Obama Brushes Off GOP’s Bailout Claim, Pushes On With Financial Reform
Congressional Republicans are mobilizing for an assault on President Obama's next regulatory project: financial reform. However, Obama's not hearing it when it comes to the GOP's claim that the Democrats' current bill would make it easier for big financial institutions to angle for government bailouts down the line.
Congressional Republicans are mobilizing for an assault on President Obama’s next regulatory project: financial reform. However, Obama’s not hearing it when it comes to the GOP’s claim that the Democrats’ current bill would make it easier for big financial institutions to angle for government bailouts down the line. –KA
TRUTHDIG’S JOURNALISM REMAINS CLEARThe Washington Post:
Speaking before a meeting with House and Senate leaders of both parties, Obama rejected that charge. “I’m absolutely confident that the bill that emerges is going to be a bill that prevents bailouts,” he said. “That’s the goal.”
Obama said he is “actually confident that we can work out an effective bipartisan package” to prevent individual financial institutions from growing so big their collapse would imperil the economy, plus regulate the derivatives markets and put in place other reforms.
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Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
If the president wants the federal government to be able to borrow cheaply, there are far better options than negative interest rates.
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