Thursday, December 1, 2011

Wall Street, Occupy Wall Street, Money and Financial Literacy...

Dodd-Frank Wall Street Reform and Consumer Protection Act H. R. 4173

Even though I wondered in a previous post if the "Occupy Wall Street" protesters are reasonably savvy (at least) about their personal finances despite being arrested and some of them hurt because of police violence, once again, in my humble opinion, Wall Street bonus "fever", risky financial bets, Credit Rating Agencies and ultimately politics don't get along well.

I somehow dislike to talk about financial markets and politicians because of this risky combination, however, we're reading once again that Wall Street is "decreasing" bonuses 20% - 30% in 2011 as well as Standard & Poor's is downgrading credit ratings for major banks in the United States and Europe.

It seems to me that Christopher Dodd and Barney Frank made a serious effort in protecting consumers, on the other hand, thinking about the current crisis the financial system has been grappling with mostly in the United States and Europe, I also think that those guys made what they were supposed to do (protect the public from abuses) but there's a key piece missing: Elizabeth Warren.

There's no doubt in mind that Elizabeth could have done a magnificent job in cleaning the current financial mess caused by bankers, their mistakes, corruption? and greed; as for Occupy Wall Street protesters, I still hope that, in the end, that they will understand that "conservative" politicians are not exactly the right people to help them to become financially savvy.

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