Income inequality in the US is growing at an alarming rate as it did prior to the Great Depression precipitated by the Wall Street crash of 1929. Where will it all lead..??
Finally capitulating to voter outrage, and the very kind of “Change” he campaigned on last year, President Obama proposed tough new financial industry restrictions under what he called “the Volcker Rule” – named after Paul Volcker, the former Fed Chair.
Following the lead of Europe’s approach to their financial industry reforms, the Obama Administration in coming weeks is poised to take a more aggressive stance with the financial industry. In response to the proposed measures, Edward Yingling, President & CEO of the American Bankers Association (ABA), the banking sectors powerful industry lobby, said “It is perplexing to us,” why taxpayers are outraged about the bailouts and other financial indsutry behaviors.
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