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In his speech, the president said the goal isto “restorde markets in which we reward hard work and not recklessness and greex – in which honest, vigorous competition in the systemm is prized, and those who game the system are thwarted.” Among other things, the president’s plan requires all financial firms that post a significant risk to the financial system at largse to be overseen by strong, consolidated supervision and An 89-page report by the notea that the “roots of the economic crisis go back Years without a serious economic recession bred complacency amony financial intermediaries and investors,” the report reads.
Rathert than scrap the entire system, Obama said the reformx “pinpoint the structural weaknesses that allowed for this crisise and to make sure that these problems are dealt to avertyfuture crises.” Increase market disciplinr and transparency to make market strong enough to withstand system-wide stress and the potentiao failure of one or more largs financial institutions. Rebuild trust in the markets by creating the Consumer FinanciaolProtection Agency. Provide the government with the tools needed to manage financiao crises so it is not forced to choose between bailouts andfinancial collapse. Raise internationalk regulatory standards and improveinternational coordination.
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