Reuters:

WASHINGTON, Oct 23 (Reuters) - The Obama administration plans to unveil on Monday a new plan for dealing with troubled financial giants, said a senior U.S. lawmaker, who also mentioned potentially big changes for the insurance industry.

Barney Frank, chairman of the House Financial Services Committee and a chief architect of the financial regulation overhaul, declined on Friday to give details on the administration's new bill, which would give the government the power to dismantle large financial companies that get into crises.

The new draft bill is expected to take a tougher stance toward troubled financial firms than the administration's original plan, and may take out some language that would allow for temporary bailouts.

Giving the government "resolution authority" would serve as a rebuttal to the concept that some firms are too big to fail. Federal Reserve Chairman Ben Bernanke on Friday highlighted the need for this authority as well as other measures to reduce the likelihood that one firm could destabilize the financial system. [ID:nN2394774]

Read the whole story: Reuters

President Obama is well aware of how the financial institutions been treating taxpayers now that they are back on their feet... at least they think they are back on their feet. Our economy is still on shaky ground and Wall Street is back to playing the same tricks that got us into this mess in the first place. They are bringing the economy back toward the edge of the precipice.  

Progressives are asking why he isn't doing it now? Why does he have to wait for another crisis?  I think that Obama really couldn't do anything this time because the crisis happened on Bush's watch and TARP was also passed on Bush's watch too.  On his watch, however, Obama is not going to be so generous.   I predict by the end of 2010, the U.S. will be in another financial crisis and those financial institutions which were deemed "too big to fail" will not be getting a bailout, they will be dismantled into smaller entities so they won't get into that position again.