Driving the Day: 11/9/12

Nov 9, 2012

Need to know…

  • Global Shares Continue to Fall Amid U.S. Fiscal Cliff, EU’s Debt Troubles. World shares are on course for their worst weekly performance since June, depressed by the looming “fiscal cliff” that could slash U.S. public spending and by Europe’s debt troubles. The MSCI world equity index lost just over 2% since Monday morning and looked set to close today with a decline steeper than any other week since June. European shares extended their losses into a third day, partly stemming from worries over Greece. Markets are also watching the budget deficit in the United States; since the elections, investors have become worried that Washington’s politicians may struggle to find a compromise.
  • Minor Changes to Dodd-Frank Likely in Next Few Years. The Wall Street Journal reports that while President Obama’s victory means the Dodd-Frank law will stand, the finance industry could trim some parts of the law because changes now are politically less risky for the administration and Democrats in Congress.  The report notes that courts have been receptive to arguments that regulators failed to properly analyze the costs of their regulations. Tom Quaadman, vice president of the U.S. Chamber’s Center for Capital Markets Competitiveness, is quoted saying, regulators have had their wrists slapped by the courts and now it is up to them to “get it right.”

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