President Obama: "We also need reform in Washington."

By GottaLaff

Here are a few excerpts from President Obama's financial regulation speech:

Now, there is a legitimate debate taking place about how best to ensure taxpayers are held harmless in this process. But what is not legitimate is to suggest that we’re enabling or encouraging future taxpayer bailouts, as some have claimed. That may make for a good sound bite, but it’s not factually accurate. In fact, the system as it stands is what led to a series of massive, costly taxpayer bailouts. Only with reform can we avoid a similar outcome in the future. A vote for reform is a vote to put a stop to taxpayer-funded bailouts. That’s the truth.[...]

I’ll close by saying this. I have laid out a set of Wall Street reforms. These are reforms that would put an end to taxpayer bailouts; that would bring complex financial dealings out of the shadows; that would protect consumers; and that would give shareholders more power in the financial system. But we also need reform in Washington. And the debate over these changes is a perfect example. [...]

But I believe we can and must put this kind of cynical politics aside. That’s why I am here today. We will not always see eye to eye. We will not always agree. But that does not mean we have to choose between two extremes. [...]

I read a report recently that I think fairly illustrates this point. It’s from Time Magazine. And I quote: “Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed … would rivet upon their institutions what they considered a monstrous system… Such a system, they felt, would not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level.” That appeared in Time Magazine – in June of 1933. [applause, laughter] The system that caused so much concern and consternation? The Federal Deposit Insurance Corporation – the FDIC – an institution that has successfully secured the deposits of generations of Americans. [...]

Ultimately, there is no dividing line between Main Street and Wall Street. We rise or we fall together as one nation.

I'll post the video when it becomes available.