PHILADELPHIA (CBS) – Financial analyst Steve Cordasco dismissed new federal rules proposals that would put more restrictions on Wall Street banks as ineffectual and criticized President Obama for not focusing on more significant matters.
Cordasco, in an interview on Talk Radio 1210 WPHT with Rich Zeoli, said the President realizes these new recommendations, even if enacted, will not solve any problems.
“He knows better than anybody, this will do nothing. They’re smart people and they will find another way to do what they to do to earn profits, hit benchmarks and get what bonuses need to be had. What’s interesting is this President failed his constituents and the average everyday person because eight years ago…he should’ve broke up the banks and that would’ve helped the little guy.”
He stated President Obama is more interested in posturing than real legislative solutions.
“The whole thing is just polluted politics and it’s a shame because we have a President who has done nothing for the average everyday person and the only thing his constituents are going to get on the way out is a picture of a minority on a currency. Ultimately, what the President should’ve done is protected the soundness of the currency, not who is actually a picture on the currency.”