We can just identify it by different means8 of net sales from January to June at EUR 23Finish the besos and abrazos the kisses and KissThe renewal will continue without precipitationIt is quite lucid about the risks he takesA statutory change that meets officiallyMore reason to focus on the quality of the indexFor its part Metrobus had also asked a vetoThe main centre of SNCF freight losses isolated car iWhat will you do nowEverything is going very fastOn paper, Washington scrupulously on its promises. Strengthening the control of derivatives at the origin of the crisis, the role of "systemic regulator" allocation to the Federal Reserve (Fed), creation of a new consumer protection agency, remuneration framework and implementation under supervision of the "offshore" paradise: administration Obama, who had promised to "lead" at the G20 in London, has opted for a muscular and ambitious device. But it remains to be seen how the reform of the financial regulation will withstand the lowering of the Congress and lobbies. For most of the experts, under benefit of inventory, the major project of "morality" of the US financial sector remains a "good compromise" for Wall Street firms that rather well fired their PIN of the game.
"Our goal is not to supplant or replace the markets." "It is rather to protect the market from its own excesses system and to improve its protection in the future", the White House Chief Economist, Lawrence Summers, reminded the Council on Foreign Relations. For him, as Franklin Roosevelt in his time, Barack Obama was never the intention of going against the principles of market economy.
Role reinforced the Fed
Indeed, despite the appointment, early June, supervisor of salaries, ("pay Czar"), Kenneth Feinberg, to approve the remuneration of the 100 leaders best paid business who have received aid from the State, administration Obama gave to cap the salaries of the leaders of Wall Street. The philosophy of the device is rather encouraging shareholders to have their say ("say on pay") on the wages of the leaders.
So far, one of the main advanced Obama reform focuses on control of securitization activities and markets derivatives with obligation to execute transactions through a clearing house. But the heart of the reform is above all the strengthening of the role of the Federal Reserve (Fed) who, subject to the approval of the Congress, will be assigned the mission of "systemic regulator" and a power of supervision of banks for capital, liquidity ratios and management of risks to the "too big to fail institutions". A working group has implemented the Treasury to propose new prudential standards before December 31, 2009. However, contrary to the wishes of the former Fed Chairman, Paul Volcker, now at the head of a Council of elders, Lawrence Summers has no intention to return to the abolition of the Glass Steagall Act, which he considers no direct connection with the crisis. Just comes to correct the imperfections of the Act, Gramm-Leach-Bliley of 1999 adopted during the Clinton administration.
Despite the criticisms of the "liberal" left who accuses him of will be limited to a simple grooming to the influence of Wall Street, the Obama administration has identified its objectives. It is the essence of the "method Obama" to set ambitious goals to advance, then by small concrete keys.
Moreover, the US Vice-President, Joe Biden, acknowledged yesterday in an interview with the ABC chain, that the Obama administration had "misinterpreted" the poor health of the economy, taking functions. Not without adding: "the stimulus plan has only 120 days."
