Obama urges regulations on Wall Street
Posted by BizTV
Barack Obama spoke in New York in an attempt to hasten congressional approval of financial regulation reforms on Wall Street. Obama has taken a more hands-on approach than he did with health care reform, threatening veto if the bill is too watered-down.
There are five elements Obama considers essential to the legislation.
A system to protect the economy from a large firm’s failure.
Limiting the size of banks and what risks they can take.
Bringing more transparency to derivatives markets.
Creating more consumer financial protections.
Giving investors and pension holders more say in who manages companies.
Here’s the real deal.
Capitalism is only as strong as its consumers. Everything that Barack Obama does is motivated politically. Though one may think that means he considers the opinion of the people, it is just politics. The atmosphere of Washington D.C. is one wildly different than the rest of the country.
It is up to the American people to repair the economy. If someone is selling a product that no one wants to buy, they don’t deserve a government bailout. They need to find a better product.
Unfortunately, it seems as though a pattern has developed. Ignore something long enough and the government will do something about it. The American consumer has forgotten that they have control.
On one hand, these reforms may seem necessary, perhaps even a good thing. But, these reforms are another step toward socialism.
Socialism is any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods (Merriam-Webster Definition).
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Posted on April 22, 2010, in Market Trends, Politics & The Economy and tagged barack obama, congress, Democrats, obama, Republicans, socialism, Wall Street, wall street reform. Bookmark the permalink. Leave a comment.