It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Obama : "If these folks want a fight, it's a fight I'm ready to have"

page: 2
6
<< 1   >>

log in

join
share:

posted on Apr, 23 2010 @ 07:15 AM
link   
I sincerely hope that change is forthcoming in the US financial system for the betterment of all concerned. Unfortunately I am no expert in this area as to whether the changes proposed by President Obama are totally correct but I am in favour of them as it seems to me they are in the right direction. His advisors which he has brought on board gave me confidence as well. The furious lobbying by banks frightens me in that it appears congress is been usurped. Remember it was not just the recent financial crisis which wall st had a part in but also it appears there was bad behaviour involved the IT bubble crash nearly ten years ago. I am not in the US but I want to be able to trade with a country which has a stable society, stable banking systems and hence a stable economy




posted on Apr, 23 2010 @ 07:21 AM
link   
There is no way in hell he will do anything against his masters.

Listen to the john todd tapes to see how this really works, there really are powerful people behind the scenes pushing the agenda.



posted on Apr, 23 2010 @ 10:34 AM
link   
reply to post by Darith1974
 


I agree with you that we certainly need reform, but I don't think the current bill, about which we have only heard bullet points, so nobody knows what is really in it, misses the mark in a number of areas that they have specifically stated they don't want to address.

Fani and Fredi Mack, which were central elements of the original problem is not addressed by this reform. Difficult to enact real reform when the two largest mortgage providers are exempt.

The laws around red-lining have not been addressed. Banks will still be required to provide loans to all neighborhoods in which they do business other they will be red-lined and exempted to do business in all areas within their sphere of business. Redlining which was dramatically inacted through the Community Reininvestment Act was the core of the problem here - it was the motivation to create mortgage products such as $0 down so that people who otherwise could not secure a loan could secure one. Since these loans had a high probability of failing, they were securitized to minimize the bank's risk.

The issue with the ratings agencys, notably S&P and Moodys has not been addressed. These agencys are corrupt IMO and provide good ratings to investment vehicles being pushed by banks they do business with. The have a massive conflict of interest. As much as I don't like government, the government should be in the position of rating financial instruments or at least a not for profit entity.

I hope they are smart this time, unlike health care and enact incremental reforms that can fix some of the problems and then progressively move more reforms into place rather than this huge bundle of laws and regulations that nobody understands.

In conjunction with the above, they should also look at corporate taxes here which are the highest in the world and also repeal major sections of Sarbanes/Oxley, notably section 404.



new topics
 
6
<< 1   >>

log in

join