Obama Steps Up Campaign Against Wall Street Banks Full Story
Obama Steps Up Campaign Against Wall Street Banks Full Story
WASHINGTON – President Barack Obama stepped up its campaign against Wall Street on Thursday with an ambitious proposal for a stricter regulation of big banks.
“We have come to get there,” Obama said at the White House. “If these people want a fight is a fight I’m ready to have.”
It was a harsh lesson in populist president of Wall Street, so that she believes that his role from the main road. Obama said the government should limit the power of the size and complexity of large financial institutions and their capacity for high-risk operations have.
He said it was fitting that the banks were able to run those given in connection with the protection of regular banking services.
“We have the common sense reforms to protect the American taxpayers and the future of the crisis in the U.S. economy need to take,” Obama said. “Today, if the financial system is much more than a year ago, according to the same rules has led to their imminent collapse.”
Obama, the ads join in the first U.S. Federal Reserve chairman Paul Volcker, the President’s Advisory Board Economic Recovery and William Donaldson, chairman of the Securities and Exchange Commission under President George W. George W. Bush heads. Volcker and Donaldson has called for tighter restrictions on banks.
Financial Review is the only item on the legislative agenda that Obama is still alive after the devastating loss on Tuesday in the Democratic race in the Massachusetts Senate. The White House should be extended to the request for Obama to an independent agency of the financial protection of consumers in the context of a general refurbishment. This is one of the main points of friction in the Senate, the Parliament passed its version now.
The new draft of Obama’s intention to limit speculation by commercial banks and financial institutions continue to grow so large that they pose a risk to the economy.
“If we see more and more operations in the financial sector, mainly produce and to irresponsible speculation and darkness of the underlying risks in a way that some people make obscene sums, but no value for the economy – and indeed, the entire Economy enormous risks formulated – and change Something’s Got to, “Obama said in an interview published Tuesday by Time magazine.
Obama has branded bank executives “big fish” and suggested a tax on banks to rescue the gap in state funding of 700 billion U.S. dollars for financial services.
Extension of existing measures has Barack Obama’s proposal to restrict trade Volcker supports owned commercial banks. Who should be separated commercial banks from investment banks, a weak line a decade ago by the repeal of Depression-era Glass-Steagall Act.
This could affect some of the larger banks like Bank of America, Goldman Sachs and Citigroup Inc.
“The best answer is to modernize the legal framework and not the industry and economy in the 1930s,” said Scott Talbott, chief lobbyist of the Financial Services Roundtable, an industry group representing major Wall Street institutions.
Goldman Sachs Group Inc. said Thursday it earned 4.79 billion U.S. dollars in the fourth quarter, the business got better than the rest of the industry. The company has rewarded its employees with $ 16.2 billion in salary and bonuses for the year 2009, 47 percent more than last year but were still lower than many expected.
It was a new urgency in the Senate in response to voter anger about Wall Street and the rescue of the banks that have helped fuel Republican Scott Brown to victory in Massachusetts for the seat long Democeatic by Senator Edward M. Kennedy, who in August died.
The victory gave Brown, 41 votes Republican, enough to filibuster, that the success and democratic legislation on health services or prevent climate change, in order to mount final vows. read more
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It is unknown at this time whether Guida vs. Gugerty will grace the televised portion of the Versus TV card.
While in my last year of college in the 1980′s, I saw one of B.F. Skinner’s (the behavioral psychologist) last talks. Skinner gave a deeply cynical speech where he basically said the human race is doomed because they cannot learn to cooperate, even on very important issues, fast enough, to save their own lives. I was in my 20′s then, and I remember feeling very down about this talk and I thought, surely, he cannot be right. But look at the latest evidence: even though Wall Street leaders nearly brought down the world’s economies with their high stakes gaming, they resist, with all their might, any changes. This is proof of their insanity on at least several levels. Regarding global warming, see it play out all over again. World “leaders” (or should I say “followers” of corporate greed) have no intention of preventing the next disaster. They intend to reduce greenhouse gasses as little as possible, and not enough. It is clearly insane to not curb warming of the planet, yet here we are again, facing disaster, but the insane have the power to prevent it. Coal, oil, and all the dirty fuel producers want money, not life. This is how crazy they are. They are psychologically unwell. But unless the populace gets up off the couch, we are unlikely to save ourselves.