Archive for June 26th, 2010

26
Jun
10

Weekly Address: Finishing the Job on Wall Street Reform

NEWS
Weekly Address: Finishing the Job on Wall Street Reform
President Obama Urges Congress to Complete Work on Wall Street Reform Bill

Saturday, June 26, 2010

In this week’s address, President Barack Obama asks Congress to pass historic Wall Street reform which will make the toughest financial reforms since the Great Depression the law of the land. The Wall Street reform bill, which reflects 90 percent of what the President originally proposed, includes the strongest consumer financial protections in history with an independent agency to enforce them. It ensures that the trading of derivatives, which helped trigger the crisis, will be brought into the light of day, and enacts the “Volcker Rule,” which will make sure banks protected by safety nets like the FDIC cannot engage in risky trades. And, this bill will create a resolution authority to wind down firms whose collapse would threaten the entire financial system. Wall Street reform will end taxpayer funded bailouts and make sure Main Street is never again held responsible for Wall Street’s mistakes.

This weekend, I’m traveling to Toronto to meet with members of the G20. There, I hope we can build on the progress we made at last year’s G20 summits by coordinating our global financial reform efforts to make sure a crisis like the one from which we are still recovering never happens again. We’ve made great progress toward passing such reform here at home. As I speak, we are on the cusp of enacting the toughest financial reforms since the Great Depression.

I don’t have to tell you why these reforms are so important. We’re still digging ourselves out of an economic crisis that happened largely because there wasn’t strong enough oversight on Wall Street. We can’t build a strong economy in America over the long-run without ending this status quo, and laying a new foundation for growth and prosperity.

That’s what the Wall Street reforms currently making their way through Congress will help us do – reforms that represent 90% of what I proposed when I took up this fight. We’ll put in place the strongest consumer financial protections in American history, and create an independent agency with an independent director and an independent budget to enforce them.

Credit card companies will no longer be able to mislead you with pages and pages of fine print. You will no longer be subject to all kinds of hidden fees and penalties, or the predatory practices of unscrupulous lenders.

Instead, we’ll make sure credit card companies and mortgage companies play by the rules. And you’ll be empowered with easy-to-understand forms, and the clear and concise information you need to make the financial decisions that are best for you and your family.

Wall Street reform will also strengthen our economy in a number of other ways. We’ll make our financial system more transparent by bringing the kinds of complex trades that helped trigger this crisis – trades in a $600 trillion derivatives market – finally into the light of day.

We’ll enact what’s called the Volcker Rule to make sure banks protected by a safety net like the FDIC can’t engage in risky trades for their own profit. We’ll create what’s called a resolution authority to help wind down firms whose collapse would threaten our entire financial system. Put simply, we’ll end the days of taxpayer-funded bailouts, and help make sure Main Street is never again held responsible for Wall Street’s mistakes.

Beyond these reforms, we also need to address another piece of unfinished business. We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis – so we can recover every dime of taxpayer money.

Getting this far on Wall Street reform hasn’t been easy. There are those who’ve fought tooth and nail to preserve the status quo. In recent months, they’ve spent millions of dollars and hired an army of lobbyists to stop reform dead in its tracks.

But because we refused to back down, and kept fighting, we now stand on the verge of victory. And I urge Congress to take us over the finish line, and send me a reform bill I can sign into law, so we can empower our people with consumer protections, and help prevent a financial crisis like this from ever happening again.

• Latest News & Headlines » Home «
• Source(s): The White House
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26
Jun
10

Apple iPhone 4 release plagued by signal issue: Quick Fix for iPhone 4 Antenna Problem

NEWS
Apple iPhone 4 release plagued by signal issue: Quick Fix for iPhone 4 Antenna Problem

Saturday, June 26, 2010

••• There is anger among new iPhone 4 owners after it emerged that the device loses signal when held in the user’s left hand.

Apple’s latest phone only went on sale on Thursday but already the company has been inundated with complaints from users who have found themselves unable to make calls.

One disgruntled customer emailed the company and received a response from the chief executive himself, Steve Jobs.

But Mr Jobs was not too sympathetic with his advice, he wrote: ‘Just avoid holding it in that way.’

The problem appears to occur when the phone is held in the left palm which then covers part of the stainless steel band that contains some of the antennae.

The loss of signal has been a hot topic on Twitter with many people tweeting on the issue.

‘Pretty amazing the way the signal degrades on the iPhone 4 when held in your left hand,’ wrote @StevenMatthews1.

‘So it sounds like the iphone 4 is rubbish for left handers with signal dropping. Will have to learn to be right-handed,’ @Lollipop26 said.

And @MattJWilliams39 has decided against investing in the phone altogether: ‘Style over substance – iPhone 4 has sensitive areas that when held cause signal strength to drop. Cancel my order…’

In a statement Apple said: ‘Gripping any mobile phone will result in some attenuation of its antenna performance, with certain places being worse than others depending on the placement of the antennas.’

The American company now sells ‘bumpers’ that protect the stainless steel parts of the phone and stops the user’s skin from touching the sensitive antennae.

However, the good news is the problem is not affecting everyone and the majority of people who queued for hours to get their hands on the latest model are satisfied customers.

Ben Paton, 23, was first to buy the iPhone 4 from the flagship store on Regent Street on Thursday after queuing for 16 hours.

But a man who flew in from Dubai and had queued for double that amount of time thought he would be first through the store’s doors.

Alex Lee, 27, headed the 500-strong queue for 32 hours but had his hopes dashed when the store allowed internet pre-order customers ahead of him.

He said he will write to Steve Jobs to complain.

Here is The Video on how to do a Quick fix on your IPhone Antenna Reception Problem:

• Latest News & Headlines » Home «
• Source(s): Apple Inc. & Twitter
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26
Jun
10

Global tribute marks year since Michael Jackson’s death

NEWS
Global tribute marks year since Michael Jackson’s death

Saturday, June 26, 2010

Michael Jackson fans across the world have paused to remember the man they called the King of Pop today on the first anniversary of his death.
Thousands have filed silently through the gates of Forest Lawn Cemetery in Los Angeles, where Jackson’s body is entombed in the mausoleum.
In Jackson’s hometown of Gary in Indiana Jackson’s mother Katherine has unveiled a monument in the front yard of the modest home where her children grew up, while in Japan hundreds of people have lit candles in Jackson’s memory.
Jackson died on June 25 2009 at age 50 just before he was to begin a comeback tour.

Dr Conrad Murray who allegedly provided Jackson with a powerful mix of sedatives has pleaded not guilty to involuntary manslaughter in relation to the death.
• Latest News & Headlines » Home «
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