This will be an interesting debate/battle. Does Wall Street need reform? Absolutely. As I have been playing with the market over the last three years I do see that there is room for improvement. After teaching graduate school and furthering my research toward completion of my PhD, I also see there is room to redefine the goals and objectives of “Corporate America”, or business as a whole. In other words, there actually is an inherent flaw in capitalism and I can prove it. Actually you can see it every day. So, does this administration actually have what it takes to challenge Wall Street? Valiant effort I say. This will be an interesting debate or an interesting debacle.
Read this article.
By Jennifer Liberto, senior writer;
WASHINGTON (CNNMoney.com) — With the health care fight and two weeks at home behind it, Congress is taking on proposals to reform Wall Street and prevent future financial collapses.
Nothing has really changed since the Senate Banking panel passed an overhaul measure along party lines in late March – except that the rhetoric on both sides has sharpened.
Senate Minority Leader Mitch McConnell, R-Ky., came out swinging Tuesday, slamming Banking Committee chairman Christopher Dodd’s bill as a “perpetual taxpayer bailout of Wall Street banks.”
His counterpart, Majority Leader Harry Reid, D-Nev., defended the bill, saying it “ends bailouts by liquidating these big firms” that contributed to the crisis.
Earlier in the week, the Democratic National Committee started airing an ad on cable networks, including CNN, criticizing Republicans for not joining the Obama administration’s push for regulatory overhaul.
And in the latest display of urgency, President Obama – fresh off two days of meeting with world leaders on nuclear issues – will meet Wednesday with congressional leaders from both parties and chambers at the White House to talk about the issue.
Read more at CNNMoney.com