Obama to set limits for Wall Street

Yesterday:

WASHINGTON (AP) -- Embracing Depression-era policy and populist politics, a combative President Barack Obama chastised big Wall Street banks Thursday and urgently called for limits on their size and investments to stave off a new economic meltdown.

Investors responded by dumping bank stock.

Even after the losses this week, the stock market is still seriously over-valued.  Many economists and financial experts see fair value between 7.5k and 8.5k.  Perhaps Obama has decided it is his job to get it there.

New limits and rules are not at all what will solve the Wall St. problems.  The solution is simple (maybe that is why it is being overlooked).  This idea of "too big to fail" has to die.  Do not think for even the slightest instant that should one of these gargantuan banks fail, there would not be 50 other banks there ready and willing to buy their assets, client lists, and productive employees.  In this scenario, the people that would take the "hit" would be the investors.  If you invest in an institution and then let the board run it any way they want to, you kind of deserve to lose your money.  I am sorry that some of you don't want to hear that, but the government should never be in the business of protecting your investments.  If you can't do that for yourself, then you don't need to be investing.

Why do the American people think that personal responsibility is an idea that is too old to be relevant?