April 22nd, 2010
12:39 PM ET
5 years ago

Obama asks Wall Street to back reform

President Obama called on the financial industry Thursday to support his efforts to enact new regulatory reforms or risk repeating the ‘failure of responsibility’ that nearly brought down the nation's economy.
President Obama called on the financial industry Thursday to support his efforts to enact new regulatory reforms or risk repeating the ‘failure of responsibility’ that nearly brought down the nation's economy.

New York (CNNMoney.com) - President Obama called on the financial industry Thursday to support his efforts to enact new regulatory reforms or risk repeating the "failure of responsibility" that nearly brought down the nation's economy.

"I believe in the power of the free market," Obama said in a speech at Cooper Union, not far from the New York Stock Exchange. "But a free market was never meant to be a free license to take whatever you can get, however you can get it."

The highly anticipated speech cames as Obama and Democrats in Congress are pushing to get a reform package approved this year, with talk that there may be support from at least some Republicans. The House passed a regulatory reform bill in December, and the Senate version is currently being debated.

The reforms the administration has proposed represent a "significant improvement on the flawed rules we have in place today," Obama said. But that push get those reforms enacted has had to contend with "the furious efforts of industry lobbyists to shape them to their special interests."

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Filed under: President Obama • Wall Street
soundoff (80 Responses)
  1. Obama the Liar

    how about reforming your socilaist spending liar-in-chief.

    April 22, 2010 12:41 pm at 12:41 pm |
  2. Glenn Koons

    The Liar in Chief has ties with Sachs, colludes with the CEO and he, this inept naif with no business background is telling Wall St,. and me, and you, because 54% of us are investors Obama, to shape up or they will come down on the system. That is capitalism. Who the hell is this 47 yr. old Chicago thug to tell investors what to invest in and how to deal as long as it is legal? He hates capitalism and free enterprise. He is a socialist through and through. He gets to decide what is reckless ? This tax and spender who takes over businesses with No Const. legality! These reforms are nothing but tyrannical and I hope not one business person in Nov. votes for any Dem socialist. For they are all now Venezuelans.

    April 22, 2010 12:44 pm at 12:44 pm |
  3. Dutch/Bad Newz, VA

    As a native New Yorker, I always knew Wall St. was a bunch of crooks. Too bad the rest of the country is just now figuring this out.

    April 22, 2010 12:44 pm at 12:44 pm |
  4. Obama the Liar

    return the money........

    April 22, 2010 12:46 pm at 12:46 pm |
  5. Larry

    I appreciate President Obamas efforts to get Wall Street to support financial reform

    But it certainly is equal to asking a Wolf to chew off it's own legs

    Best of luck sir.

    April 22, 2010 12:48 pm at 12:48 pm |
  6. Lead, Follow or Get Out of The Way

    America is GREAT because of Liberals...

    a.) The FDIC was derided as a liberal folly by so called "capitalists" ... [I loved the President's reference to that 1933 Time magazine article].

    b.) Social Security [created by liberals] was resisted by conservatives

    c.) Medicare was attacked by Republicans as a liberal folley

    d.) Women voting .... resulted from liberals

    e.) Civil Rights .... were brought to us by liberals.

    If Conservatives had their way, America would not be the land that we love today.

    REMEMBER THAT the next time some Republican like Mitch McConnell, John Boehner, Sarah Palin, Kantor, Hannity, Beck, Limbaugh, Coultier, Bachmann, etc., rails against Liberals.

    Conservatives don't solve problems ... Liberals do.

    April 22, 2010 12:49 pm at 12:49 pm |
  7. Susan

    The Bill is about control, not reform, just one more thing for Obama to take over. I think we need "reform" in Congress! O yeah, that comes in November! Woo Hooo!

    April 22, 2010 12:51 pm at 12:51 pm |
  8. Desmond in Canada

    Asking the foxes to help fix the fowl pen? You do try your best to be nice, Mr. Obama. Jesus did say, "Love your enemies" and, in effect, never give up on them!

    April 22, 2010 12:51 pm at 12:51 pm |
  9. Socal

    Glenn-

    You are so angry! And get your story right.

    April 22, 2010 12:54 pm at 12:54 pm |
  10. Larry

    I love these comment pages

    You can always spot those who have no real clue as to whats going on

    Their post usually starts by calling others some derogatory name

    There are usually no facts in their post, just the typical negative talking points

    Kind of like reading poorly written comics ...

    April 22, 2010 12:54 pm at 12:54 pm |
  11. Dutch/Bad Newz, VA

    It's amazing reading these hateful right wing comments. These comments from the same dummies who insisted on letting the finacial system collapse. I dread to imagine the bad shape this country would be in if a conservative was in office. We've already seen what conservatism get's you: unpaid wars, unpaid medicare Rx plan, etc.

    Half of these nuts don't know the difference between and socialist, a marxist and a communist. I guess if it ends with "ist" they'll just call the President that. These people are pathetic and are as unamerican as the Taliban.

    April 22, 2010 12:54 pm at 12:54 pm |
  12. Monique

    You people who continue to call the president a socialist are stupid ignorant fools who really need to go back to school or hell pick up the dictionary and look up the word – Obama is no socialist and if you hate this coutry so much perhaps you should all rey\turn to the birthplace of your parents and live this country to the people who built it – and those hands are black brown and yellow

    April 22, 2010 12:56 pm at 12:56 pm |
  13. Victim of GOP Taliban

    Oh you poor Republicans...your laissez-faire let Wall Street run wild policies along with the rest of your agendas are complete failures. Obama is a million times better than your Republican ideology of doing nothing which would lead to yet another meltdown. Enough of the fascist rightie cynicism.

    April 22, 2010 12:56 pm at 12:56 pm |
  14. deb0155

    "But a free market was never meant to be a free license to take whatever you can get, however you can get it."

    My, my, my – what a statement coming from the President?! Isn't that what our government – the U.S. government – is doing to the taxpayers with the healthcare bill and all of the other taxes poured on American taxpayers! Are WE the taxpayers not paying enough for generations of welfare recipients who DO NOT want to work, supporting illegals, or watching American companies outsource to third world countries!

    And to think – the same people he is preaching to on Wall Street are the same people that he accepts campaign contributions from!

    What a hypocrite!

    April 22, 2010 12:56 pm at 12:56 pm |
  15. Papasan in Az

    Great! Wall Street gets another soft ball pitch...
    ?????????????????????????????????????
    Mr. President the priority is MAIN STREET USA!
    ??????????????????????????????????????
    Where are your campaign promises to Main Street USA?
    ??????????????????????????????????????????
    Why are banks still foreclosing?
    ???????????????????????????????
    Where is the Help / Hope for Main Street USA?
    ??????????????????????????????????????????
    When do you end the Wars?
    ??????????????????????????????
    JOBS? JOBS? JOBS?
    ?????????????????????????????????????????

    I know I'm not the only American that VOTED for Obama and now wonders if the President will ever get to a least one of the above list. Apparently Main Street USA voters will have to except that the President has better things to do than look after the people that put him in the Office of President.

    Good Luck and don't forget to write!

    Papasan in AZ

    April 22, 2010 12:56 pm at 12:56 pm |
  16. Dominican mama 4 Obama

    Put them on the spot Mr. President. tell them to back you up on this reform because look what happenned without having in place what you're tryinng to implement.

    Are they going to be foolhardy enough to risk another collapse in the future without any type of safety net? How do their investors feel about that decision? How do they think Main St. will feel about their decision when YOU tell them?

    Get tougher Mr. President. We're so behind you on this it is not even funny.

    April 22, 2010 12:57 pm at 12:57 pm |
  17. Anonymous

    "But a free market was never meant to be a free license to take whatever you can get, however you can get it."
    ----------------
    It appears to me that the same can be said about the government!

    April 22, 2010 12:59 pm at 12:59 pm |
  18. T'SAH from Virginia

    @Glenn Koons who quoted "...Who the hell is this 47 yr. old Chicago thug..."

    Who in the hell are YOU??? Oh I know, you are part of the 'birthers', 'bigots', 'haters', 'racists' – Limbaugh, Hannity, Palin, Beck, Bachmann follower- “small pocket of America citizens” who will NEVER see any good in what President Obama does – YOU along with 'Obama the Liar'!!!

    Do you want to know why CNN printed your blogs first and no one else's for the moment? They did it to show everyone how ignorant you are and allow us to let you know!!! LOSERS!!!

    April 22, 2010 12:59 pm at 12:59 pm |
  19. Just me

    It appears this can also be said about the government as well!

    April 22, 2010 01:00 pm at 1:00 pm |
  20. Just me

    Dutch,

    I certainly hope you don't think crooks are limited to Wall Street!. By definition tax cheats are also crooks! Enough said!

    April 22, 2010 01:02 pm at 1:02 pm |
  21. Eric - Blue Hen

    He reminds me of the James Earl Jones character in Conan the Barbarian, remember the snake god high priest, memorizing the masses?, "follow me, it's all free for you ..follow me."

    April 22, 2010 01:03 pm at 1:03 pm |
  22. Who put the twit in twitter? Sarah!

    I wonder how many of you " socialism paranoids " out there are going to refuse your " SOCIAL"security checks when you become eligible...

    April 22, 2010 01:03 pm at 1:03 pm |
  23. Ben Dover

    Obama is in bed with Wall Street and is still talking trash. The American public is wising up to this unprecedent corruption and duplicitous behavior in the Obama Administration.

    April 22, 2010 01:06 pm at 1:06 pm |
  24. Mark

    Obama is going to screw something else up. This guy has been in a short time, but has already done a lifetimes worth of damage!!!

    April 22, 2010 01:06 pm at 1:06 pm |
  25. shoegazer

    Unfettered capitalism will not succeed any more than fettered communism will.The inherent nature of the human beast is greed and
    with no sort of regulatory watchdog in place,those who have the means to fill their pockets at the expense of the greater good will do just that.

    April 22, 2010 01:07 pm at 1:07 pm |
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