WASHINGTON, Dec 7 (Reuters) - U.S. President-elect Barack Obama said on Sunday he would put strong new financial regulation at the center of his economic recovery program to force more accountability on the banking industry. Obama again warned that the U.S. economic crisis, which saw the country lose more than half a million jobs in November alone, would worsen before it gets better. "As part of our economic recovery package what you will see coming out of my administration, right at the center, is a strong set of financial regulations," Obama said in a taped appearance on NBC's "Meet the Press" television show. "Banks, ratings agencies, mortgage brokers, a whole bunch of folks (will) start having to be much more accountable and behave much more responsibly. "We've got to have transparency, openness, fair dealing in our financial markets and that's an area where I think over the last eight years we've fallen short."
WASHINGTON, Dec 7 (Reuters) - U.S. President-elect Barack Obama said on Sunday he would put strong new financial regulation at the center of his economic recovery program to force more accountability on the banking industry.
Obama again warned that the U.S. economic crisis, which saw the country lose more than half a million jobs in November alone, would worsen before it gets better.
"As part of our economic recovery package what you will see coming out of my administration, right at the center, is a strong set of financial regulations," Obama said in a taped appearance on NBC's "Meet the Press" television show.
"Banks, ratings agencies, mortgage brokers, a whole bunch of folks (will) start having to be much more accountable and behave much more responsibly.
"We've got to have transparency, openness, fair dealing in our financial markets and that's an area where I think over the last eight years we've fallen short."
US President-elect Barack Obama says he will not allow the country's car industry to collapse, but any state help must come with strict conditions. The industry and its stakeholders would have to restructure, he told NBC television's Meet the Press. Congress and the White House have been holding talks on a plan to rescue the beleaguered US car industry. Mr Obama warned the economy would get worse before it improved, but any aid plan needed strong regulations. He also named Japanese-American General Eric Shinseki as Veterans' Affairs chief. He said Gen Shinseki was exactly the right person to honour returning soldiers.
US President-elect Barack Obama says he will not allow the country's car industry to collapse, but any state help must come with strict conditions.
The industry and its stakeholders would have to restructure, he told NBC television's Meet the Press.
Congress and the White House have been holding talks on a plan to rescue the beleaguered US car industry.
Mr Obama warned the economy would get worse before it improved, but any aid plan needed strong regulations.
He also named Japanese-American General Eric Shinseki as Veterans' Affairs chief.
He said Gen Shinseki was exactly the right person to honour returning soldiers.
"With that gesture, Obama, who took office pledging to instill a work-hard, get-rich ethos in a country known for its disdain for state aid, turned into something more familiar to the Democrats: a politician who intervenes in private companies, subsidizes jobs and bashes the bosses."
See above, about Dexia bank. Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
This would be funny if it weren't so sad. It seems bankruptcy is not an option for GM or Chrysler, but not because they're "too big to fail", as we've been told, but rather it's because they can't even finance a bankruptcy. From Bloomberg:
Dec. 7 (Bloomberg) -- President-elect Barack Obama said the economic crisis will worsen before a recovery takes hold, and the government must act swiftly to stimulate job creation. "Things are going to get worse before they get better," Obama said in an interview on NBC's "Meet the Press" program broadcast today. Obama, who takes office Jan. 20, said his advisers are still working to determine the size of the economic stimulus package needed to pull the country out of the longest recession since 1982. "But it is going to be substantial," he said, without giving an estimate. While calling the federal budget deficit he will inherit "enormous," Obama said economic recovery is more important, "and that means that we can't worry, short term, about the budget deficit."
Dec. 7 (Bloomberg) -- President-elect Barack Obama said the economic crisis will worsen before a recovery takes hold, and the government must act swiftly to stimulate job creation.
"Things are going to get worse before they get better," Obama said in an interview on NBC's "Meet the Press" program broadcast today.
Obama, who takes office Jan. 20, said his advisers are still working to determine the size of the economic stimulus package needed to pull the country out of the longest recession since 1982. "But it is going to be substantial," he said, without giving an estimate.
While calling the federal budget deficit he will inherit "enormous," Obama said economic recovery is more important, "and that means that we can't worry, short term, about the budget deficit."
