Obama turns Wall Street reform bill into law
US President Obama signed the Wall Street reform bill into law on Wednesday. The Wall Street reform now provides regulators with a effective waeapon against the biggest financial groups that may jeopardize the inner workings of our financial systems. These systems loose their true responsiveness when affected by concentrated financial power. In short, the current financial system can be, and is being, manipulated.
What President Obama has now put into place establishes the right of regulators to affect and stop for example massive mergers. During the ceremony in Washington, President Obama said: “Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts. Period.”
It is about time this kind of instrument is installed in the US – many nations in Europe have had similar financial and legislative tools in place for a long time. This has of course not stopped the whole of EU from being hijacked by faltering nations and in effect, the EU taxpayer is footing the extensive bailouts within their community. However, keep in mind that these bailouts do not have much to do with the machinery of stock trading, such as the Wall Street problem.
Considering the global impact that Dow Jones Industrial and the other US markets have, we hope the Wall Street Reform bill now in effect will curb at least the most offensive Wall Street manipulations.
Here´s the official Wall Street reform presentation video
How will the markets react? Whichever way they go, this has already been discounted, and will not be the fundamental reason for movement.
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