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Tag Archives: Obama

Roosevelt and Obama

From a recently published academic paper: “Populist Retribution and International Competition in Financial Services Regulation” Adam C. Pritchard University of Michigan Law School ~~~ “… The bottom line for Roosevelt was that populist anger against the bankers provided him with the political capital he needed to fundamentally reshape the financial sector in the United States. Roosevelt succeeded […]

President Obama’s proposed budget

From the Guardian: ~~~ Obama’s 2011 budget: US public spending by department since 1962 Barack Obama’s second budget is already controversial. Find out what it means for each department, how it compares to George Bush’s last one – and how it’s changed since 1962 • Get the data See the article for an excellent compilation of information…

Upward to insolvency?

Bloomberg reports on the Senate’s failure on it’s first try to address the burgeoning fiscal crisis facing the United States. The Senate voted 53-46 against legislation that would have mandated that Congress adopt recommendations made by a newly created budget panel. This panel could have recommended tax increases, changes in entitlements or other structural changes. First strike for […]

The Euro “big boy” view of the Obama plan

From Bloomberg… “Florian Esterer, a fund manager at Swisscanto Asset Management, and Dirk Becker, an analyst at Kepler Capital Markets, talk about President Barack Obama’s plan to curb U.S. banks. They also speak with Bloomberg’s Rishaad Salamat about today’s meeting of Group of Seven finance ministers in London. ” Here is the press release from […]

Bankers to lobby at Davos for softer reforms

At the House Financial Services Committee hearing last week Chairman Barney Frank mentioned that he would be attending the World Economic Forum in Davos and have a chance to discuss coordinating global financial regulation with officials from other countries… all to the good… The Financial Times is reporting another variety of lobbying that the banks are […]

Volcker heavy…

Clipping part of an excellent post from ZeroHedge (ZH) on Paul Volcker and his broader view of the need for reform in the financial sector. ZH extracts the main themes of the proposed reforms from a whitepaper called “Financial Reform – A Framework for Financial Stability” (published January 15, 2009).. Mr. Volcker did this work as […]

You have banks “too large to regulate”, “too large to fail” and above the law

C.R. “Rusty” Cloutier, chief executive officer at MidSouth Bank, talks with Bloomberg’s Carol Massar about President Barack Obama’s proposal to limit U.S. banks’ size and trading activities. Cloutier also discusses the outlook for financial regulation. Mr. Cloutier debunks the argument that America needs massive banks to be globally competitive… America is being strangled by its […]

A public debate of historic proportions – the kind that shaped this republic

Simon Johnson writing in Bloomberg… ~~~”… Still, we should treat the next few weeks as the public-comment phase for potentially serious principles and an opportunity to press for workable details. The big banks, naturally, are already hard at work pushing in the other direction. This is actually good and exactly what we need. The banks […]

”They see that regulation, which was a taboo word that was difficult to use in financial circles in the United States, is vital to containing and limiting banking excesses.”

The Obama/Volcker plan is generating positive feedback from the places that count… specifically from Christine Lagarde, France’s finance minister… The banks that pose a problem to the safety and soundness of the American economy are also the banks that created global instability in 2007, 2008 and 2009… this reform effort must be truly global… (President […]

The banks are whining… that is a good start…

It’s “Volcker lite“… I’m very interested in any proposal that has the banks whinging like this Bloomberg video of Rob Nichols, the president of the Financial Services Forum… (an excellent rebuttal to Mr. Nichols arguments from the Epicurean Dealmaker) Here is the German CEO of Deutsche Bank commenting on regulations proposed for US financial markets. He doesn’t like them […]