Obama: Wall Street Will Play Less Dominant Role

Wall Street is not going to play as dominant a role in the economy, president says.
FOX News
WASHINGTON

Wall Street is not going to play as dominant a role in the economy as regulations reduce “some of the massive leveraging and the massive risk-taking that had become so common,” President Barack Obama says.

The changes in the role of Wall Street and the huge profits that came from that risk-taking could mean other adjustments as well, Obama said in an interview in this week’s New York Times Magazine.

“That means that more talent, more resources will be going to other sectors of the economy,” he said. “I actually think that’s healthy. We don’t want every single college grad with mathematical aptitude to become a derivatives trader. We want some of them to go into engineering, and we want some of them to be going into computer design.”

The Obama administration is trying to restore more regulations on the financial sector to avoid some of the risk-taking that helped cause the current economic problems.

“Wall Street will remain a big, important part of our economy, just as it was in the ’70s and the ’80s,” he said. “It just won’t be half of our economy.”

Obama said he expects that government efforts to fix the economy will cause long-term changes.

“What I think will change, what I think was an aberration, was a situation where corporate profits in the financial sector were such a heavy part of our overall profitability over the last decade,” he said.

Obama said he’s confident that people will regain trust and confidence in the financial system, but he believes it will take time.

“I think it’s important to understand that some of that wealth was illusory in the first place,” he said.

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Wild Thing’s comment……..
Forget socialism. This guy is going straight for communisim. This Soutpiel puppet has perpetrated one of the biggest cons the world has ever seen.
Translation: “Wall Street, you better cough up big for Democrats in 2010 and for me in 2012 if you want us to stay off your back.”
Wall Street IS the free economy. If Wall Street declines it can mean only one thing. Government grows = communisim.
What a flaming hypocrite. If you look closely, HALF of his administration or more has worked on Wall Street at some point. I just read yesterday that Rahm Emanuel had a brief career as an investment banker. What the heck does Rahm Emanuel know about banking?
Rahm Emanuel’s profitable stint at mortgage giant [Freddie Mac]
Chicago Tribune
“Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.
One of those allegedly asleep-at-the-switch board members was Chicago’s Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.”

Rahm made $19 MILLION during his short time on Wall Street. He wired the state bond deals and reaped the harvest.
Obama and his soros communism will ‘crowd out’ capitalism. (which all here see as plain as the noses on our tea party faces). What he left out is…as goes Wall St, so goes Main St. (at least while he’s president, or until we can elect a Congress WITH a brain to replace this cursed Congress WITHOUT a brain, whichever comes first).