WASHINGTON ? The Obama administration on Thursday unveiled a sweeping overhaul of the financial system designed to impose greater regulation on major players like hedge funds.
Treasury Secretary Timothy Geithner told lawmakers that the changes are needed to fix the flaws exposed by the current financial crisis, the worst to hit the country in seven decades.
The goal is to repair a system that has proven “too unstable and fragile,” he said.
“Over the past 18 months, we have faced the most severe global financial crisis in generations,” Geithner said in testimony to the House Financial Services Committee. “To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game.”
Exactly, it´s unbelievable when you see numbers like this:
The total value of over the counter derivatives - traded derivatives and all that kind of instruments are 30 times bigger than the world´s Gross domestic product (GDP)…???
This is a statistical one: On average, american homes have an income of 50,000 (having an average of 3 residents); and if you divide the whole national debt, the average debt for each home would be around 1 to 1.5 millions. I know that these are statistics but I think that they give a glimpse of the whole thing
WASHINGTON ? The Obama administration on Thursday unveiled a sweeping overhaul of the financial system designed to impose greater regulation on major players like hedge funds.
Treasury Secretary Timothy Geithner told lawmakers that the changes are needed to fix the flaws exposed by the current financial crisis, the worst to hit the country in seven decades.
The goal is to repair a system that has proven “too unstable and fragile,” he said.
“Over the past 18 months, we have faced the most severe global financial crisis in generations,” Geithner said in testimony to the House Financial Services Committee. “To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game.”
[/quote]
I know how this problem is going to get solved: all the new regulation is going to force these people to move to other less restrictive countries.
WASHINGTON ? The Obama administration on Thursday unveiled a sweeping overhaul of the financial system designed to impose greater regulation on major players like hedge funds.
Treasury Secretary Timothy Geithner told lawmakers that the changes are needed to fix the flaws exposed by the current financial crisis, the worst to hit the country in seven decades.
The goal is to repair a system that has proven “too unstable and fragile,” he said.
“Over the past 18 months, we have faced the most severe global financial crisis in generations,” Geithner said in testimony to the House Financial Services Committee. “To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game.”
I know how this problem is going to get solved: all the new regulation is going to force these people to move to other less restrictive countries.[/quote]
my guess is the federal register gets gutted when the whole fucking thing collapses.
