Now, with financial reform set to be implemented in Washington, there will be fewer unknown unknowns. This will contribute to a healing of the U.S. credit system. Moreover, the November election is likely to lead to more balance in the House and Senate, which means that the worst of the regulatory cloud and government involvement will soon pass. This could rally risk assets if this viewpoint becomes popular. Still, challenges remain.
So what exactly is the real message of the tea parties? And how large an impact will they have on the upcoming elections? These are just a couple of the questions I posed to my old friends Rick Santelli and Lou Dobbs on last night’s Kudlow Report.
The financial regulation bill agreed upon by Congressional leaders overnight is too weak and will not reform the system, Williams Isaac, former chiarman of the FDIC, told CNBC.
President Barack Obama says he's "gratified" by the deal that Congress has worked out on overhauling Wall Street rules.
The real work now, the real test for President Obama and Treasury Secretary Geithner, is to quickly bring the rest of the world along on the only reforms that will truly protect the global financial system from crisis in the future: common standards for the appropriate quantity and quality of capital, and acceptable levels of leverage and liquidity.
At 5.06am lawmakers voted to name the financial reform bill after Barney Frank and Chris Dodd, the chairmen of the House financial services and Senate banking committees.
A Democratic plan to provide additional aid to jobless workers, businesses and cash-strapped states failed in the U.S. Senate on Thursday in the face of solid Republican opposition.
The US will face a severe credit crunch if the financial regulation bill passes in its current form, Sen. Judd Gregg (R-NH) told CNBC Thursday.
The US should expect a notable slowdown in GDP growth, to ½ percent, during the second half of this year, Jan Hatzius, chief US economist at Goldman Sachs, told CNBC Wednesday.
While the days of the flamboyant “Dapper Don” are over, New York's five major crime families—Bonanno, Colombo, Gambino, Genovese and Lucchese—are still functioning. And more importantly, they’re still making money.
One of the major topics of conversation at the just-concluded economic forum in St. Petersburg, Russia, was energy, specifically oil and the situation in the Gulf. That’s not surprising, as Russia is very rich in oil, natural gas and other commodities.
Blackouts are one more possible problem related to the BP oil spill for the residents of the Gulf of Mexico region. If that happens, the power outages have the potential to impact homes and businesses from western Louisiana to eastern Florida.
New financial services regulations will be so disastrous that Congress will need to repeal them to undo the damage they will cause, banking analyst Dick Bove said Monday.
BP deserves acknowledgement for the claims it has made to date to the Gulf of Mexico region and its residents and its agreement last week with the government to pay out some $20 billion, Ken Feinberg, BP escrow account administrator, told CNBC Monday.
Industry lobbyists — and sympathetic members of Congress — are pushing for provisions to undercut a central pillar of the financial reform legislation, known as the Volcker Rule, which would forbid banks from using their own money to make risky wagers on the market and would force them to sell off hedge funds and private equity units. The NYT reports.
Running derivatives through clearinghouses, part of the proposed financial regulations reforms now in Congress, will make them more secure and eventually may pump up their volume, Vikram Pandit, CEO of Citigroup told CNBC Friday.
The public, both the American and those throughout the world, will demand greater regulation of the oil industry in light of the BP Gulf of Mexico spill, James Mulva, chairman and CEO of industry giant ConocoPhillips, told CNBC Friday.
Facilities, by a company called Ecospshere Technologies, could be put in place within days to help lessen the damage of the BP Gulf oil spill and capture the oil for later processing, Jean-Michel Cousteau, president and founder of the Ocean Futures Society, told CNBC Thursday.
The Buy America Bonds (BABS) program needs to be deep-sixed, political consultant Paul Equale told CNBC Wednesday, because banks selling bonds to municipalities and states are now advising investors on how they can profit should the governments default on their commitments.
The Collins amendment, requiring fixed capital ratios for some banks, to the financial regulations reform bill isn’t needed, the Robert Kelly, the CEO and chairman of Bank of New York Mellon , told CNBC Wednesday.