When Obama came into office, his chief mission was to end the financial crisis, which he did by bringing in a very Wall Street-friendly team lead by Tim Geithner.
But saving Wall Street has never been politically popular, and everything came to a head last week. It started with the bank tax on Jan 12. And then came the lightening bolt from Massachusetts, which told Obama that the time to pivot away from Wall Street was NOW.
So Obama immediately followed up with the announcement of a huge, sweeping Volcker-inspired proposal to separate banks from risky activities, and that's when Wall Street really started freaking out.
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Disclosure: No Positions