Monday, September 16, 2013

 

White House Report on Financial Crisis Five Year Anniversary


In its report, posted below, the administration argues:


* The money invested in banks has been returned. Stress tests and stiffer capital requirements — the percent of money lent out that must be backed by cash or liquid assets — have made the industry stronger. (Critics, including 2012 presidential candidate Mitt Romney, have argued that GM and Chrysler should have had to go through a private bankruptcy.)

* That the massive bailout of AIG insurance behemoth was successful and repaid.

* That the Big Three U.S. auto companies have, as a group, gained market share for the first time in 20 years.

* That U.S. efforts helped 7 million home owners “modify their mortgages” — a development that many have said hasn’t always been fair to lenders or investors in mortgage-backed securities.


The White House on Sunday made a forceful case that “bold and controversial” decisions by President Obama in the early months after taking office in 2009 have help prevent a second Great Depression, saved our financial system and added nearly 400,000 new auto industry-related jobs, even it noted experts had warned that the industry was poised to instead lose 1 million jobs.

The push comes five years after the height of the financial crisis, and just ahead of significant new decisions about the direction of the Administration’s core economic agenda. Former Treasury Secretary Larry Summers, the President’s choice to lead the Federal Reserve withdrew his name on Sunday, after opposition by senators in both parties appeared to make his confirmation impossible.

Obama to mark financial crisis 5th anniversary with push for Volcker rule, money market mutual fund regulations.


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