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Reality about the economy differs depending on whether “you talk to somebody that is in line for a huge cash bonus at a Wall Street firm and a small business on Main Street that’s trying to get a loan,” White House Press Secretary Robert Gibbs said.
President Obama, he said, continues to get “visibly angry” when discussing large Wall Street bonuses.
But all the main ideas for new fees or taxes on the industry have potential problems. Among the concerns are that the measures would stunt the anemic economic recovery and that pay restrictions could be circumvented by clever industry tactics, as happened with past government attempts to rein in compensation.
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