President Barack Obama warned chief executive officers of the Business Roundtable that the U.S. can’t continue with “endless cycles of bubble and bust” and must build a new foundation for future economic growth, Bloomberg reports.
Since there is no indication that Obama understands the business cycle, who knows what this means. He is definitely hot to launch an aggressive new international financial framework.
He promised his plans for revamping financial regulations won’t “strangle” the flow of private capital and that he’ll seek “global coordination” on a new framework when he meets with other leaders of the Group of 20 nations April 2 in London.
"Global coordination" is code for "We better come up with a new financial structure fast, because the dollar could start to collapse any day and the world doesn't have a plan to replace it."
That speech was more campaign rhetoric and further indication that he has no ideal what so ever except to spend money that doesn't exist on socialized programs. Furthermore, he answere no spontaneous questions, only questions that were pre approved. Therefore he got windy and in depth on his study notes.
ReplyDeleteMaybe before he "revamps financial regulations" he might consider revamping the financial regulators.
ReplyDeleteIt's easy. He's got the power. He doesn't even have to twitter Congress to do it.
Here's how...
Sack somebody. If he doesn't know who to kick out first, he could always ask this guy for a list.
Call me a cynic, but somehow or other I don't see anyone losing their job.
Until we actually see heads roll, we can reasonably assume Obama "revamps" will just be rearranging the deck chairs...either on the Titanic or the Marie Celeste (haven't made my mind up which yet).