Obama says financial sector to shrink

Discussion in 'Wall St. News' started by ASusilovic, May 2, 2009.

  1. WASHINGTON (Reuters) - The financial sector will make up a smaller part of the U.S. economy in the future as new regulations clamp down on "massive risk-taking," President Barack Obama said in an interview published on Saturday.

    Obama, whose young administration has spearheaded a raft of reforms in the banking sector as part of efforts to tackle the financial crisis, said the industry's role in the United States would look different at the end of the current recession.

    "What I think will change, what I think was an aberration, was a situation where corporate profits in the financial sector were such a heavy part of our overall profitability over the last decade," he said told the New York Times Magazine.

    "Part of that has to do with the effects of regulation that will inhibit some of the massive leveraging and the massive risk-taking that had become so common."

    Obama said some of the job-seekers who may normally have gone to the financial sector would shift to other areas of the economy, such as engineering.


    "We don't want every single college grad with mathematical aptitude to become a derivatives trader."


    Wake up call ! Good morning Wall Street !LOL ! :D
  2. F Obama. I'm an engineer who worked in derivatives trading. The government ruins my parade every day. I cannot make a decision without the government stepping in and ruining it.
  3. Eight


    The BO's imperative for his first six months in office is to convince the world that the US can reform it's banking laws. They had it right from the 30's forward to the 80's, they need to get it right again.. deregulation was something else.. they deregulated the S&L's in the 80's by taking the requirements off of loans but leaving the govt. guarantees in place.. so the game was to place a lot of bad loans and let the taxpayers pick up the aftermath... So they deregulated banking after that and did exactly the same scam only this time it was international in scope, not just in the USA... You can't tell me it was not theft on a grand scale. It certainly wasn't ignorance of the financial markets... it was both sides of the aisle too, don't anybody bother going political on me, a thief is a thief. I think these financial guys have to keep their drug dealer friends in awe of them because they are scared of a takeover, that's why they keep doing this shit..
  4. pspr


    Obama is going to destroy this country if we don't stop him. They say we can survive four years of even the worst President but I don't think America will survive four years of this one.
  5. ipatent


    No manufacturing, no engineering jobs.
  6. Well, Obama won't fix the problem. However, the country is already destroyed.
  7. well said, thanks for the post


    Obama's a total retard, what the f*k does he know about engineering, what the f*k does he know about mathematics, what a cheap country, look at the sh*t's who are making decisions for us, a group of people with an IQ of less than 90 think they can run a country, how the f*k is he going to create jobs for all these people he wants to push into engineering, oh yes, like the millions of jobs he has already created
  8. Bingo. I wonder what planet Obama is from. Finance is the only product we manufacture.
  9. I wasn't born in the US, but the whole deal with them flooding the labor market with immigrants (both skilled and unskilled) is really unsettling to me. Unemployment is probably really 20%, and he wants to give amnesty to the people who invented swine-flu.

    He doesn't stop intervening in education financing, so it costs 40k+ to go to a private engineering school. I have debt from student loans (although, not much -- under 7k) and taking some engineering job at H1B wages would leave me absolutely destitute and in poverty. SO head to NY, retrain myself, get another degree, and now he kills the last exit for me. I can't go become a lawyer now -- even they are getting laid off. Med school? At another 160k?

    Fuck this government. I'm here because I can't leave, but he keeps closing off every exit. It's not that I don't want to compete against the world, it's that these morons in DC make it so hard.

    They really are criminals in Washington. I will NEVER vote democrat or republican again.
  10. Hey there, pal, but I think your ass buddy Dumbya did that.

    I'm not a fan of Obama's economic policy in the least, but if you want to blame anyone for the downfall of this nation (at a political level), your boy George did more than anyone to stray from conservative fiscal and foreign policy, and put this country in a mofo' bind.
    #10     May 3, 2009