Obama's Refocus on Banking Reform Is Too Little, Too Soon

As the stock market continues its decline following President Obama's new banking proposals, the debate over whether the measures will work out as intended is soaring. Where some see the proposals as a small step in the right direction, others predictably warn they might be counterproductive by placing more hurdles on lending. But investors would be wise to look beyond the narrow debate about the few details that have so far been presented, and instead evaluate the broader political backdrop. And reading those tea leaves reveals the picture of a beleaguered White House desperately in need of ideas how to deal with the current problem: continuing job destruction.