President Barack Obama took on a more populist note yesterday by taking aim at the banking industry in a speech which called for tougher regulations.

He said: “We have to enact commonsense reforms that will protect American taxpayers and the American economy from future crises.”

“For, while the financial system is far stronger today than it was one year ago, it’s still operating under the same rules that led to its near-collapse.”

Watch

Even the Daily Mail applauded, saying: Finally, time’s up for the greedy bankers

Curiously, the Conservatives today said they would follow Obama’s lead.

George Osborne said:

This is a welcome move by President Obama that accords very much with our thinking. I have said consistently that we should look at separating retail banking from activities like large scale propriety trading – and that this was best done internationally.

Coming on top of growing agreement on a bank levy, it shows that Conservatives are part of an emerging international consensus on these issues.

Huh? Really? And then:

Gordon Brown has repeatedly opposed the specific action which President Obama has today announced. He now looks very isolated as a defender of the old model of finance that he presided over for years and that went so catastrophically wrong.

Did Gordon Brown look so isolated over the need for a stimulus too?

Nevertheless, it is a welcome move that the Conservatives are accusing New Labour of being too soft on greedy bankers and the unstable financial system.

Reader comments

1. Liberal Conspiracy

   Osborne accuses Labour of being too right-wing! http://bit.ly/8RHnPV

2. Roger

   Osborne accuses Labour of being too right-wing! http://bit.ly/8RHnPV

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