The President's Remarks on Wall Street Reform

Friday, June 25, 2010

The Angry Independent said...: (no time to blog this week... too busy w/ work, looking for work, etc... it's like having 2 full-time jobs. Just no time to post... On my way to work right now as a matter of fact).

But on the banks...

Just as they said on Morning Joe today... new legislation is always a reaction to the last crisis... not clear if this will help for what may be coming next.

From what I can tell, the legislation doesn't do much to change the underground stock market (derivatives)...although it changes it to some extent. Also doesn't fix contagion problem. Has been reported that big banks that run into trouble will have to liquidate... (not going to happen). That would cause panic w/ the other banks.

A better cure would have been to stop the banks from getting so big...and breaking them up.

The next set of problems will probably have more to do with sovereign debt.... nations going broke. And the U.S. is on that list. It's already broke... but at this rate... it soon won't be able to manage cost of maintaining debt.; 12:10 PM
The Angry Independent said...: P.S.

Can catch me on twitter... only thing I have time to do these days.

On almost everyday/every night....late late night.

I post links there that I don't always post on blog...; 12:15 PM