With health care changes going through, Obama is now emboldened to rein in Wall Street excesses. Obama has now shown himself to be the standard bearer for populism and if he does this, it's a political winner.
Moves are afoot to push through legislation which includes c creating a Financial Stability Oversight Council which will supposedly serve as an early warning system to spot unsafe financial institutions, products or practices, a Consumer Financial Protection Bureau designed to protect the public from from unsafe products such as subprime mortgages that helped lead to the financial crisis and more regulation and disclosure for exotic financial instruments such as hedge funds and derivatives would face more regulation and open disclosure requirements.
It will be popular with the public and could restore his waning popularity with an ABC News poll showing that 77% of the public feel the banks haven't made amends for creating the financial crisis and 69% saying the banks owe it to the country to try to help Americans who are still struggling.
An attack on Wall Street will be a prime political move.
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