How far will he go? How far will Joe Biden want and be able to go against Wall Street? Too early to say. But the “Gamestop affair”, from the name of this company which has become the stake of a showdown between small carriers and hedge funds, has come to remind everyone of the intrinsic fragility of financial markets. They had almost unscrewed for good at the start of the pandemic, it would take little for them to panic again.
“GameStop”: how a group of Internet users is leading the insurgency against Wall Street
For the Democratic president, the priority is twofold: better regulate the world of finance and make it fairer – to make it an “industry” serving businesses and consumers, rather than a casino reserved for the rich and powerful.
No one knows whether the new White House tenant will succeed in this transformation, but he has appointed true reformers to key posts, who will be able to count on zealous allies in Congress.
Green recovery plan, tax reform… Joe Biden’s program, a new “New Deal”
Janet Yellen, Secretary of the Treasury
A sheriff, really? When she learned of her appointment as head of the Treasury, the New York Stock Exchange celebrated the news with a rise in the Dow Jones. Bankers appreciate her exceptional skills, recognized by all, and her past as former president of the Federal Reserve (Fed), the American central bank. They are less likely to like its desire to better regulate their activities.
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