US News and World Report: USA Economy: Who Would Lose Under Obama’s Financial Reforms - by Rick Newman
USA Economy: Who Would Lose Under Obama’s Financial Reforms - by Rick Newman
President Obama’s ambitious overhaul of the financial regulatory system would create a new layer of consumer protections, expand the Washington regulatory establishment and change the way America’s banks do business. The goal is to provide more stability to the financial system, which would benefit most Americans. But such abrupt change would also cause some casualties. Here’s who stands to lose under Obama’s reforms:Big Money, Overpaid CEOs,Fannie Mae and Freddie Mac, S&Ls,Standard & Poor’s and Moody’s, Shadow banks, and Consumers. Sure, there will be a lot of new rules designed to protect the US population, but if the government’s got our back, why bother looking out for ourselves? Financial illiteracy has been a major contributor to the economic meltdown, and for some people, more government responsibility will lead to less personal responsibility. Buyer beware, whether the government’s on the case or not.
Labels: Barack Obama, US Economy
