Obama on big banks.

Obama in his speech on the economy at Knox College in Galesburg, Ill.:

"Together, we put in place tough new rules on big banks."

Robert Wenzel sets him straight:

First, what is all this "together" talk? Any advocate of free markets wasn't in favor of any of these "together" interventions in the economy. Second, the banks didn't need "tough new rules" (which they are already circumventing). What is required is a banking system that is not propped up by the Federal Reserve. As long as the Fed is backer up of risky investments, banks will continue to make risky investments.