Barack Obama Criticizes US Regulators!
Fresh from his onslaught on retail forex traders, Barack Obama today took aim at another target instead. Those nasty, greedy bankers. According to Bloomberg Mr. Obama said in an interview with ABC that:
We’ve got a financial regulatory system that is completely inadequate to control the excessive risks and irresponsible behavior of financial players all around the world.
According to an administration official his suggested solution to this problem is to limit the size and proprietary trading activities of banks as a way to reduce risk-taking. The President also pointed out that:
People are angry and they’re frustrated. From their perspective, the only thing that happens is that we bail out the banks.
Perhaps somebody should whisper in Mr. Obama's ear that many people in "the land of the free" are angry and frustrated about something else entirely. They are angry about the bank bail out to be sure, but that anger is compounded by a "completely inadequate financial regulatory system" that doesn't only allow banks to fail. It also seeks to prevent US citizens from exercising their right to earn a living in the way that they themselves choose.
This news wasn't good for investors in banks over here in Europe either. According to the Wall Street Journal:
Shares in the U.K.'s largest banks sank Thursday as investors braced for proposals expected later in the day from U.S. President Barack Obama. Banks elsewhere in Europe were also falling, with the STOXX Europe 600 banking index off 2%.
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Comments on Barack Obama Criticizes US Regulators!
Obama has it all wrong. Maybe he himself is angry. I am not angry
at the banks. Not at all. Nor am I angry at even AIG or GM.
I am, however, angry at our government for bailing them out.
And what do they do? AIG goes ahead and gives out record
bonuses anyway. And GM files for bankruptcy anyway.
Wow… good job. And we are to be angry at them over our
government? Talk about constant act of deflection to showcase
your own stupidity. Our government is at fault here. You should
allow failures to fail. And let's welcome M&A into our financial
world again. Either they file for protection, close down and fail
altogether, or they get swallowed up in M&A deal. When did
our government decide to step in to save worthless companies?
So the solution is go deleverage or get rid of leverage altogether?
To change the very nature of what made financial investments
great and profitable in the first place. Uh, this won't affect
the wealthy. It will only affect the middle class who are
striving to be wealthy. If this type of moronic regulatory BS
continues in US, I am going to get ready to move to Switzerland
or Monaco completely. Even Vancouver BC would be better
than the US. I am thinking even Mexico would be better at
this stage.
Are you quite sure about the Mexico option Jon? 🙂