Home National Politics President Obama: “Holding Wall Street Accountable”

President Obama: “Holding Wall Street Accountable”

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Now, unsurprisingly, these reforms have not exactly been welcomed by the people who profit from the status quo – as well their allies in Washington.  This is probably why the special interests have spent a lot of time and money lobbying to kill or weaken the bill.  Just the other day, in fact, the Leader of the Senate Republicans and the Chair of the Republican Senate campaign committee met with two dozen top Wall Street executives to talk about how to block progress on this issue.

Lo and behold, when he returned to Washington, the Senate Republican Leader came out against the common-sense reforms we’ve proposed.  In doing so, he made the cynical and deceptive assertion that reform would somehow enable future bailouts – when he knows that it would do just the opposite.  Every day we don’t act, the same system that led to bailouts remains in place – with the exact same loopholes and the exact same liabilities.  And if we don’t change what led to the crisis, we’ll doom ourselves to repeat it.  That’s the truth.  Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again.

So my hope is that we can put this kind of politics aside.  My hope is that Democrats and Republicans can find common ground and move forward together.  But this is certain: one way or another, we will move forward.  This issue is too important.  The costs of inaction are too great.  We will hold Wall Street accountable.  We will protect and empower consumers in our financial system. That’s what reform is all about. That’s what we’re fighting for.  And that’s exactly what we’re going to achieve.

The full transcript is here.

  • Teddy Goodson

    While IMO the proposed reforms do not go far enough, being pretty centrist and mild, it will be hilarious to watch the Republicans try to rationalize not supporting the reform, as their corporate-Wall Street masters will undoubtedly require them to do.

    The manufactured hysteria over the health care bill is, as predicted, beginning to fade, so what can the Tea Party find to whine about next? They will have to have something to fear and hate, and it will be quite a contortion to see how they decide to oppose Wall Street reform, especially as the government accuses GS of fraud. I think they will start howling about the deficit, and somehow roll opposition to Wall Street reform into that.