ballbreaker, your third point is a little tricky. Although I support Obama on this - it will hurt the US finance industry very much short and long term.
Put it this way; if US banks are unable to get involved in risky trades or be involved in risky loans to medium and small sized businesses they will in one fell swoop lose millions upon millions of potential earnings to the financial industries of the E.U/Japan/China.
US banks will instantly lose a competetive edge despite deleverging is more desirable. This move is going to hurt US banks a hell of alot.
friday frollics, page-170
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