POLITICO: Obama Would Regulate New "Bubbles"
Washington, D.C., Of Counsel Michael Oxley, former Congressman and Chairman of the House Financial Services Committee, was quoted in an April 18, 2009, POLITICO article, "Obama Would Regulate New 'Bubbles.'"
According to the article, as he battles the economic downturn, President Barack Obama is bracing Americans for a recovery different than any in recent memory: not a go-go return to prosperity like the 1990s but a slow, steady climb to stability. What Obama rarely says about ending the "cycle of bubble and bust," according to the article, is this: He's prepared to intervene to make sure that kind of red-hot growth doesn't occur, through added government regulation if needed.
"It's just human nature to let the good times roll," said Oxley. "And politicians are human like everybody else. You don't want to be in a position of throwing a wet blanket on this stuff." He said that's one of the reasons why the Bush administration didn't intervene in the housing bubble. "Nobody wanted to mess up the party," said Oxley. "They were hoping against hope that it would naturally slow down. Not too many people are courageous enough to make that call."