National Economic Counsel Advisor Larry Summers told CNBC Tuesday that President Obama's call for new regulations in the financial industry has no winners or losers and is more like a re-organization than creating new agencies
We had a neat little segment from John Harwood's interview with President Obama yesterday that went a little viral.
The financial overhaul expands the Fed's powers but also restricts them, underscoring the central bank's awkward role in bank regulation and the economy.
Stocks ticked higher Wednesday as consumer stocks rebounded after a tame inflation reading but banks still dragged after credit downgrade. FedEx skidded after it issued a weak outlook.
Regulatory reform: little consensus on how much -or what kind- is needed. As the President unveils his financial regulatory reform proposal, Standard and Poors chose this morning to bluntly state that this was one of the reasons they lowered their ratings and outlook on 22 banks this morning:
Following are President Barack Obama's prepared remarks on the proposed financial regulatory reform plan.
Stocks turned mixed Wednesday as investors digested a tame inflation reading against a weak outlook from FedEx. Banks dragged after a credit downgrade.
The r-word has become a rejoinder to anyone who says that this country must reduce its runaway health spending, especially anyone who favors cutting back on treatments that don’t have scientific evidence behind them. You can expect to hear a lot more about rationing as health care becomes the dominant issue in Washington this summer.
The regulatory reform package provokes concerns about big government, but others on Wall Street said it could help prevent a repeat of the financial crisis.
Futures pared their losses Wednesday after a tame inflation reading. Futures had started off the day on negative footing after FedEx delivered a lower-than-expected outlook and a report showed mortgage applications plunged last week. FedEx said its earnings outlook was lower than Wall Street anticipated.
President Barack Obama is set to unveil his plans to overhaul financial regulation Wednesday in a bid to address the causes of the current financial crisis and prevent the same from happening in the future.
President Obama told CNBC the US is not in danger of overregulating the economy and that the Iranian election won't make that much difference in his adminstration's policies toward that country.
The financial reform should include some way of separating banks' proprietary trading from commercial banking, although a return to regulation similar to the Glass-Steagall Act would be impractical, legendary investor George Soros wrote in the Financial Times.
The leaders of South Korea and the United States told North Korea to drop its atomic ambitions and stop threatening the region while media reports on Wednesday said Pyongyang was moving ahead with plans to launch a long-range missile.
President Barack Obama said on Tuesday that auto, beef and other trade issues with South Korea must be resolved before he will ask Congress to vote on a two-year-old free trade agreement with the longtime ally.
The U.S. dollar has no concerns right now, said Ron Shah of Jina Ventures. The main concern for the U.S. needs to be bilateral trade agreements between the BRIC (Brazil, Russia, India, China) countries.
Best Buy: is leading retailers and the stock market lower today: is the Street changing the way it looks at retailers?
Futures moved up modestly as May Producer Price Index was up only 0.2 percent, less than the 0.6 percent increase expected.
I think Ben Bernanke knows the way out of what could be an inflationary mess, with all the stimulus that is being introduced....I think he knows the way out, and we should let him take it. I'm fearful that the Chairmanship of the Federal Reserve is going to be politicized, and, while we are not worried about near-term inflation, we sure better have a guy who knows the way out when the time comes.
Despite what you heard, stocks today suffered a classic technical correction.