Obama Announces Dramatic Crackdown on Wall Street Banks

President Barack Obama today declared his intent to find out on Wall route by announcing plans for stringent rules on the banking heavens that prompted comparisons with the draconian regulations introduced after the Great Depression. In the boldest move taken by any government around the world to suffice to the financial crisis, Obama told banks they would no longer be able to take risky bets with their own capital to make money on the financial markets. Banks which take deposits depart not be allowed to employ their own money to take bets on markets, run hedgerow funds or make private equity investments with what he called the Volcker rule after former Federal taciturnity chairman Paul Volcker. He also wants to prevent pound on consolidation of the financial system in the US and will ban takeovers and mergers among American firms in the sector. Obama said the new proposals would alimentation taxpayers from being held hostage by banks that have become in like manner big to fail and that pose a risk to the constitutional financial system. Wall Street was nervous ahead of the announcement, with the Dow Jones industrial Average down more than 160 points before he spoke and then falling a further 40 points once he had finished.

The FTSE 100 index in capital of the United Kingdom fell sharply in afternoon trading as the markets feared the impact on UK banks such as Barclays and RBS. We simply cannot pass away to business as usual, said Obama. His words were immediately taken as a Glass-Steagall Act for the 21st century, in university extension to the legislation introduced in 1933 that prevented commercial banks which took deposits from customers from carrying on investment banking activities. sweet-scented from the historic loss of a Democratic senate seat in the Kennedy-stalwart state of Massachusetts this week, Obamas assault on Wall Street followed the release of near-record profits from Goldman Sachs and bonus average pay for its 32,000 module of $500,000. Obama made it clear that he was appealing to the... If you want to get a full essay, order it on our website: Orderessay

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