Obama wants tighter checks on banks, Wall Street - Yahoo! News »
Posted By mmrhe 5 months ago in NewsWASHINGTON – President Barack Obama is ready to roll out an overhaul of the intricate rules and systems that govern America's troubled financial institutions , proposing the most ambitious revision since the Great Depression .
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mmrhe
I'm a sales manager for a wholesale nusery in northern Ohio. I live in a lake community surrounded by a state park which I ...
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mmrhe5 months ago
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Here's a good one to add to the list:
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The rating companies MUST NOT be linked in anyway to the companies they are rating!
As it is now, the ratings companies have an interest in telling their paying masters what they want to hear.
That's how these mortgage backed securities got TRIPLE AAA rated before this collpase!
I would even argue for a DE-PRIVITIZATION of the whole process. -
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Klarissa5 months ago
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"One way or another, the Fed could be a winner in the administration's plan.
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The administration and Fed Chairman Ben Bernanke would like the central bank to be the overarching "systemic risk" regulator, lording over the financial system in search of flaws and weak stress points.
Such a role would give the Fed exceptional authority as both the manager of monetary policy and the overseer of the enterprises with the biggest financial footprint in the country, if not the world.
Industry officials now expect Obama and Geithner to propose a system that makes the Fed a supervisor of systemic risk assisted by a council of regulators that would advise the central bank about potential dangers."
[and these advisers would be Chicago democrats?]
"Also in the debate is how to handle failing institutions that pose a threat to the entire financial system.
The administration wants a beefed up FDIC to carry out that function provided such intervention is triggered by Fed or Treasury regulators.
Republicans prefer that companies be restructured or liquidated in bankruptcy court.
Alabama Rep. Spencer Bachus, the top Republican on the House Financial Services Committee, urged lawmakers to reject a regulatory system "that depends on the infallibility of the government regulators, who have so far shown themselves unable to anticipate crisis, let alone prevent them." " -
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lloydm655 months ago
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Besides,and I Know you Obama toe suckers believe he is,Obama is not our boss.We have a system of checks,and balances.Three branches of government,and there not Obama.Obama,and Obama. If we don't rein him in we will be eating Obama bran flakes.Obama happy meals,and don't for get colonel Obama's finger licking fried chicken.
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