[Bulldog75] IMF's Lagarde urges action on unfinished financial reforms...REUTERS RELEASE: TORONTO (Reuters) - Unfinished financial reforms are hampering recovery in key parts of the global economy and weighing on economic growth, the head of the International Monetary Fund warned.
[Bulldog75] In a speech in Toronto, IMF Managing Director Christine Lagarde urged world leaders to "do whatever it takes" to rebuild the world's financial system, which is still recovering from the 2007-2009 financial crisis and has been further weakened by the euro zone debt crisis. The global financial crisis prompted an overhaul of regulation in almost every part of the financial system from over-the-counter derivatives to bank capital requirements. But Lagarde said the global financial system was still not functioning well and there were powerful industry groups working against the implementation of the new rules.
[Bulldog75] "There are many vested interests working against change and push-back is intensifying,"
Lagarde told the Canadian International Council, according to prepared remarks. "It is interesting how some banks say the new regulations will be too burdensome, but then spend hundreds of millions of dollars lobbying to kill them," she added. Lagarde said progress was needed for financial institutions that are viewed as too big to fail and she called on regulators to coordinate and align their rules.
[Bulldog75] "Most countries have committed to adopt some or all of the new regulations, and some have moved further ahead with their own national policies," she said. "The challenge now is to proceed to the end of the reform path all together." Bank of Canada Governor Mark Carney said it was time to end the too-big-to-fail problem, "so that the shareholders, bondholders and management bear the consequences of the financial system's mistakes rather than the taxpayers." Carney was referring to a situation where a bank becomes so big that it is too costly to let it fail, requiring a government financial bailout. (end) http://money.ca.msn.com/investing/news/breaking-news/imfs-lagarde-urges-action-on-unfinished-financial-reforms
bandit] Bulldog75 - Give us a brief statement to this
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[Bulldog75] bandit : ANSWER: LAGARDE IS URGING BUT IS POWERLESS IN MANY CIRCUMSTANCES DUE TO FACTORS BEYOND HER CONTROL. THIS IS ALL ABOUT : GREED, POWER AND BIG MONEY.
[Papa Bear] Hopefully everyone has read C LeGarde speech from last night in Canada
[wisewarrior] Papa Bear it was great!
[Michelle3] Papa Bear it was good
[mimi3] Papa Bear How will this affect our rv?
[angelbabies29] Papa Bear i scanned it was it good news? someone said somewhere that it meant LaGarde has no power to push this
[Michelle3] Speed it up if they take her advice
[Papa Bear] Yep many would have have hoped for more direct answers but she is a very SMART GREAT COOKIE if I must say so myself
[tdooly] Papa Bear Listened live -- excellent. that is one smart lady!!
[Papa Bear] angelbabies29 wrong thought
[timo] Papa Bear ...She's here in Canada at the exact time Canada is brokering a deal with China that will make Nafta look like nickle and dime stuff
[wisewarrior] Papa Bear what do you think about us getting the new UST notes instead of frn's?
[Papa Bear] wisewarrior Yep in time, in banks now . No reason to panic all is good
[Papa Bear] 100<s first then smaller denom
[Michelle3] Papa Bear how close u think we r to an actual rv
Papa Bear] Michelle3 Ill repeat your OLD GURUS have not left u all
[wisewarrior] Papa Bear woot woot so no more worry of major decline in USD?????
[Papa Bear] wisewarrior Didnt say that. $ has been declining since 1940. Buying less for $
[wisewarrior] Papa Bear lol lol well that's not what i meant
[angelbabies29] Papa Bear are we close to this happening or did this delay it
[Papa Bear] angelbabies29 NO!!!
[wisewarrior] Papa Bear remember back last spring when there was all this talk of a 40% drop in the usd right at rv time?
[wisewarrior] but then again, i think it was 40% lower than than it is now.....not exactly sure on that....
Papa Bear] wisewarrior Just because u heard that from what u thought was everyone doesnt make it nessessarily so. Watch chart action on $$
wisewarrior] Papa Bear indeed and that is good news thanks
[Believer2] Papa Bear, can you please explain why you think it won't delay the RV ?
[Papa Bear] Believer2 Yes but wont in this forum
[Believer2] ok Papa Bear
[healthscans] heartfelt I have an acct with Wells Fargo but I don't want to use them either. We just have to find a bank that deals with foreign currency.
[heartfelt] healthscans 5/3
[freedom13] everbank here in florida heard real good ,checking out soon for me
[Papa Bear] healthscans Why Buffit just dumped big bucks in WF investment this week.d
[healthscans] heartfelt yes I heard it is a good bank.
[healthscans] freedom13 yes that will be my 1st choice
[wisewarrior] Papa Bear ok just to clarify.......................
[healthscans] Papa Bear didn't know that
[Papa Bear] healthscans Go to interview with Becki on MSNBC were he disclosed. Also said he was salivating in search of large whale billion $ investment
healthscans] Papa Bear interesting. Thank you.
[wisewarrior] Papa Bear you are saying we will get the new ust notes..........which many have said
[wisewarrior] Papa Bear negates the concern about drastic usd drop.do you agree?
[Papa Bear] Folks always remember to asset diversify and dont put all your eggs in one basket. Lay monthly income foundation first as Mr. Wise Olds Owl says in my forest
heartfelt] Papa Bear Thank you for the calming this today! :)
[Papa Bear] heartfelt YW