The President's Bold Old Policy

In an instant, our President added to his legacy today, albeit in unexpected fashion.  Specifically, a Wall Street Journal op-ed called for a broad review of counterproductive government regulations "placing unreasonable burdens on business" and making the U.S. less competitive.

These are indeed odd sentiments from a White House that just six months ago arm-wrestled an unfathomable array of financial regulations reforms through Congress.

And the directive was no doubt meant to steal thunder from a Congress sworn to scaling back (if not repealing) the 2010 health care legislation in the next feew weeks. 

But these words - which eerily echo the "we're losing business overseas" sentiments of the Fall 2007 - may first and foremost seek to buttress U.S. opposition to international banking standards coined "Basel III," the heightened net capital requirements of which are soon to be received poorly on our shores.

For a more scathing review of today's epic exhortation, see "Obama's Bogus Explanation For Troubles: Too Much Regulation" at The Huffington Post.

--JSC, 1/18/11