to explain complex finance theory to Wall Street insiders.
Posted on 09/14/2009 12:50:26 PM PDT by NormsRevenge
NEW YORK (AFP) – President Barack Obama bluntly warned Monday that some Wall Street bosses were ignoring lessons of the financial crisis, as he demanded a new age of prudence after bloated years of unchecked excess.
"The old ways that led to this crisis cannot stand," the US leader said, in an outspoken address delivered in the shadow of US finance firms he blamed for unleashing global contagion. "History cannot be allowed to repeat itself."
A year after Lehman Brothers failed, triggering the meltdown, Obama also called on Congress to act this year on regulatory reforms he hailed as the most sweeping bid to tame industry over-exuberance since the Great Depression.
While blaming much of the crisis on the United States, Obama made clear a week ahead of the G20 summit in Pittsburgh that he would press global powers to do more to rein in finance industry abuses.
But his prime message after travelling to historic Federal Hall on Wall Street in New York was that, as the economy slowly mends, some key players in America's finance sector were willfully ignoring the lessons of the crisis.
"They do so not just at their own peril, but at our nation's," Obama said, noting that many big Wall Street banks and finance house had received huge government bailouts at taxpayer expense.
"So I want everybody here to hear my words: we will not go back to the days of reckless behavior and unchecked excess that was at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses.
"Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall."
(Excerpt) Read more at news.yahoo.com ...
Were 0be actually concerned, he’d be on the butt case of Frank and sandwich of Dodd.
looks like a sister piece to this afp or a rework
No more reckless behavior: Obama warns Wall Street
http://www.freerepublic.com/focus/f-news/2339421/posts
Wall Street is the clearing house for Democrat political contributions.
TARP II is coming...the bailout of commercial real estate.
I wonder where Wall St ever got the idea that the American taxpayer would be there to break their fall?
LOL!
Captain Zero has accused OTHERS of “...reckless behavior and unchecked excess...”
Aren’t there any mirrors in the White House?
The Federal government hasn’t learned anything from the credit bust, either, if it continues to insist on making loans to bad risks. Barney Frank and Chris Dodd haven’t apologized for their role in that mess, either.
Sounds like he is preparing the way for his blaming of Wall Street for his own shortcomings.
Barry, get a life...a real life, one that is not fraudulent.
Another year and far left loons won’t even listen to you.
Again with obama! The lash! The lash!
someone please ask the Captain of the Ship of State when we can expect rum and sodomy to improve morale!
This is like a mechanic trying to tell a surgeon how to do his job.
The O regime has been the best friend of the moneyed interest in this country in history. He has shoveled out hundred of billions in taxpayer dollars to line their pockets.
0 is Wall Street's bitch and they knows it.
This is parody, right? Its gotta be.
Lashes out?? this is akin to the local quikshop assistant manager telling Microsoft’s CEO how to run his business. The stupidity of this incompetent is only matched by his affirmative action degrees.
Like spreading the wealth? Socialized medicine?
I saw a news clip where “Our Dear Leader” assured us he would hold the Federal Reserve accountable. Either he is telling another deliberate lie or he is totally ignorant of how the system works.
Other than Unions, is there anything about America that Obama does like ?
This seems straight out of “Atlas Shrugged”, government actions created the financial crisis and now Obama blames everyone but the people who created it. If he acknowledges government’s role at all it is to continue blaming George Bush and the Republicans while ignoring the fact that things started to fall apart after Democrats took full control of congress and conntinues at an accelerated rate now that they have control of the White House.
Even as he rants he claims that he has saved us and we are on the road to recovery. I say we are on the road to recovery like a drunk who is on the road to Miami but is actually headed toward New York city and can’t even focus his eyes to read the road signs, let alone consult a map.
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