Massachusetts, Obama introduced his savings tax, using it as a “political weapon” to try to defeat Scott Brown. But days after voters sent a resounding rejection of the White House’s liberal agenda by sending Brown to the Senate, President Obama decided to double down on his attempt at capturing Americans’ anger by quickly proposing new bank regulations.

Treasury officials blasted the White House for “being in a rush to present the new policy following the Massachusetts election” instead of presenting “a more fully detailed policy.” Carney notes that the true intent of the new regulations has not escaped Treasury officials:

Inside of Treasury there is the feeling that the basis of the plan came from “political people” instead of “economic policy experts,” according to a person familiar with the matter. …. “This all came out of the White House. We look like idiots because of this. And we can’t get the White House to provide the clarity banks, shareholders and the American people deserve,” a Treasury Department employee said.

With independent voters fleeing from him and the Democratic Party, Obama is more focused on pandering to Americans’ anger than on formulating good policy. He just doesn’t realize that it’s him that they’re angry with.