Can Obama Save the Dollar....???
U.S. President Barack Obama laid out a plan to separate investment banking from commercial banking, saying that banks have acted "contrary" to their customers' interests. His proposal would ensure that "no bank or financial institution that contains a bank will own, invest in or sponsor a hedge fund or a private equity fund, or proprietary trading operations unrelated to service customers for its own profit." He says he will also limit the size of the largest financial institutions.
Obama followed that up with an ode to his determination to get this legislation passed, saying "we have to get this done" and warning that an "army" of lobbyists is trying to block it but that it's "a fight I'm ready to have.”
The announcement led to a crushing blow to stocks and a slump in the USD against the yen.
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