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Ear to the Ground

Obama Pitches Financial Reform to Wall Street Execs

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Posted on Apr 22, 2010
Obama
AP / Alex Brandon

President Obama waves after speaking about financial reform at Cooper Union in New York on Thursday.

President Obama spoke before a group of fat cats—or rather, “titans of industry,” as he called them—from Wall Street on Thursday at Cooper Union in New York City, the same site where he’d delivered his pre-bailout, pre-presidential speech on the economy two years ago, in an attempt to recruit them to support his cause of reforming the financial industry. Good luck with that one, Mr. President.  —KA

Read the text of Obama’s speech here.

USA Today:

“I’m sure that some of these lobbyists work for you and they’re doing what they are being paid to do,” Obama told invited guests—“titans of industry,” he called them—during a speech at Cooper Union in New York City.

Even so, Obama argued that new regulations on the financial industry would help businesses, customers, and the U.S. economy as a whole. “We need to enact a set of updated, common-sense rules to ensure accountability on Wall Street and to protect consumers in our financial system,” he said.

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By gerard, April 22, 2010 at 7:19 pm Link to this comment

Since this is not a dictatorshiop, and because this financial power structure has been metasticizing without cease for 70 years or so, it would seem that asking the main supporters of the structure for their suggestions, objections and attitudes would be a first step.
  Arresting them and throwing them in jail would seem to be out of the question since hundreds of thousands of their stock-holders profited for years from bankruptsies and foreclosures, loss of pensions and jobs of more or less guiltless victims..
  It would help Congress to pass any reform legislation at all if these “titans of industry”
could see the necessity for regulations and call off their lobbyist “enforcers.”
  People who jump on Obama at the drop of a hat simply do not “get” the depth of the problems involved in our out-of-control system.  The U.S. Chamber of Commerce, for instance, “launched an $11 million blitz of TV ads trashing Obama’s health-insurance reform package.  This political barrage targeted the home districts of 40 Democratic lawmakers, demanding that these members vote against the president’s bill.” (from Jim Hightower’s
“Lowdown” newsletter, April 2010) That’s just one example.
  How in the world could Obama or anyone else stop that kind of dirty business single-handed? 
  Get real, you people.

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By Steve E, April 22, 2010 at 3:18 pm Link to this comment

Pleading to negotiate with America’s Economic Terrorists. Real class act by Barry.

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By samosamo, April 22, 2010 at 10:57 am Link to this comment

How come I feel like I am hearing euphemistic rhetoric that will
increase the flow of money to o’s pet thieves?

Why, because o thinks himself the master of euphemisms and
doublespeak, and that he likes tricking the people in america
and also the world and there are those here in america that do
take it hook, line and sinker but I rather think the people of the
world have seen enough of this euphemistic doubleshit to know
that whatever o comes out with, they know it will cost them
plenty also.

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By Miko, April 22, 2010 at 10:51 am Link to this comment
(Unregistered commenter)

No luck needed.  They’ll be writing the financial
reform legislation behind the scenes, so of course
they’ll support it.  When Obama argues “that new
regulations on the financial industry would help
businesses, customers, and the U.S. economy as a
whole,” he’s only lying about two out of three.

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