CNN Money - Obama: Reduced Role for Financial Sector - Report - Just another day in the mortgage mess

Today, CNN Money reported that "President says new regulations will freeze 'massive risk taking' by financial sector, reduce the industry's impact on U.S. economy."

http://money.cnn.com/2009/05/03/news/economy/risk_taking_obama.reut/index.htm?postversion=2009050310

This, to me, seems rather overwhelming and/or idealistic because the financial sector is, and will always be, a power player on Wall Street. On the contrary, what should happen, the financial sector should balance equally alongside Bio-pharmaceuticals, Telecom and other sectors therefore creating a strong foundation for the President to build. Furthermore, introducing a well-balanced and powerful investment tool for investors to believe in and, in addition, one that is strong enough to sustain a downturn should a collapse occur, again in the future. This will give investors confidence, in my opinion. Having worked for WorldCom for a short period of time, and going through the dot.com bust, President Obama's views seem rather simplistic but good.

Moreover, after this financial crisis, we should all realize our economy is not bulletproof. As long as human behavior is a part of the equation, risk will always be involved. In addition, with technological advances there is room for error and greed in my opinion. Humans are imperfect, so to think we will never have a crisis of this magnitude again almost seems naieve.

Therefore, our government and regulators must learn to adapt to these technological changes/advances, and always be on alert for risks that come with these changes. They must be forward-thinking in their ways, giving them the edge on our ever-changing environment. They must remain vigilant regarding oversight, especially when it comes to the safety and soundness of banks and/or all major sectors if they deemed to threaten the stability of the financial system and/or our economy ever again.

A "so called" super regulator is a great idea, as long as it is forward-thinking and vigilant with the advances of modern technology, and the greed factor that can come with these advances. We must never lose site of what is key to the stability of our economy, oversight and soundness!

As long as greed is a factor, we are always at risk of a crisis. I hope President Obama's gesture today, is one that will breathe prosperity for our generation and future generations to come. We cannot give up on today, ever!

We have to be confident that our future holds greatness for all of us! We must not let fear dictate our actions today.

My quote of the day: “There are a terrible lot of lies going about the world, and the worst of it is that half of them are true.” Winston Churchill

Stay tuned...I have more to share. Just another day in the mortgage mess!