Global Economic Crisis

The President of United States called for the Congress to over haul the financial regulation of the country with new financial rules. The announcement was made by Obama on Radio and Internet and was aimed more specifically at the movers and shakers in the American government.
Obama openly blames the Wall Street for its inability to see the economic crisis and its inability to still not able to get itself out of this holes. He calls for a complete relay of the foundations of the American economy without which there would be no growth and prosperity. In the same context the congress is taking steps to protect the American people by boosting surveillance of the fresh economic threats if any to the markets and provide the authorities with some emergency powers to deal with these unseen threats. Obama is thankful to the legislation for taking actions to about 90 percent of what he proposed initially, which included limiting banks power to spend on Hedge funds and private equity funds so that banks do not get them self’s involved in risky trades for profits.
Whereas the republicans are constantly criticizing the Obama government for approving plans which favor spending. The plans that Obama has proposed are termed as recopies for disaster an calls for a better budget, clearer priorities and restraints on specific areas.

This entry was posted on Wednesday, June 30th, 2010 at 12:01 am and is filed under Bankruptcy, Debt, Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.