By Briana Booker
A deal on financial regulatory reform by Congress is definitely a solid fist pump for President Obama as mid-term elections are on the way! However, does the average American citizen know the impact of such reform? I doubt it.
The usage of derivatives have been the target source of blame for our present financial crisis. Basically derivatives allow market players, such as big corporations and banks, to hedge their risks with your financial investments.
Is the best tactic to prevent business firms from intertwining banking business activity from trading propriety? The banks and the firms are the only ones being enriched by combining the two.
Should not the customer be served first, also known as you? I think so. But then again, that infringes on business firms and banks much needed capital to finance operations and hedge their investments. Poor rich people. Sigh.
I truly believe this reform has potential because it allows an increase in transparency of our financial flows as a nation. When transparency is available, it is easier to correct errors in any circumstance. We need that more than ever in this country.
Besides, who does not want to know when big business and politics use us for their own agenda?
I look forward to the progress of this reform. Any thoughts?