6:01 am September 14, 2009, by Henry Unger
President Obama travels to Wall Street today, marking the anniversary of the Lehman Brothers collapse by pushing for an increased government role in overseeing the financial system.
But much of the American public is already leery of more government intervention than already has occurred.
The New York Times writes that the government is the nation’s biggest lender, insurer, automaker and guarantor against risk for investors.
Between financial rescue missions and the economic stimulus program, government spending accounts for a bigger share of the nation’s economy — 26 percent — than at any time since World War II, the Times writes. The government is financing 9 out of 10 new mortgages in the United States.
The Obama administration and its supporters argue that it has taken these actions as a temporary measure to prop up an economy that was headed for disaster. Things would have gotten a lot worse without such direct government intervention, they say.
For months, this issue has been widening the American divide over the proper role of government. That divide will likely grow in coming months as more regulation is proposed.
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