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Home Publications Blogs Beat the Press International Agreement on Financial Reform: It's a Matter of Interpretation

International Agreement on Financial Reform: It's a Matter of Interpretation

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Friday, 28 May 2010 05:23
The NYT headline told us: "Geithner sees consensus on finance reform." USA Today's headline was: "Geithner: US, Europe broadly agree on financial reform." The Post took a different perspective: "United States and Germany remain divided over financial regulation issues."

I'm inclined to agree with the Post. There is a push in Europe, led in part by Germany, for more extensive regulation of finance, including greater restrictions on hedge and private equity funds. It also seems likely that Europe will build up a reserve bailout fund in advance of a crisis, a provision that will likely be missing from the final bill coming out of Congress. And, Europe is very interested in taxes on financial speculation. The Obama administration is strongly opposed to any sort of financial transactions tax.
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written by izzatzo, May 28, 2010 7:19
There is a push in Europe, led in part by Germany, for more extensive regulation of finance


This is great news for the US, which will benefit from the flight of the best and brightest financial personnel as they jump ship to avoid suppressive regulations in Europe, leaving the rest to rot in a socialist swamp.


Stupid liberals.
finally labor has mobility on a par with capital
written by frankenduf, May 28, 2010 9:12
unfortunately isthatso is right- that's how GS recruited the "fabulous fab" to fraudulently sell those junk tranches- little did he stop to think that his nickname is short for what he is being prosecuted for!?
systemic collapse
written by moral hazard, May 28, 2010 9:39
Geithner's mind reader?
written by Joseph Kennedy, May 28, 2010 11:08
Since Geithner rarely completes a sentence (or phrase for that matter), I'm not sure how the media figures out what he's trying to say. And of course what he thinks, as Dean constantly points out, is an entirely other matter.
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written by Queen of Sheba, May 28, 2010 7:41
And why, pray tell, is the Obama administration so averse to transaction taxes? One would think with the deficit hawks circling and politicians in the legislative branch dutifully sharpening their talons, that the White House would be searching for tax money. At the very least one would expect the administration to be politically savvy enough to know the voting public would be on board with the idea.

Pretty soon Obama's deficit reduction commission will report that Medicare spending needs to be cut and Social Security "reorganized" in order to address the long-term debt. Seems Obama should be smart enough to realize that asking social program recipients to take a hit without demanding that Wall Street do the same is very bad politics.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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