The official said that the amount of money raised from the fee would not top $120 billion, as this was the higher end of conservative estimates of the cost of the Troubled Asset Relief Program, or TARP.
WB7: This is a last ditch political maneuvre that does not address the systemic threats caused by weak regulation. Unfortunately, 5 will get you 10 that our beloved Congress will not pass the necessary regulatory changes. So we are headed down the path of yet another financial conflagration and government funded bailout. Instead of rewriting the fire code and hiring more inspectors, Obama is proposing to recharge the old fire extinguisher.
Think about this as you ponder the best strategy for protecting your personal wealth. Did you make out like a Wall Street bandit this past year? How will you make out in the next inevitable blowout? While you are at it, think about whether having a hand full of giant financial institutions controlling the financial market has helped you and your family.
If I had a choice between reinstituting the Glass Steagall Act and this new 2big2fail tax, I would choose the former. The most fundamental principle of prudent investment management is risk diversification. Why is it that government backed risk concentration is the principle applied to banking?
Mr Obama does not want to connect the dots on Wall Street for reasons that are pain and obvious for all to see.
Are you able to connect the dots yet?
.jpg)
Posts
No comments:
Post a Comment