THIS IS TERRIFIC NEWS

Obama sees that we have to clamp down on the Free Market Fairy. I'm sure the wingnuts will start braying about "freedom" but I don't think many Americans are going to buy it.

Obama vows strong new financial regulations
Sun Dec 7, 2008 11:08am EST

WASHINGTON (Reuters) - President-elect Barack Obama said on Sunday he would put strong new financial regulation at the center of his economic recovery program to force more accountability on the banking industry.

"As part of our economic recovery package what you will see coming out of my administration, right at the center, is a strong set of financial regulations," Obama said in a taped appearance on NBC's "Meet the Press" television show.

"Banks, ratings agencies, mortgage brokers, a whole bunch of folks (will) start having to be much more accountable and behave much more responsibly.

"We've got to have transparency, openness, fair dealing in our financial markets and that's an area where I think over the last eight years we've fallen short."