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Old 05-04-2009, 09:30 AM   #1
Lurikeen
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Default Slowing Down the Economy?

Originally Posted by The Seattle Times
Obama: Wall Street will play less dominant role

Wall Street is not going to play as dominant a role in the economy as regulations reduce "some of the massive leveraging and the massive risk-taking that had become so common," President Barrack Obama says.


WASHINGTON —
Wall Street is not going to play as dominant a role in the economy as regulations reduce "some of the massive leveraging and the massive risk-taking that had become so common," President Barrack Obama says.

The changes in the role of Wall Street and the huge profits that came from that risk-taking could mean other adjustments as well, Obama said in an interview in this week's New York Times Magazine.

"That means that more talent, more resources will be going to other sectors of the economy," he said. "I actually think that's healthy. We don't want every single college grad with mathematical aptitude to become a derivatives trader. We want some of them to go into engineering, and we want some of them to be going into computer design."

The Obama administration is trying to restore more regulations on the financial sector to avoid some of the risk-taking that helped cause the current economic problems.

"Wall Street will remain a big, important part of our economy, just as it was in the '70s and the '80s," he said. "It just won't be half of our economy."

Obama said he expects that government efforts to fix the economy will cause long-term changes.
"What I think will change, what I think was an aberration, was a situation where corporate profits in the financial sector were such a heavy part of our overall profitability over the last decade," he said.
Obama said he's confident that people will regain trust and confidence in the financial system, but he believes it will take time.

"I think it's important to understand that some of that wealth was illusory in the first place," he said.

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"Obama said he expects that government efforts to fix the economy will cause long-term changes." Really? No kidding. Of course long-term changes are going to occur. So what will happen? Is the Obama administration trying to slow down the economy? This just doesn't make any sense to me.
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Old 05-04-2009, 10:17 AM   #2
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While I agree in princible with the need for more regulation of financial companies, just taking a step and looking at the situation with a bit of common sense: if I'm a college grad with mathematical aptitude, is there going to be more money & challenge in
a) Being a government regulator
or
b) Outwitting goverment regulators

Turn on CNN and whatnot, and there's a ton of ads for companies advertising "Have overwhelming IRS debt? We have a staff filled with ex-IRS-agents who know every trick in the book gaming the system, and you'll be settling your debt for pennies on the dollar". Which, while I have no clue how effectively these companies work (I suspect they have even equal or more experience at fleecing consumers), points out the fundamental issue. There's decades and decades of economic research showing what kinds of regulations work and which ones don't, and we're going to go with what everyone knows doesn't work.

And oddly enough, behind the Congress and President pushing for regulations they know won't work are the finance companies donating tons of cash to their re-election campaigns, with Obama receiving $104k from AIG in 2008, and Dodd receiving $103k from AIG (McCain & others get a still generous but less-than-half amount) That's a single one of the finance companies. So, is it a combination of coincidence & incomptence, or deliberate fraud on the America taxpayer?
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Old 05-04-2009, 03:29 PM   #3
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again all i see here "Long term" is the money moving to places where the government isn't getting in the way.

anyways the whole speech there was nice and vague.
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Old 05-04-2009, 04:36 PM   #4
Pafuna
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Those who thrive in Wall Street will continue to thrive.

Just not here.
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Originally Posted by Ini View Post
Holy shit I think Pafuna just won the intraweb!
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Damn, is Pafuna allowed to win the intrawebs twice, or is it a lifetime achievement thing?
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Old 05-06-2009, 05:13 AM   #5
Zolmaz Zo'Boto
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Originally Posted by FafnerMorell View Post
We have a staff filled with ex-IRS-agents who know every trick in the book gaming the system, and you'll be settling your debt for pennies on the dollar".
Those commercials are for the current Obama appointees. They can do nothing for us little people.
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Old 05-06-2009, 06:30 AM   #6
Lurikeen
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Originally Posted by Zolmaz Zo'Boto View Post
Those commercials are for the current Obama appointees. They can do nothing for us little people.
Well, well... look what Oggie dug up.
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Old 05-07-2009, 10:44 AM   #7
Zolmaz Zo'Boto
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/GRIN Heya Luri, long time no see.
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Old 05-08-2009, 04:40 AM   #8
bumbleroot
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Is the Obama administration trying to slow down the economy?
When the economy is sinking, slowing it down is a good thing.
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Old 05-09-2009, 07:00 AM   #9
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Yeah, prolong the suffering even longer. Good call, Bumbles.
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Old 05-12-2009, 05:28 AM   #10
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Anyone notice the taxes on cigarettes go up considerably.......... kinda funny, there is more than one way to get tax money outta the middle class without calling it income tax.
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Old 05-12-2009, 05:50 AM   #11
Zolmaz Zo'Boto
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Not only Smokes, but now they want to tax colas and anything that has sugar.
Wait until the energy taxes get passed down and nobody can afford candles.
These taxes hurt the poor more than any other class.

But hey, free rationed socialized health care that can't be all that bad, after all,
Obama is saying and doing all this with a wink, nod, and a smile on his face.
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