Awaited banking bill by Barbora Misakova

When the world fell into economy crisis and consequent poverty, there were many culprits and there are still some new ones appearing from one day to another. Greece’s Prime Minister George A. Papandreou sees traders and speculators as those who are responsible for today’s situation of his country and the rest of the world as well. As he said: “An elected government, making huge changes with the consent of its people, is being undermined by concentrated powers in unregulated markets, powers which go beyond those of any individual government.” And the appeal for cracking them down went from Greece right to the USA. While investors are awaiting confirma! tion of a rescue package for Greece and are fretting about the status of banking reform in the U. S., world stock markets are falling. The Dow is down 30 points, Standard & Poor’s 500 futures fell 4.4 points at 1,142.20. European indexes are not better off. FTSE 100 index of leading British shares decreased 11.19 points at 5,614.46, Germany’s DAX fell 9.01 points and France’s CAC-40 was 0.3 percent lower, what represents 13.02 points. But investors are focusing on something else – banking bill scheduled for Tuesday. While it was expected that bill would fail to get the necessary support from the Senate, now it looks that many Republicans may back some sort of bill, including giving the U. S. Federal Reserve more regulatory powers. As expressed James Hughes, market analyst at CMC Markets: “It seems it has been a long time in coming and many are skeptical whether giving more power to the Fed would make any difference.”

related story ! (sgx16758): http://news.yahoo.com/s/ap/20100315/ap_on_bi_ge/world_market...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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