Tuesday, September 15, 2009

Dr. Boyce: The President Gets Tough with Wall Street

by Dr. Boyce Watkins, Syracuse University 

The president recently gave an interesting address to Wall Street on the anniversary of the start of the financial crisis which began last year (and also got him elected). One year ago, the fall of Lehman Brothers left the nation scrambling to find ways to secure critical liquidity to a financial market that was on the brink of devastation.
In his speech, the president wasn't nice. He received applause from the audience only one time, so they don't like him as much as black people do. What's also clear is that he's not President Bush: Wall Street doesn't want Barack Obama to be president, but he is exactly what they need right now.Our banking system is ranked 108th in the world in terms of stability, behind Tanzania. What's even more frightening is that while being incredibly reckless, our banking system is the most powerful in the world, driving the strongest economy on earth. We can't afford to be silly or irresponsible.
The president focused his conversation around three key adjustments:

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