The republican leaders in congress are united in not supporting the bill to impose tougher regulations on banks and finance firms and to frame a new consumer financial protection agency. This would only limit the amount of investments people make in wall street. I understand that the recession is not great, but recessions are apart of the economy. It is unfortunately in the economic cycle and is guaranteed to happen again in the future. Not everything can be fixed over night with a bill. It will work itself out; it might just take a while longer.
Sunday, April 25, 2010
Obama renews push for Wall Street reform
In this article, Obama states that the risks taken in in Wall Street and the US Financial Sector has a large effect on the current economic crisis. He says that they has taken "enormous, irresponsible risks" which hurt all sectors of the economy. Obama now is trying to overturn the republicans in Congress to pass a new Wall Street reform law.
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I think that President Obama's push on the new bill is warranted because tougher regulation is absolutely necessary on Wall Street. I understand that recessions is a natural part of business cycles however following the high risks undertaken by financial firms on Wall Street, it is important to prevent such future behavior and particularly limit the risky behavior undertaken by these financial firms. It will be interesting to see what kind of bill is finally produced at the end of the day and its impact on the financial industry.
ReplyDeleteI agree with Kyle. High risk behavior of few puts everyone at risk.
ReplyDeleteI think Obama is trying to put a law on a few too many things these days, he should be worrying about the lucrative amounts of money he is spending in the wrong areas.
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