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Geithner defends Obama’s Wall Street reforms

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US Treasury Secretary Timothy Geithner defended the financial sector overhaul enacted after the 2008 meltdown, saying the safeguards could have gone a long way toward averting the crisis.

“Some people seem to be suffering from amnesia about how close America came to complete financial collapse under the outdated regulatory system we had before Wall Street reform,” he wrote in a Wall Street Journal op-ed published late Thursday.

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He went on to say that President Barack Obama and the June 2010 bill’s authors, Senator Christopher Dodd and Representative Barney Frank, deserve “enormous credit for pushing for tough reforms quickly.”

“If these reforms had been in place a decade ago, then the rise in debt and leverage would have been less dangerous, consumers would not have been nearly as vulnerable to predation and abuse, and the government would have been able to limit the damage that a financial crisis could have on the broader economy.”

The Republican candidates vying to take on Obama in November’s presidential election accuse him of burdening the economy with cumbersome regulations and have slammed his $787 billion economic stimulus plan enacted in 2009.

Geithner said his wife looks up from the newspaper with “bewilderment” when she reads about Wall Street firms and lobbyists complaining about the reforms or saying they didn’t need the massive bank bailouts of 2008 and 2009.

“She reminds me of the panicked calls she answered for me at home late at night or early in the morning in 2008 from the then-giants of our financial system,” he said.

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Obama has defended the government’s intervention in the wake of the 2008 crisis, saying it helped save the country from another Great Depression.

His Republican rivals have slammed his policies, saying they cost too much and have failed to get Americans back to work.


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England pubs reopen on US Independence Day — after first nationwide closure since 1665’s Great Plague

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The streets of Soho filled with merry drinkers in London on Saturday and the pubs of Manchester were packed as England's hospitality sector returned from a three-month coronavirus hiatus.

"It feels amazing," said Leo Richard Bill, a soldier, after getting through the door of one of London's buzziest restaurants on the Thames River's popular south bank.

"It’s been what, like three months since... me and everyone else haven’t been able to get outside and have a good time. So yeah, it feels good to get amongst it," he said.

Parts of London and other cities, deserted during lockdown, sprang to life as people dressed up and came out for "Super Saturday" -- the day England's hospitality sector reopened for the first time since March.

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2020 Election

Trump’s angry words and Coronavirus surge darken Independence Day weekend in America

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The United States marked an unusually somber Independence Day on Saturday, with President Donald Trump bashing domestic opponents and China -- but praising the country's coronavirus response, despite a record surge in cases.

Across the country, virus fears dampened or nixed Main Street parades, backyard barbecues and family reunions on a day when Americans typically celebrate their 1776 declaration of independence from Britain.

Instead of adopting a unifying tone, Trump -- facing a tough re-election and eager to mobilize his political base -- railed against protesters demanding racial justice after unarmed African American George Floyd was killed by a white police officer.

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2020 Election

‘Spoiler’ Kanye West mocked for running for president against his pal Trump: ‘2020 never fails to disappoint’

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President Donald Trump appears to have lost the support of one of his most well-known Black supporters as Kanye West announced on Saturday that he is running for president.

“We must now realize the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States,” West posted on Twitter, with the hashtag #2020VISION.

The musician was mocked for his presidential bid, here's some of what people were saying:

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