Monday, January 25, 2010

What Do You Think About This?

Europe welcomes Obama bank plan, won't imitate it

LONDON/PARIS (Reuters) – Major European economies offered support on Friday for U.S. President Barack Obama's plan to limit banks' size and trading activities but indicated they had no plans to follow suit.

Obama's dramatic proposals could rewrite the world financial order but experts said they were light on detail and could cloud the global approach fostered by the Group of 20 nations.

The European Union will not imitate Obama's plan, because it aims to reduce risk in the sector through other means, an EU source said on Friday.

"Look, we understand the U.S. position and we understand his reasons. But I can't see the EU going down this route," the source, who is close to EU financial policymaking, told Reuters.


So what do you think?

I am going to admit, I am not a financial expert. With that said, I can't help but think that Obama is being taken for a sucker by the international banking community. My uneducated guess is that they are more than happy to stand aside and let him hamstring our banks while they let their banks grow and prosper.

Next thing you know they're going to spend all of their money on social programs instead of a strong military and expect us to protect them.


Miss T.C. Shore said...

Imitation is the sincerest form of flattery. The fact that Europe doesn't want to imitate Obama says something.

shoprat said...

He is proudly being played for a fool by the entire world and we are along for the ride.

MK said...

That's the euro gayboys as usual folks, they're always there in spirit with you, but never actually there. Just look at Afghanistan or any conflict in the world, the EU or whatever they call themselves are only good for calling a meeting or expressing concern or some such useless shit.

And obama is not being suckered, if he is screwing over your banks, he's doing it intentionally and if the euro banks are profiting from it, all the better as far as he's concerned.

Pasadena Closet Conservative said...

He's totally being played. Be careful out there, Barry. Your lack of experience is showing.

Chuck said...

TC, agreed

Shoprat, but he's the President of the world

MK, I don't blame the European banks, what are they supposed to do? Go down with us?

PCC, they are laughing all the way to the bank huh?

LomaAlta said...

Well, I would bet on failure. I don't know of anything the leftists/socialists ever tried that didn't fail miserably in the direction of bankruptcy and loss of personal freedom.

Chuck said...

LomaAlta, they do have a track record