Wednesday, July 8, 2015

Paul Volcker prequel

"The US, comprehensive measures President Obama State of the Union speech to job creation
http://www.nikkei.co.jp/news/kaigai/20100128ATGM2802O28012010.html
US President Barack Obama is faces the State of the Union speech in the US Congress from the 27th at 9 pm (Japan time the 28th 11:00), laid out the basic policy direction for the next one year. Job creation and expressed its position to the highest priority, and stressed the idea to promote the comprehensive measures by the plan, "doubled to exports in the next five years" support expansion or to small and medium-sized enterprises, such as tax cuts. Half to strengthen such as child care tax cut in order to prop up low-income earners in, intends to address the reduction of the budget deficit, which widened to historic levels also revealed. (Koryaku) "

Although President Obama of the United States have come upon State of the Union speech on January 27, very or say a characteristic, since had become something that symbolizes the "change course" of the United States, and will cover in detail. That said, part of the war on terror and social security because it is not a professional, I will mainly economy squeezed the target.
Although the State of the Union speech this time I pretty much time to economy has been devoted, on the issue that the United States was having "two of the United States" to this, obviously intent "to solve" it can be seen, very surprised below. To resolve the "two of America" ​​issue, you must turn the major financial institutions of Wall Street to the enemy. However, mean President Obama himself was able to win the presidential election with the support of Wall Street (and union), it is that there is a possibility to take the policy to turn the Wall Street over there and did not see even thought.
Entries for the past "two of America" ​​problem is the following.
[Two of America prequel] http://ameblo.jp/takaakimitsuhashi/entry-10356767951.html
[Two of America Part] http://ameblo.jp/takaakimitsuhashi/entry-10357615052.html
[Continue two of America] http://blogs.yahoo.co.jp/takaakimitsuhashi/31343598.html
[One after another two of America] http://ameblo.jp/takaakimitsuhashi/entry-10378831747.html

The two of America, in short, "the unemployment rate 10%, 140 bank failures of the line to the year," typified by Goldman Sachs that would put a record high profits to the American people and, in 2009 fourth quarter to suffer in an environment that In the Wall Street, it is a problem that the country that the United States has been dichotomized. In particular, Wall Street is taking out overseas in the form of dollar carry "money for the American people", because I they've earned in the interest rate differential with foreign countries, it is quite subtle feeling (separately, but is not illegal ).
From the State of the Union speech of President Obama, the attitude to try to tackle head-on this issue, it was clearly felt. The most impressive was the part, let's withdrawal.

"We must Dasa walk from many of the new jobs is born place. It's small and medium-sized enterprises. When I talk to entrepreneurs in Pennsylvania Allentown and Ohio places like Elyria, Bank of Wall Street lending earlier that resumed, exclusively will be appreciated that it is large enterprises. For small business owners in the United States, corporate environment I remain harsh "

"We should be more boost the Americans to build a clean energy facilities. The people to increase the energy efficiency of housing should be a refund. It will lead to job creation. As companies remain in the United States, employment The Stop using tax cuts to companies to flow overseas, it's time to tax cuts to companies that produce jobs in the United States. "

"First of all it's financial reform. And I tell you I do not want to punish the bank. I want to protect the economy. Strongly sound financial markets to ensure the funding company, to be able to create jobs. Households savings and bridging to investment, it is raising the income. However, it must be observed only from recklessness to do so, which was about to disrupt the entire US economy.
It provides information to the consumer or the intermediate layer families, must allow decisions properly finance. Financial institutions that accept your deposits, should not be allowed to take the risk, such as threatening the whole economy. "

"We must be more export our product. Tonight, to set a new goal. To double exports over the next five years. This supports the employment of 2 million people. For this reason launched a" national export plan ", farmers and small and medium-sized businesses support that to expand exports. "

Domestic employment. Small business center. Regulation of the financial business. And, the expansion of exports.

Parts necessary to solve the "two of the United States" will have all one way. Well, certainly,
"To say that the United States is to expand exports, we do intend to expand exports to hell" anywhere in the country, "" Where the market "?"
and (※ Needless to say, the world's largest consumer market is the United States itself)
"If financial institutions of Wall Street bank regulations've fled in a foreign country, or really all right?"
And the like, will come to mind is various and thrusting, but it does not exist, such as perfect measures in the world.
In particular, As far to the financial, I think the future of the United States is likely to continue to strengthen the increasingly protectionist color. Moreover, protectionism personally actual demand side also, I think that normally Ariel. Or "stop tax cuts to companies to outflow employment abroad", it would be it-ish?
At least for now of the United States, such as financial companies to expand globally, only a bottle neck for the domestic economy activation (constraints). Some degree of financial protectionism, I think that's a very legitimate way of thinking. (Self-proclaimed Japanese "Gros-if list" Mr. us, if you want to comment, is what What exciting shiny)

This from previous Geithner & Bernanke route (Wall Street preferential treatment principle), is why there is a possibility that the massive policy shift begins.
And what the back to have a (hopefully) the person is, in the American economic recovery Advisory Council chairman, and was praised as a "twentieth century best FRB chairman", it will be that person Mr. Paul Volcker.

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