In order to make it seem like the government and the banking sector aren’t one in the same, President Obama is rolling out his teleprompter to deliver a speech blasting Wall Street for acting like a bunch of ignorant drunks. Who cares that the Fed was supplying the booze.
From the Wall Street Journal
President Barack Obama will return to Manhattan’s Cooper Union on Thursday, two years after a campaign speech that laid out his vision for Wall Street, to castigate a financial industry that he will say has too often forgotten the ordinary Americans who have suffered from its reckless irresponsibility.
OK, I know what you’re thinking. Here is the leader of our government blasting Wall Street for forgetting “ordinary Americans who have suffered from its reckless irresponsibility”. This is the same government who forgot about the ordinary Americans almost a century ago. This is the same government who tried manipulated the real estate market by promoting “everyone should own a home”, which led to millions of American losing their homes and millions of others left to pick up the pieces. This is the same government who’s robbed the middle class by devaluing the currency over 30% just in the past decade. This is the same government who’s created an unsustainable empire that’s led to wars, terrorism and the hatred of America. Oh, and this is the same government who is enslaving us and our children to foreign debt holders who will have us working as slaves to pay them back. Oh please, President Obama, tell me how the evil Wall Street banks forgot about ordinary Americans.
The speech comes at a pivotal moment in Senate negotiations over a sweeping measure to re-regulate the financial industry. After trading barbed accusations, senators from both parties now say they are near a deal that would preserve the framework of Mr. Obama’s plan. By appearing just two miles from Wall Street, Mr. Obama hopes to raise the political pressure and seal the deal.
“A free market was never meant to be a free license to take whatever you can get, however you can get it,” Mr. Obama will say, according to speech excerpts released Wednesday night. “That is what happened too often in the years leading up to the crisis. Some on Wall Street forgot that behind every dollar traded or leveraged, there is family looking to buy a house, pay for an education, open a business, or save for retirement. What happens here has real consequences across our country.”
What an ignorant a-hole. Behind every dollar is nothing. That is the problem. Our government has become our modern day money changers. Unfortunately, while the people can be fooled, the free market can’t. It will blow your house of cards down eventually, which is what happen. Wall Street and the mortgage industry is not a free market. Obama is either ignorant or flat out lying. These are two of the most regulated industries we have. In a free market, you wouldn’t use monopoly money backed up by nothing. In a free market, you wouldn’t have government pushing people to buy homes with taxes credits and incentives. In a free market, you wouldn’t have bailouts and the FDIC basically telling the banks to do what they want because they’ll print more money if needed.
As he has done several times in the year-long debate, the president will implore industry executives to call back the lobbyists engaged in “furious efforts” to thwart or water down his legislation.
“I am sure that many of those lobbyists work for some of you,” he will say, according to the excerpts. “But I am here today because I want to urge you to join us, instead of fighting us in this effort. I am here because I believe that these reforms are, in the end, not only in the best interest of our country, but in the best interest of our financial sector.”
Sure sounds like something a mafia thug would say. Lobbyist are sent to argue the side of their client. When you have people with guns that say they are going to start shooting, of course you are going to have people sending representatives to argue why their clients shouldn’t be shot. Maybe if we had a free market, where the government wasn’t pointing guns, we wouldn’t need lobbyists.
The legislation would grant the federal government the power to seize teetering financial giants and dismantle them the same way the Federal Deposit Insurance Corporation now can seize failing banks. It would create a new financial consumer regulator, would boost the strength and budget of the securities and exchange commission and would impose new transparency rules on the trading of derivatives, the complex financial instruments that helped bankrupt Lehman Brothers and nearly wipe out American International Group and Merrill Lynch.
More moral hazard. Just what we need. How about we let them fail, and let everyone know that we will let them fail. When everyone knows the government is going to step in no matter what happens, they will rightly assume that they can take idiotic risks that they otherwise wouldn’t. People bet on CDOs and housing because they knew the government would not let housing collapse, in particular Fannie and Freddie.
Mr. Obama will treat his return to Cooper Union as something of a triumphal homecoming, with a touch of “I told you so” in the speech. Two years ago, he called on Congress to give the Federal Reserve more supervisory power over the biggest financial institutions and to demand tougher new capital and liquidity requirements. Pending legislation largely follows that demand. Congress appears ready to meet his request, now two years old, for a new financial consumer regulator. His calls for stronger, international accounting standards and financial stability requirements have been taken up by the Group of 20 nations, although talks are proceeding haltingly.
This is just hilarious. “he called on Congress to give the Federal Reserve more supervisory power” is Obama’s “I told you so”? The Federal Reserve is the reason we had this mess. This is like saying we should give Madoff more power to regulate the purse snatchers of the world.
His 2008 suggestion of streamlining the hodgepodge of “overlapping and competing regulatory agencies” has been abandoned. But he will dwell more on the warnings he issued in that first Cooper Union address.
“I take no satisfaction in noting that my comments have largely been borne out by the events that followed,” he plans to say. “But I repeat what I said then because it is essential that we learn the lessons of this crisis, so we don’t doom ourselves to repeat it. And make no mistake, that is exactly what will happen if we allow this moment to pass – an outcome that is unacceptable to me and to the American people.”
“One of the most significant contributors to this recession was a financial crisis as dire as any we’ve known in generations,” Mr. Obama will say in a highly-anticipated speech at the Coopers Union, a college in New York.
He will tell the expected crowd of 700 that America must learn from the mistakes of the economic crises and enact legislation to help prevent it from happening again.
Yes, we live with a broken record government. We always need more legislation to help prevent something from happening again. Over and over we are told they must act to protect us. Only they aren’t protecting us. They are stacking the deck more in their favor. If you want real reform, ask them to quit protecting us.
Obama’s push for financial reform has intensified in recent weeks and he has lashed out at Republicans for meeting with Wall Street lobbyists. In his speech he is expected to say that legislative proposals in Congress would help restructure the rules that allowed Wall Street to take risky bets that Americans ended up paying for.
Republicans have to be completely tone def. What morons would meet with Wall Street lobbyists after everything that just happened? Oh well, I’m hoping for a third party anyway.
He will state that he won’t accept compromises that would weaken the bill, particularly in the area of derivatives, complex financial instruments that played a role in the economic crisis.
He will also say that financial reforms must set limits on the size of risks that banks can take, and include provisions that would make it easier for a failing institution to unwind before taxpayers would be affected. He will also say he believes in a free market. “But a free market was never meant to be a free license to take whatever you can get, however you can get it,” he said. He will add, “That is what happened too often in the years leading up to the crisis.”
-By Jared A. Favole
via Obama to Castigate Wall Street – WSJ.com.
Hahahaahahah, Obama will also say he believes in the free market? This sounds like the plantation owner telling his slaves how much he believes in freedom. What a damn joke. I can see it now. “I believe in the free market. Now let me tell you all the regulations, loop holes, incentives, kick backs, and advantages I’m going to hand out. Also, we’re going to print more fake money that we will filter through these same evil banks. This free market stuff rules!”