financ. terrorists dragging stock markets down

FINANCIAL TERRORISTS DRAGGING DOWN STOCK MARKETS


I believe we are not in a GFC-2. The current crisis has been created artificially by the Wall St tycoons who are fighting against the Wall St Reform of Obama Government which will be the biggest overhaul of financial regulations since the 1930s, aims to curb Wall Street's high-risk practices blamed for the global economic meltdown of 2008, solve the systemic risk of the "too big to fail" problem among financial firms, and create a consumer protection agency to better protect Americans..

This is a war between Wall St. and Main St. (the interests of everyday working-class people and small business owners)

Wall St. St tycoons are making a war against US Government. And they are trying to bring DJ down as much as possible (together with other stock markets) to create more chaos in financial markets.

But Wall St tycoons has nearly lost the war last night in US.

http://news.xinhuanet.com/english2010/world/2010-05/21/c_13306991.htm
?WASHINGTON, May 20 (Xinhua) -- U.S. President Barack Obama said on Thursday that Wall Street has failed to block the nation's financial regulation reform, as the Senate voted to finish debating the bill, paving the way for a final vote on the landmark legislation.
Speaking in the Rose Garden, Obama said that financial industry lobbyists tried to kill the bill -- and then water it down -- but those efforts "have failed."
Now I think Wall St. tycoons will give up from what they are doing to the stock markets of the world and will leave it alone.

Greek debt wouldn?t be able to create such a big turmoil in the world?s financial markets. Greek has only 11M population with around $550 trillion debt. USA has $13.5 trillion debt, UK has over $9 trillion debt. Total debt of those two countries is $22.5 and it accounts half of the total government debts in the world. So debt is not the main problem. It will only cause higher inflation rates in coming years.

President Obama warned the Wall St tycoons about a month ago that they should not resist the government?s plans to repair the financial situation and economy and they should work together with government instead. After that, Goldman Sacks issue has been brought up by SEC which is a government agency.

Then Wall St had its one of worst days since 1987 on May 6th. No one knows what happened but Procter and Gamble shares (which is one of the most stable shares in the world) went down 35% in a second, and it took the other shares down automatically. Now USA government is investigating if this was sabotage to the financial system.

Then, US government announced that the US regulatory reform will put new restrictions on issuers' ability to set fees on last Friday. That day VISA lost 10% while other lost a bit less than that. That has caused another frustration amongst the financial terrorists.

Germany have restricted some types of bearish bets on stocks and bonds (ban on naked short selling as well).

Here is a brief from Obama's statement to the cameras and reporters at the White House today:

I've said many times that the recession we're emerging from was primarily caused by a lack of responsibility and accountability from Wall Street to Washington. It's part of the reason our economy nearly collapsed. It's what led to countless home foreclosures, the failure of community banks and small businesses, and a cascade of job losses that have left millions of Americans out of work.

And that's why I made passage of Wall Street reform one of my top priorities as president, so that a crisis like this does not happen again.

Over the last year the financial industry has repeatedly tried to end this reform with hordes of lobbyists and millions of dollars in ads, and when they couldn't kill it, they tried to water it down with special-interest loopholes and carve-outs aimed at undermining real change.

Today, I think it's fair to say that these efforts have failed.
Today, Democrats and a handful of Republicans in the Senate have voted to break the filibuster and allow a final debate and vote on financial reform, reform that will protect consumers, protect our economy and hold Wall Street accountable....

...Now, we've still got some work to do. Soon we're going to have a final vote in the Senate. And then the House and the Senate will have to iron out the differences between the two bills. And there's no doubt that during that time, the financial industry and their lobbyists will keep on fighting.
But I will ensure that we arrive at a final product that is both effective and responsible, one that holds Wall Street to high standards of accountability and secures financial stability, while preserving the strength and crucial functions of a financial industry that is central to our prosperity and our ability to innovate and compete in a global economy.?