You are right to be indignant. The fact is the system is not working right. It is not right when we have so many people without jobs... It is not right that we are throwing people out of their houses when we have so many homeless... [Our financial markets are] supposed to allocate capital, manage risks. But they misallocated capital, and they created risk. We are bearing the cost of their misdeeds. There's a system where we've socialized losses and privatized gains. That's not capitalism; that's not a market economy. That's a distorted economy, and if we continue with that... we won't succeed in creating a just economy.
This financial takeover will strangle our economy and move jobs overseas unless it is repealed.
If we have higher capital requirements than the rest of the world, now you are just putting the nail in the coffin.
Today’s competitive markets, whether we seek to recognise it or not, are driven by an international version of Adam Smith’s "invisible hand” that is unredeemably opaque. With notably rare exceptions (2008, for example), the global “invisible hand” has created relatively stable exchange rates, interest rates, prices, and wage rates.
The legislation introduced by these Senators today rightly recognizes that the Fed’s rule will cause significant and immediate harm to community banks, consumers and the broader economy.
One of the principal impediments to job creation is uncertainty on the part of American companies, large and small. We've all watched as companies have sat on a lot of capital. They're uncertain about what tax policy is going to be. They're clearly uncertain about how health care costs. They're uncertain about all the regulations on capital markets.
We have wandered too far off the path envisioned by our Founding Fathers of a government with few and defined powers. Government was supposed to be about doing only a few things; today government is about doing nearly everything. It has intruded in our business and personal lives in ways unimaginable to the wise men who gathered in Philadelphia in the sweltering summer of 1787. And to increasingly little positive benefit.
Recently, Washington has been great at issuing overly complex and ineffective regulations—breeding uncertainty among America’s job creators and stifl ing their ability to grow the economy. To add insult to injury, Congress and the administration are considering myriad new regulations to pile on top of business owners, threatening to make it even harder to keep their doors open.
America is sinking under the crushing weight of the ever-expanding regulatory state. This burden threatens to disrupt our recovery, hamper long-term growth, undermine our global competitiveness, and suffocate the entrepreneurial spirit so vital to America's success.
[A dramatic increase in regulation under the Obama administration is] threatening to short-circuit our recovery and undermine our long-term growth....More importantly , it is suffocating the entrepreneurial spirit so vital to America’s success.
