US

President's Aide Calls Out The GOP/Wall Street Partnership To Kill Financial Reform

Austan Goolsbee, member of President Obama’s Council of Economic Advisors, spoke this afternoon with CNBC about financial reform.

He doesn’t understand how anyone can be against regulating the derivatives market considering the part they played in the financial crisis.

  • 0:25 Doesn’t understand how a derivatives have become a political issue, the market clearly needs to be regulated
  • 1:00 A big bank lobbying effort is pushing Republicans to fight derivatives reform, and its working
  • 3:00 Capital requirements can’t solve the problems of derivatives alone, since counter party risks aren’t properly valued 

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