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Obama Overhaul Should Provide Better Investor Protection
But don’t expect regulatory reform of the financial industry anytime soon…
The Obama Administration has provided Congress with a proposed overhaul of financial industry regulations that is sweeping in its coverage to say the least, the most serious attempt to protect investors since the 1930’s, but guaranteed to have Wall Street and its powerful friends taking up arms against it.
And there’s more than enough in it to have Wall Street fighting back – much as they did with the reforms proposed in the 1930’s, after the 1929 crash.
Before the Securities and Exchange Act was finally passed in 1934, Sam Rayburn,…
Borrow and Spend: A Perfect Recipe For U.S. Bankruptcy
For a few fleeting, horrifying moments recently, the fault lines that underlie the global economic crisis erupted into plain view. With deft and quick effort, leaders in Washington, Europe and Asia papered over the fissures and fears largely subsided.
But the shock of plain truths that resulted in violent currency movements were the latest reminder that the 21st century economic order will bear little resemblance to the world we now know.
The tremors began in Beijing, where an essay from the governor of the People’s Bank of China seemed to favor the implementation of an International Monetary Fund currency to replace the…
3Apr2009 | Money Morning | 0 comments | Continued
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