Good strategy. They're really going to look bad if they openly work against financial reform. What they'll do when no one's looking, well, that's an
Good strategy. They're really going to look bad if they openly work against financial reform. What they'll do when no one's looking, well, that's another story:
President Obama challenged some of the nation’s most influential bankers on Thursday to call off their “battalions of financial industry lobbyists” and embrace a new regulatory structure meant to avert another economic crisis.
Speaking in the bankers’ backyard, at the Cooper Union in Manhattan, Mr. Obama castigated a “failure of responsibility” by Wall Street that led to the financial crisis of 2008, and he pressed his case for what he called “a common-sense, reasonable, non-ideological” system of tighter regulation to prevent any recurrence. He took issue with the claim that his proposal would institutionalize the idea of future bailouts of huge banks.
“That may make for a good sound bite, but it’s not factually accurate,” Mr. Obama said. “It is not true. In fact, the system as it stands is what led to a series of massive, costly taxpayer bailouts. And it’s only with reform that we can we avoid a similar outcome in the future. In other words, a vote for reform is a vote to put a stop to taxpayer-funded bailouts. That’s the truth. End of story.”
He said scrupulous business leaders had no reason to resist his regulation plan. “The only people who ought to fear the kind of oversight and transparency that we’re proposing are those whose conduct will fail this scrutiny,” he said.
He wants the following items included in the final bill:
Protect taxpayers from too-big-to-fail firms
Impose the Volcker rule, named for former Fed Chair Paul Volcker, which stops firms from making large bets with their own money, or “proprietary trading”
Make derivatives trades transparent
Create a consumer protection agency
Institute pay reforms to give investors a say over executive pay.
In this morning's weekly address, President Obama highlighted indications of an improving U.S. economy, Five million jobs added, a falling unemployment rate, and his Wall Street reform legislation and gave a glimpse of what is a slowly, but very steadily, brightening financial future for middle-class Americans. Read more...
Via Occupy Wall Street, Real Democracy Now! Paris:
To the financial institutions of the world, we have only one thing to say: we owe you NOTHING!
To our friends, families, our communities, to humanity and to the natural world that Read more...
From Occupy Wall Street:
Guess what's just a week away? May Day! Join an unprecedented coalition of workers, immigrants, and occupiers of all kinds to step, for one day, out of work, school, stores and homes and into the struggle against an Read more...