Thursday, November 6, 2008

Watch Your Wallets...

They are planning on rewriting the banking regulatory system.

"The new president will be faced with the task of architecture, rewriting the regulatory system, the rules for the regulatory system," said Randal Quarles, managing director of Carlyle Group and a former Treasury undersecretary in the current administration. "I think political consensus will exist for doing that in a comprehensive way, which is something you know has been needed to be done for a long time, but it was always something that took political consensus to do it."

The political consensus will exist...

Translation: We have Obama covered with Goldman Sachs people and the crowds think Obama walks on water. This will be easier than a day at the beach.

The Carlyle Group, of course, has $86 billion on the sidelines waiting for the new "architecture".

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