Obama looks for Wall Street support on reforms by Zivka Deleva

The new financial regulation legislation in the United States of America has challenged the two rival parties, a lot of chief executive on Wall Street to stand up and loudly fight for their opinions. US President Barack Obama now is looking for the support for his reforms from the chiefs at the Wall Street. Everybody is trying to influence on its best way possible, still this is not a small and not important thing we are discussing. When the topics are money and banking system, the most important column especially for the US empire, everyone is trying to lobby on its way. These are not the first Obama’s steps over the financial regulation. In December, with 223-202 ma! jority, US House of Representatives passed a financial reform. Then Republicans didn’t vote at all, and even 27 representatives of Obama’s party went proclaimed against him. The next phase of the regulation is in the hands of the Senate, where Democrats lead with 59 counter 41 Republican seats. "We need to enact a set of updated, common-sense rules to ensure accountability on Wall Street and to protect consumers in our financial system”, said Obama, adding that “it is essential that we learn the lessons of this crisis, so we don’t doom ourselves to repeat it. And make no mistake that is exactly what will happen if we allow this moment to pass”. This try is one of the largest when it comes to the financial industry, after the big recession in the 1930’s. Obama’s basic idea is to “put a stop to taxpayer-funded bailouts”. One thing is for sure, something really stinks in the US financial system and something has to! be done very soon.

by Zivka Deleva for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.