Summers challenges Wall Street to accept new financial regulations

The Hill ^ | 10/16/09 | Silla Brush

[opentalk]

President Barack Obama's top economic adviser on Friday challenged financial institutions to "think about what they can do for their country" by accepting fundamental regulatory changes this year.

Summers said the entire financial industry continues to benefit from trillions of dollars in bailout money, even as some of the biggest Wall Street firms report billion-dollar profits and continue to pay major bonus packages.

There is no financial institution that exists today that is not the direct or indirect beneficiary of trillions of dollars of taxpayer support for the financial system," Lawrence Summers, director of the National Economic Council, said Friday.

Summers said financial firms must consider how they can help the broader economy.

[opentalk]

Summers said financial firms must consider how they can help the broader economy.

I sure hope he is not talking about the new world order Soros global agenda. I am with Beck, no more legislation passed until Whitehouse answers questions.

[silverleaf]

after all, look at what Larry Summers has done for his country.... put his millions and millions of assets in a blind trust. No sacrifice too great, as they say.

[opentalk]

I think they are intentionally trashing the dollar for their agenda. I hope the Fed gets audited and no new financial regulation until then.

[Hoodat]

Larry Summers is an imbecile. When it comes to economics, his views are ALWAYS contrary to economic reality. You would think that after 1980 when he wrongly predicted that Reagan’s proposed tax cuts would result in 40% inflation, people would know what an idiot he really is.

[djf]

Wall Street (and the banks) are gonna do whatever the F they want to do.

The reason is, and I have no doubt this happened before, all they gotta do is go down to one of the congressional meeting halls or the oval office and say “Well, ya know, if we get in a real bind, we might not be able to cash gummint checks anymore...”

They got the government, Washington DC, the states, and the people themselves by the short hairs.
Believe it.

[tet68]

It's no coincidence that so many communists are associated with this regime.

Typical Communist agenda and technique. Come up with a plan then challenge individuals to fulfill it. Once they get a few converts then they get THEM to challenge their peers to join the collective.

So then you have the party activist on your
left and a party convert on your right, continue
to resist and the full force of the state will
come down on you.

It's happened before, in every socialist state.
Imagine what it's like under Chavez RIGHT NOW!

[opentalk]

I still no not get why the constitution can be bypassed without any legal questioning. Is the movement that big?

[Prokopton]

Typical Communist agenda and technique. Come up with a plan then challenge individuals to fulfill it. Once they get a few converts then they get THEM to challenge their peers to join the collective.

Sounds like Newt and the RNC.