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The Candidates on Financial Regulatory Markets
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Wednesday, 02 April 2008 11:00

Apr. 2, Feature - Treasury Secretary Henry Paulson unveiled a plan to restructure the financial regulatory markets, Hillary Clinton released a vague statement that says the plan is late and falls short. Neither Barack Obama nor Republican John McCain released a direct statement on Paulson's plan. The campaigns often release statements on anything they want to be quoted.

April 2 - Feature
produced by Leigh Ann Caldwell
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We turn to Thomas Ferguson, Professor at University of Massachusetts, Boston who has been following the Presidential candidates as they relate to the Wall Street.

"If you look at the democratic candidates, both Clinton and Obama have somewhat broken with the emphasis on total deregulation that has dominated American policy for the past 30 years or so. Obama more or less said the deregulation legacy is part of Bill Clinton's administration too.."

Wall Street bull

"Mrs. Clinton on the other hand, is somewhat more specific. She's talked about regulating investment banks as though they were commercial banks..

"Now, I have to say neither of these sets of proposals really comes anywhere near to sort of dealing with the problem. The big problem right now is, who's going to pay for bail outs. The bail out question has been ducked by both Clinton and Obama. And of course Sen. McCain... he's been very quiet."

"The issue here is pretty straight forward, the financiers and bankers want it to be done by us, at our expense. The rest of the population presumably has an interest in this not happening.

The problem is that Obama and Clinton are huge dependent from cash contributions from financiers." Ferguson says "There is a financial stalemate and a political stalemate that is intertwined and can not be broken."

 

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