posted on Jan, 23 2010 @ 04:47 PM
President Obama has mounted an attack on Banks.
The stock market took a dive immediately. Is this the start of a new Economic contraction?
It would seem that this would destabilize the Economic recovery we all eagerly await. Most were frightened by this development.
Pundits declared Obama will sink the Economy if the Banks are further taxed, and regulated. The new regulations would seek to reduce risk taking, and
stop the Banks participation in other investment practices. More taxes and regulations on Banks will surely be passed on to the Citizens.
The stock market slide seems to not portend well for the Presidents initiative.
But some disagree
From the article: Source US News &
By Rick Newman
Posted: January 22, 2010
What a buzz kill. After a booming start in 2010, stocks have reversed course, thanks largely to President Obama’s draconian new plans for taxing and
We should be thrilled.
Not because of populist retribution against elitist bankers. That’s another matter altogether. But think for a moment of the usual relationship
between Washington and Wall Street. They’re not supposed to be partners. They’re twin power centers that move in parallel when things are good,
but more often, compete for primacy. Part of Washington’s job is to police Wall Street, and part of Wall Street’s job is to outsmart the
authorities. Tension is a natural part of the interplay.
Let's hear what ATS has to say about it.
[edit on 23-1-2010 by ziggystrange]