Pointing to the foreclosure crisis and the economy, the President cites passage of Wall Street Reform over the ferocious lobbying of Wall Street banks as a pivotal achievement -- and condemns Republicans in Congress for vowing to repeal it.
The President is correct, if the GOPers take control, this is what we can expect. They will work for repeal and overturning the laws we have all worked so hard to pass. Financial Reform, Health Care Reform. All of them.
This is just another reason we have to GOTV and keep the Dems in charge. No they are not perfect, but they are most certainly better than the alternative.
With Congress having finalized a strong Wall Street reform bill, the President urges Congress to finish the job and send the bill to his desk. The legislation reflects 90% of what the President originally proposed, including the strongest consumer financial protections in history with an independent agency to enforce them. It ensures that the trading of derivatives, which helped trigger this crisis, will be brought into the light of day, and enacts the “Volcker Rule,” which will make sure banks protected by safety nets like the FDIC cannot engage in risky trades. It also creates a resolution authority to wind down firms whose collapse would threaten the entire financial system. Wall Street reform will end taxpayer funded bailouts and make sure Main Street is never again held responsible for Wall Street’s mistakes.
Hopefully this will get passed very soon. If the GOPers just don't filibuster this as well. We need this to be done. Does it address everything... NO... but it is a good bill all in all.
We have to stop this no regulation and no rules era we have been living in. It has caused more problems in this country than anything else we have in place.
Please, take a minute to write, call or somehow get in touch with your Congressperson and express your support for this.
The strongest consumer protections ever. Bringing transparency to financial dealings. Closing loopholes to stop recklessness and irresponsibility. Holding Wall Street accountable and giving shareholders new power in the financial system. President Obama lays out what Wall Street Reform is about, and questions whether opposition from the Senate Republican Leader might have something to do with his recent meeting with Wall Street executives.
This has got to be a win-win for the Democrats. If the Republican's continue to oppose this, surely the people will realize who is working for them... But then maybe I am giving the people too much credit.
If the Democrats can hold together on this, and all vote to approve it and make it stronger and better for the people instead of the Wall Street crowd and their cronies in the Republican party. It isn't going to be easy, and it is already drawing opposition from the Republican's.
We need this reform, in order to protect the people from the theft of our money by Wall Street. With Goldman now being prosecuted and maybe others to follow, we have to stay after them to make them realize we will not stand for their criminal ways.
As a key committee in the Senate takes up reforming the ways of Wall Street, the President lays down a marker: “I urge those in the Senate who support these reforms to remain strong, to resist the pressure from those who would preserve the status quo, to stand up for their constituents and our country. And I promise to use every tool at my disposal to see these reforms enacted: to ensure that the bill I sign into law reflects not the special interests of Wall Street, but the best interests of the American people.”
The President seems to be gearing up for another big fight. I think he feels that Health Care Reform is safe enough now he can move on to this important regulation reform of the financial industry.
Our voices are going to have to be heard on this, much as they were and maybe stronger, than for Health Care. We have got to push our Senators and Representatives to get this through. We have to have stronger rules for Wall Street and the people who caused this disaster. That is just a given.
One thing to note.. again, we can't let the quest for the perfect defeat the good. We may not get all we want, just as we didn't in Health Care Reform, but just as with all large legislation, sometimes the first step is the hardest and we can build from there.
One other note... Sen. Chris Dodd is now calling for an investigation into Lehman and the others who caused this crisis. That is a good thing and is long overdue. I guess deciding to give up his job as a Senator has allowed him to become stronger.
OK everyone, now is the time to start calling, before they even get started in Committee hearings on this legislation... Let's get this done.
