Obama is saying he will take action on matters such as the minimum wage for federal contractors with executive orders, thereby bypassing Congress.  People on the right of course claim that shows he is trying to turn America into a dictatorship.  I am not convinced.  Presidents have had the power to make executive orders for a long time.

My question is why he has not done much more of this before.  When he took office he could have made the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) enact much tougher regulations to lessen the banking crisis and its harmful effects.  Additionally, he could have had the FDIC take over the unsound banks, straighten them out and breakup them up into several smaller banks.  Then the FDIC could have sold the banks.  It would have been a profit to Uncle Sam, rather than requiring the government to spend several hundred billion dollars bailing out the banks.

Once again Obama is doing too little too late.