Obama pushes Wall Street reform with populism

Reuters via Fidelity.com ^ | May 15, 2010 | Matt Spetalnick

[mlocher]

WASHINGTON (Reuters) - President Barack Obama on Saturday called for swift Senate action on a sweeping overhaul of Wall Street rules to "secure America's economic future" as a reform bill moves into the decisive stage next week.

With months to go before November's pivotal congressional elections, Obama pressed a populist theme of helping the "folks on Main Street" as he urged approval of tighter regulations to prevent a repeat of the 2008-2009 financial crisis.

Obama's Democrats and opposition Republicans are continuing to haggle over a slew of amendments, but the bill could come up for a vote in the U.S. Senate by the end of next week and is widely expected to pass.

"The reform bill being debated in the Senate will not solve every problem in our financial system -- no bill could," Obama said in his weekly radio and Internet address.

"But what this strong bill will do is important, and I urge the Senate to pass it as soon as possible, so we can secure America's economic future in the 21st century."

The political climate in Washington has turned in favor of the proposed legislation -- which would mark the broadest revamp of the U.S. financial system since the 1930s -- and against industry lobbyists trying to weaken any changes.

Republicans acknowledge a need for reform but are seeking to trim back some Democratic proposals they see as government overreach into the private sector.

[mlocher]

This bill does not keep a similar financial crisis from ocurring in the future. Repealing CRA and privatizing Freddie Mac and Fannie Mae are nowhere mentioned in the bill. The bill is attempting to determine who benefits and who loses should a similar crisis occur down the road. It also puts hooks in place for the government to take over portions of the banking system.

This bill is written assuming that government intervention is good; we just have to get the "proper" invervention.

This will be another barrier to the economic recovery.

[seastay]

Obama is a coward, why doesn’t he just come right out and say his purpose for the regulations is to change our capitalism into a fascist, socialist and communist state?

[palmer]

I wonder if the bill addresses the destruction of capital via absurdly low interest rates. Also the carry trade created by those low rates here and higher rates in morally hazardous dumps like "guaranteed" third rate socialist dumps in southern Europe will continue to sow the seeds of the next unwind, worse than the 2008 unwind.

Ok, now than I am done with that little rant, I'm sure the bill will not reform the Fed, and the politicians mostly believe that low rates somehow help Main Street.

[funfan]

I wish he would just shut up and spend more time with his daughters

[Luke21]

Rooters is as stupid as the Asspress.

[nolongerademocrat]

Obama = Wall Street? Celente on corruption and gambling in finance
http://www.youtube.com/watch?v=V6_iR5C_BzU

PBS- Obama Puppetmaster George Soros calls for Carbon Taxes and New World Order
http://www.youtube.com/watch?v=hBbF09-ZkII

CNBC- Kissinger- Obama to use Crisis to create “New World Order”
http://www.youtube.com/watch?v=dsUMnW_bye0&feature=related

Soros: China Must Be Part Of The New World Order
http://www.youtube.com/watch?v=TOjckJWqb0A&feature=PlayList&p=6653A6F9DC8CB93A&playnext_from=PL&playnext=1&index=11

George Soros Warns Gold is now “the ultimate bubble”
http://www.youtube.com/watch?v=hAsMwT5-NgU

Soros calls for global banking rules
http://www.youtube.com/watch?v=FGG5W2p_GS4&feature=related

“Soros was involved in revolutions”
http://www.youtube.com/watch?v=tpZTYTcRmjQ&feature=PlayList&p=E1F9882904B12C33&playnext_from=PL&index=51&playnext=1

Alibaba.com Says George Soros Is Investor in Company: Video
http://www.youtube.com/watch?v=2eVTHigfYRg

Soros On The Rise Of China
http://www.youtube.com/watch?v=tM2DzhDK1LU

George Soros On Greece
http://www.youtube.com/watch?v=8B8E26M1ZzY

Webster Tarpley: Is George Soros taking down the Euro?
http://www.youtube.com/watch?v=Ojet3L-nKEw&feature=related

how Soros broke the Bank of England in 1992
http://www.youtube.com/watch?v=sNPNVplkAKE&feature=related

Soros Compares President Bush To Nazis
http://www.youtube.com/watch?v=_DuafAqAHrc

George Soros - The Bubble of American Supremacy
http://www.youtube.com/watch?v=Nnf62Uhl3ac&feature=related

GEORGE SOROS: Dismantling the ‘Global War on Terror’ Metapho
http://www.youtube.com/watch?v=yLJHXrNuycg&feature=PlayList&p=453320CA421E81B5&playnext_from=PL&index=0&playnext=1

Soros Applauds Obama’s FDR-Like Power Grabbing
http://www.youtube.com/watch?v=6dlRZICWRg0

Obama - Soros - Mainstream Media Connections
http://www.youtube.com/watch?v=yQRA0TCfKrQ

The Left Wants Us OUT of the Middle East - Here’s Why
http://www.youtube.com/watch?v=auOdDkgSnEw

Obama promises 10 BILLION dollars to Drill for Oil in Brazil - Soros Invests in Petrobas
http://www.youtube.com/watch?v=kNZe7sduQH8

George Soros’ Radical MoveOn Group Joins the Barack Obama War On FOX News
http://www.youtube.com/watch?v=w-bMbttttQ8

How George Soros is Tied to Corruption
http://www.youtube.com/watch?v=T45_GIuENbM&feature=related

Why Soros Backs Barack Obama
http://www.youtube.com/watch?v=pt7kZEdlrL8

[himno hero]

It all started with Clinton telling the banks what to do for prospective homeowners.... and as time had it...it translated ti ninja loans.....and toilet paper. What he needs to do is address the initial gov’t seed.

[Soul of the South]

Main Street is noticeably absent from the table as the elites in the financial world and government change the rules for the next round of the big game. Unfortunately, it is Main Street that covers the losses.