Financial Regulatory Reform – HR 4173

By Padmini Arhant

Congratulations! To President Barack Obama, Senator Chris Dodd, Rep. Barney Frank and other Congress members from both sides of the aisle for their contribution to the historic victory on the Financial regulations bill.

The United States Senate approved the long overdue financial regulatory reform that was challenged by Wall Street and their representatives since conception.

Not long ago, the global economy faced the possibility of the ‘Great Depression,’ emerging from the deregulated financial markets with extraordinary privileges in the public fund mismanagement and speculative trading showing no regard for the dire consequences, now a harsh reality experienced by the billions around the world.

Wall Street exercising the ‘free market’ power to engage in calculated high-risk ventures especially through derivatives and hedge fund activities led to a near free fall in the absence of any oversight on the reckless involvement.

The U.S. economy would have succumbed to the economic crisis if not for the American Investment Recovery Act passed by the Democrats and isolated republican members in Congress.

President Barack Obama and the lawmakers behind this legislation deserve credit in this regard.

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Thank you.

Padmini Arhant

U.K.Elections and the Political Dilemma

By Padmini Arhant

The last week General Election results in the United Kingdom generated political confusion.

With the conservatives aka the Tory Right led by the leader, David Cameron as the front runner and the incumbent Labor Prime Minister Gordon Brown trailing behind, the liberal democrats’ leader Nick Clegg is the ‘kingmaker,’ in the hung Parliament.

In the absence of a clear majority, the political parties are attempting unconventional alliances to form a government raising anxiety among the observers at the domestic and international front.

According to the reports, the Tory Right members are advising their leader David Cameron to function as the minority government daring the opposition majority in the Parliamentary affairs.

Unfortunately, it’s an ill advice for the majority could render the minority redundant in the legislative voting process and turn the tide against them in the next possible election.

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Thank you.

Padmini Arhant