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Obama Seeks to Help Oil Spill Ravaged Economies Recover

August 15th, 2010 | No Comments | Posted in News

The recent British Petroleum related natural disaster, the oil spill of April 2010 in the Gulf of Mexico off the United States coast, has put a lot of pressure on the nation’s economy as it struggles to recover from the global recession. US President Barack Obama has been making the rounds as he gears up for his 2012 campaign and he and his family have been touring the Gulf states in an effort to come up with solutions to help the region come back from the brink, especially in the coastal border towns that have had their economies hit with a vicious one two punch from both the oil spill and the global economic credit crunch. The President’s administration has been working on plans to help the region get back on its feet, but with the fishing industry really crunched by the places that can no longer be fished and the hospitality industry suffering a similar blow due to several years of very low tourism, things do look a bit bleak. Obama and family have arrived in Florida this week and are touring the area to get an idea of what could be done to boost the region by taking a tour of the businesses that make up this part of the US.

BP is also being worked with to try and find a solution that can help fix what took place when their Macondo well burst and spilled nearly 5 million barrels of oil directly into the Gulf before a seal finally held in July 2010. The coastal areas have a heavy reliance on sea related industries, particularly seafood and tourism, so the President is hoping to find a way to really build this sector of the economy prior to the next elections.

US Treasury Secretary to Act Quick on New Financial Law

August 1st, 2010 | No Comments | Posted in News

Recent news has broke from the United States that Timothy Geithner, the Secretary of the US Treasury has pledged to move with great speed to finalize some of the biggest changes to the US financial system since the days of the legendary Great Depression. He has told the press that his first priority will be to simplify the complex forms that consumers are forced to fill out in order to receive a credit card, loan for a vehicle or a mortgage for a new home. The purpose of these latest changes is to make the process of these financial situations more simple for consumers in order to prevent the economic catastrophe that arose towards the end of the last decade in the US. Geithner had been speaking to a group of students from the Stern School of Business at the New York University who had gathered with executives from Wall Street to hear the Secretary’s talk. He said that rule changes have, in the past, taken far too long to implement and that this must change in order to speed up the recovery process in the US and get consumers back on solid ground and equal footing with those who do lending of any form.

Geithner also told the press that a number of officials from a variety of US government agencies are committed to pushing the reforms through, including bank industry regulatory organizations, the Federal Reserve and the Securities Exchange Commission. A new panel called the Financial Stability Oversight Council will oversee the changes and help create a road map for overhauling the financial system.