On CNBC last Wednesday, President-elect Obama said that he plans to unveil his plans to help prevent home foreclosures “some time in the next month or two,” and that by the time the G20 summit takes place in London in April, he said that he will present his new approach to financial regulation. Obama has hinted that he plans a “substantial overhaul” in the regulation of financial instruments. French President Sarkozy initially called this meeting of the G20, labeling financial capitalism based on speculation as an “immoral system” that “perverted the logic of capitalism.”
Ouch! It looks like we’re in for more stern lectures from the socialists in France, even after the election of their favorite candidate, Mr. Obama. Of course, Obama has more to worry about than just deficits and more financial regulation–the conflict in Gaza, tensions between India and Pakistan, and the promised drawdown in Iraq will certainly keep our new president busy in the international arena.