Posted on 09/14/2009 9:39:09 AM PDT by SeekAndFind
The bailouts have largely stabilized the financial system, but regulatory reform is needed to prevent another similar crisis from happening again, said President Obama in a speech delivered Monday on Wall Street.
Marking the anniversary of the Lehman Brothers collapse, which set off a series of events that led to last fall's financial crisis, Obama talked about the state of economy one year later.
"Although I will never be satisfied while people are out of work and our financial system is weakened, we can be confident that the storms of the past two years are beginning to break," said Obama. "In fact, while there continues to be a need for government involvement to stabilize the financial system, that necessity is waning."
Taxpayers have lent hundreds of billions of dollars to systemically significant financial institutions and trillions more in lending programs aimed at easing the tight grip on lending. Obama said bailout money is flowing back to taxpayers, but "that doesn't mean taxpayers will escape the worst financial crisis in decades unscathed," he said.
Though the economy is beginning a "return to normalcy," Obama said much more work is left to be done.
"We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses," the president said. "Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall."
The president called for more stringent rules to prevent the domino-effect if one large firm collapses. He said an overhaul of regulations must be done in a way that does not smother innovation, but "the old ways that led to this crisis cannot stand."
(Excerpt) Read more at money.cnn.com ...
More proposals include :
* a new Consumer Financial Protection Agency
* closing loopholes and gaps in the regulatory system
* putting an end to “too big to fail” by creating resolution authority for non-bank financial institutions.
* calling on foreign economies to join the United States in its regulatory effort for a coordinated response to the financial crisis.
Huh? 10% unemployment, negative GDP, and $1.8 trillion budget deficit!
Someone please help me out, we have storms that “break” [out], and “breaks” in storms. Am I reading this correctly, that Obama inadvertently said the storm hasn’t hit yet?
“Though the economy is beginning a “return to normalcy,” Obama said much more work is left to be done. “
Whether this is said by the pResident or your company’s CEO, the translation is that it is going to get worse before it gets better.
sarc/
“Huh? 10% unemployment, negative GDP, and $1.8 trillion budget deficit! “
Facts?? We no need no steenkin facts!
More like a gathering storm.
Obama; the storms have yet to stir. Watch and wait.
Did he mention the 1 million jobs he saved from being lost?
(Cue the rainbow and the skittle-crapping unicorns....)
No mention of the trade war he started last week. This tropical depression will soon turn into a Class 5 hurricane. And it’s completely unnecessary and it’s ALL HIS FAULT!
TRANSLATION: We need to extend government control of our free market Economy, due to a crisis created by government involvement in making housing available through Fannie Mae and Freddie Mac underwriting.
WRONGO!
GET RID OF FANNIE AND FREDDIE, AND THE SOCIAL ENGINEERING OBAMA DEMOGRAPHIC WARFARE PLAN..........AND LEAVE OUR BANKS ALONE, ENFORCE CURRENT REGULATIONS!!!!!!!
STAY AWAY FROM MY BANK! MY MONEY IS IN IT..... NOT YOURS!!!!!!
91 bank failures this year, many of them occuring this summer, and this buffoon is declaring the patient healed? Just a preview of the quackery to come if the government is put in charge of healthcare.
“the economy is beginning a “return to normalcy,”
AND NO ONE IN THE MEDIA IS SCREAMING “YOU LIE!!” ABOUT THIS???
(Yes, I’m shouting....)
The Democrats spent years taking down the economy, and now they are desperately trying to talk it back up again. Remember how Pelosi told us in April 2006, and the media repeated over and over, that 4.4% unemployment, and a DOW at 14,000+ was “The Worst Economy Since The Great Depression!”?
The pattern for Obama has been to claim “the Recession is ending!!” just before more really bad economic news comes out 2-3 days later.
I wonder what it will be, THIS TIME?
You are right. So much for the most gifted writer in the Whitehouse since Jefferson...
” MY BANK! MY MONEY IS IN IT..... NOT YOURS!!!!!! “
For now.....
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