Posted on 09/14/2009 9:16:40 AM PDT by Steelfish
Obama Urging Financial Overhaul
US President Barack Obama is calling on Congress to approve an overhaul of the US regulatory regime.
In a speech to mark one year since the collapse of Lehman Brothers bank, he will mount a vigorous defence of his administration's economic policies.
The US president will focus on "the need to take the next series of steps" in regulatory reform, White House spokesman Robert Gibbs said.
Mr Obama's team have argued that they staved off a second Great Depression.
Mr Obama is giving the speech in New York, at Federal Hall on Wall Street, where George Washington was inaugurated as the first US president.
'Money talks'
The White House would give the central bank, the Federal Reserve, new powers over huge financial firms and the ability to seize banks whose collapse could threaten the economy.
By Matthew Price, BBC News, New York
President Obama will speak later to a Wall Street that is growing in confidence - confidence both in its financial position, and in its ability to oppose legislative changes that it feels are not in its interests.
In his address, the president will call for the kind of systemic reform that many believe is needed if the mistakes that led to the credit crisis are to be avoided in the future.
Turning words into action however is proving difficult for this president on many fronts, including this one.
And many analysts fear that by failing to act when the financial sector was at its weakest, and political will at its greatest, a golden opportunity was missed to bring in meaningful reform.
(Excerpt) Read more at news.bbc.co.uk ...
I tuned out when he introduced Barney Frank as a ‘hero’ in the financial crisis....
America had better wake up, and FAST.
Every time this idiot speaks on the market, the market wobbles. SHUT UP ALREADY. The Presidency is more than a 24/7 press conference.
But this Shyster keeps us all under.
I still can't believe we now have inner-city Chicago in the WH.
He backed into that one.
Everytime somethings goes “kah-boom” in the American economy, the meatheads in DC dream up new regulations and laws.
This never works.
What works? Enforcing the kah-zillion laws on the books by public servants who care about what they’re doing for the nation.
Remember, these birdbrains let Bernie Madoff keep on chooglin’ until his was finally turned in by family.
But the private sector always outwits the public sector.
The government doesn’t seem to understand this.
MEGALOMANIA!
He is on Fox News again. I can’t watch the news anymore. All Obama all the time.
This is pure insanity
clearly the people he pitches for have had their ducks in a row for years.
Nov 2010 can’t get here soon enough!!!
So, that means they will reduce the funding for TARP by the repaied amount, right?
snicker...
And do what with them? Shovel more printed up fiat money into them? That'll help.
No chance in hell under this admin.
America had better wake up, and FAST.
Sorry, Not gonna happen : (
The US president will focus on “the need to take the next series of steps” in regulatory reform
damn....where’s that old Rothschild quote?
Sadly, I agree with you.
NNNNNOOOOOOOOOOOOOOOOOOOOOO!
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