February 10th, 2012
08:38 AM ET
11 years ago
Broken budget process hurts Wall Street reform
NEW YORK (CNNMoney) - President Obama is likely to propose a substantial funding increase for Wall Street regulators in his forthcoming budget.
But there won't be any cheering in the boardrooms and hallways of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
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I have been noticing a curous correlation between budget deficits and the rate of increase in income for the 1%. Is it coincidence that the faster the annual deficit grows, the faster the incomes of the 1% grow? Fact: When the budget was balanced a decade ago, the incomes of the 1% actually declined.
What curious coincidence because there are no obvious relationships to account for it except one, tax cuts.
Have guts,
1. Stringent Derivative Regulations
2. Pass Anti-Lobby Reform,
3. Congress-Senate Term-Limits,
4. Cut Defense Budget
5. Tax the companies that leave out of the nation.
6. Raise tax on who make more than 250k or more. Pass in second term.
Obama2012.
The very process is broken because Republicans have decided their only hope in November is for the economy to tank- and the best way to do that is to take away the regulations that were emplaced to halt the same scenerio that created the Bush Crash of '08.
OWS will be happy with Obama than Tea Party Movement.
ahhhhhhhh...no more money for more government jobs...what a shame...quick promise them something like you have every fringe group in america...ugh...
ooooooooohhhhh, Obama better be careful, he could lose the backing of Wall Street.
WHat Budget ? The man hasn't worked with a budget since he has been in office.
Well maybe if Obama submitted a budget that people could actually pass instead of the steaming pile of dung he submitted that was voted down 97-0 getting ZERO support from even the Democrats!
And Obama needs to call out Harry Reid for the Senate's lack of passing a Budget. The Republican House HAS done their job. Demorcats are just financial incompetents or they just don't want the American people to know how fast they are bankrupting the country.
Anybody notice that this goofball president the unions stole the election for supports the muslims buiding a mosque to commemorate the terrorists who were responsible for 9/11, but is taking away the Catholic churches ability to practice its religious beliefs? Anyone notice that th administration is going after Rupert Murdoch the owner of Fox News while stonewalling on Solydra and selling drugs to the Mexican drug cartels and ignoring the intimidation of voters by the Black Panthers and has anyone noticed that the big tax reduction the corrupt creep is pushing for comes from the Social Security Fund and tax hikes for the people who acted responsibly and saved their money and only benefits the drug addicts, welfare frauds and non taxpayers? This is America under the most corrupt, inept, incompetent, union toady president in history.