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Politics : President Barack Obama
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To: ChinuSFO who wrote (75452)5/20/2010 6:21:52 PM
From: tejek  Read Replies (2) of 149317
 
He was talking about today's Senate vote to move the financial reform bill forward. I am happy with what Obama has done with the majority in Congress he has today. He has moved some of the major legislation in these two years leading upto Nov 2010. He has set in place the infrastructure needed to support the US economy and to ensure that we do not repeat the collapse we saw in 2008. He is also expected to close a big hole in expenses by reducing our involvement in Iraq and Afghanistan. I am wondering whatever happened to his move to cap CEO bonuses.

I agree with your evaluation of his progress though I don't know where the CEO cap is. He's talked about in general but has not given any specifics in terms of a bill.

Hopefully, he has put in place everything that is needed for businesses to start hiring and growing their businesses. Banks could certainly do more to provide m ore loans than they have been providing.

Yup. The banks have swung the other way. They are afraid to lend.

Certainly, the financial reforms will spook the banks. But I am hoping that would be temporary.

They are spooked by the uncertainty...once the bill is passed, I think the bank stocks will rebound. On top of the uncertainty, during the last week, the more the Rs fought the bill, the more the Dems added restrictive amendments to the bill. That was very worrying to investors. The fear was the bill would become too restrictive but Dodd seems to have had the right hand on this one and knew when to lighten up.

I will be picking up a little more of the banks on this pullback for my IRA account.
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