Attack On Capitalism! Eyes Front!: Obama Says Wall Street Will Play Less Dominant Role
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 Barack 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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Unless you’re trading a derivative called a carbon credit on a derivative carbon exchange created for totally illory global warming.
Duplicitous Marxist thief.
The massive risk-taking arose because the ratings firms kept giving AAA ratings to mortgage-backed securities and derivatives that were really just junk. How come nobody in government is looking at this?
If the ratings firms had remained rooted in reality, this massive risk-taking would not have happened in the first place.
Sorry… last line should be “illusory” global warming.
And regulators were told hands off the credit default swap market by Greenspan.
and to add to that Sully,
the usurper said “I think it’s important to understand that some of that wealth was illusory in the first place”
well what about his illusory stimulus and budget?
-aTb
“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.”
What about what I fucken want? I though this was supposed to be a free fucken country and a free market.
This socialism bullshit is gonna bring us down hardcore. He’s trying to micromanage everything and in the end it’s not going to work.
How the fuck did this asshole get elected????? WTF happened??????!!!!!
Ballsander, I couldn’t agree anymore….there is two parts to this, first the usurper is revoking free choice and trying to manipulate people into other sectors and seconly, he, which is drastic, is changing our Capitalist system dramatically which will forever alter America down a path it was never intended to go down!
-aTb
-ACTIVE-
he wasn’t elected,he was installed
The state says design computer, you design computer. Get over it. Maybe if your good at it you will get a deluxe rice cooker and a 2 bedroom flat as compensation.
If you fail, off to the work camps.
See how much better a collective society is? Not all this rampant greed we see by individual producers.
Just imagine it,
Imagine no possessions
I wonder if you can
No need for greed or hunger
A brotherhood of man
Imagine all the people
Sharing all the world
You may say that I’m a dreamer
But I’m not the only one
I hope someday you’ll join us
And the world will live as one
I used to love that song when I was younger until I grew up and figured out what it meant.
Imagine there’s no Heaven
It’s easy if you try
No hell below us
Above us only sky
Imagine all the people
Living for today
When the libutards talk about reviving the manufacturing industry I cant help but wonder what they want to manufacture?
Imagine there’s no countries
It isn’t hard to do
Nothing to kill or die for
And no religion too
Imagine all the people
Living life in peace
Who the fuck is he to decide what career path a college graduate will take? It’s none of his fucking business!!!
The reason the financial sector has such a big part in our economy is that the marxists in the unions have made manufacturing in this country so expensive.
The solution is to cripple the largest producer of wealth in the recent decade according to the usurper.
(all his years of real world experience in producing wealth was brought to bear on the this)
I wonder how the expansion of unions in our manufacturing sector will help?
Narcissism 101 ~ it’s all about what HE wants - His vision - HIS hopey/changey agenda. HE knows best for all - globally. The Word comes down from on high by The Nanny State’s Prime Ruler.
Which is exactly what the Founding Fathers fought a war against and why they brought forth a new country ruled by Law, not men.
The Usurper Boy King doesn’t much care for the Law, Constitutional lawyer that he supposedly is. But then, neither did King George back in the 1770’s.
wall street will always be dominate in a capitolistic society, and should be
All of Pat’s members should run for office. I read more intelligent writings on these boards then any thing coming out of the mouths of those asswipes in Washington.
I have never hated anyone in political office till now!