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Washington Post‘s David Nakamura,http://www.ocosound.com/, who described how guests who paid $35,800 to meet the President at the New York City home of Blackstone Group COO Hamilton “Tony” James on Monday were asked to drop their phones in a plastic bag at the door. Here’s the scene setter by Nakamura, as quoted by ABC:Dozens of guests, men in suits and women in dresses and pant suits, were seated around elegant tables eating dinner in two adjoining rooms. They were sitting on gold colored dining chairs with green seat cushions, and the table cloths had a gold flowered design. Oil artwork in ornate gold frames hung on the wall. It appeared when we came in that staff had confiscated cell phones, which were stored in plastic bags.There would be no live Tweeting, uploading to YouTube, or Instagraming that evening. An anonymous campaign aide described the practice as “standard operating procedure for the fundraisers at private residences,” although,[url=http://www.ocosound.com/]Christian Louboutin Discount[/url], as Buzzfeed reported, “veterans of a range of other campaigns said they’d never heard of the practice.”Perhaps a paranoid move on the part of the Obama campaign, but they have some reason to worry. The then-candidate’s off-the-cuff comments about rural voters (“They get bitter, they cling to guns or religion…”),[url=http://www.ocosound.com/]Cheap Christian Louboutin Shoes[/url], captured on video at a San Francisco fundraising event in 2008, bedeviled Obama for the rest of his campaign. And the ubiquity of smart phones — which can take photos, record video and audio and send them instantaneously out to the world — has only increased since the last race.(MORE: Obama’s “Bitter” Bungle: Top 10 Obama Gaffes)According to a Romney campaign spokesperson, the presumptive GOP candidate has no plans to institute a similar ban. And Obama’s opponents aren’t wasting time pressing their advantage on the issue. “What is he hiding? Candidates should be for and against the same issue in private as they are in public,” Rob Johnson, a former campaign manager for Texas governor Rick Perry, told Buzzfeed. “In addition to religion and guns,” he added, “voters like to cling to their cell phones.”Obama says the Federal Reserve has done a ‘fine job.’ Has it?The prez said today that the Federal Reserve’s response to the financial crisis has been A-OK:Obama, speaking at a midday press conference,[url=http://www.ocosound.com/]Christian Louboutin Sale[/url], defended the performance of Fed Chairman Ben Bernanke after the financial crisis.Bernanke has done a “fine job” and “performed well,” the president said.I don’t think Obama’s praise is entirely unwarranted—coping with a financial crisis is hard, and things probably could have been much worse. But the Fed did a horrible job in anticipating this crisis, or in even seeing that a crisis might at some point be possible. So did all the other financial regulatory agencies, of course, but this still raises questions about how much the Fed will actually be able to accomplish in proposed new its role as systemic risk regulator.My column for this week is going to be about the attractions of a cruder approach to financial regulation that doesn’t rely so much on regulators being able to anticipate crises—simpler capital rules, maybe a partial return to the Glass-Steagall concept of separating the risky from the essential, and the like. In normal times I think this rules-based approach makes lots of sense. But once a crisis has begun, I’m not so sure. I spent Friday at a day-long meeting of the Financial Regulation Reform Collaborative, which counts among its members regulators, academics, industry types and consumer advocates. I was moderating a panel on which several members were extremely dubious of letting the Fed take on more power as systemic risk regulator. But when I tried to pin down a simple definition of systemic risk—which you’d need if you wanted to adopt simple rules on the subject rather than giving the Fed lots of leeway—I got nowhere. “I know it when I see it,&#822
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