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WTF!?


Madman

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ok first of all that is a very right wing website so take what they said with a grain of salt, Obama won't do that , what he wants is more control over non banking companies like the hedge funds which were the main cause of the market melt down because they were unregulated, and since most countries had to bail out alot of assets because of them why shouldnt there be global rules on their activities. This ppl went out gambled on making good money for 10 years then everything implodes on them and guess what taxpayers are left holding the bag, in the US it is over a trillion dollars and counting

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dont believe what you read in ultra right wing publications, what he and others would like to see is to regulate non bank enterprises like AIG, and the hedge funds that caused all this melt down in the first place and too do that they would have to overturn the WTO rules of not regulating them, the US would never hand over their financial services to an international body, political suicide, but they would like standard rules to regulate them

Lalit K Jha

Washington, Apr 4 (PTI) The US President Barack Obama today praised the agreement of the G-20 nations to act together in this financial crisis and said it is a turning point in this global economic slump.

"I'm pleased that after two days of careful negotiation, the G20 nations have agreed on a series of unprecedented steps that I believe will be a turning point in our pursuit of a global economic recovery," Obama said in his weekly radio address.

Observing that the only way out of a recession, which is global in scope, is with a response that is global in coordination, Obama said, following the G-20 summit: "All of us are now moving aggressively to get our banks lending again. All of us are working to spur growth and create jobs."

He said: "And all of us have agreed on the most sweeping reform of our financial regulatory framework in a generation - (a) reform that will help end the risky speculation and market abuses that have cost so many people so much." With the American economy inextricably linked to the global economy, worldwide coordination is needed to restore lending, spur job growth, reform financial regulation and ultimately fix our economy, he said. PTI

# A new Financial Stability Board will be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system

# There will be greater regulation of hedge funds and credit ratings agencies

# A common approach to cleaning up banks' toxic assets has been agreed

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