April 22nd, 2010
12:39 PM ET
4 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. Wisconsonite

    to Glenn Koons: "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?"

    Thug??!!! He is the President of the country YOU LIVE IN and he was duly elected by the majority of citizens in the coutry YOU LIVE IN!!! I wish we could take all of you morons who obviously don't believe in Democracy and ship you all off to a REAL communist country where you belong! You don't know the first THING about Socialism and I, for one, am real sick and tired of the likes of people like you running off at the mouth and insulting and denigrating OUR PRESIDENT!!!

    April 22, 2010 01:39 pm at 1:39 pm |
  2. Ken in Pisgah Forest

    Glenn, Obama a socialist and a liar? Get real. He is trying to revive capitalism after it died in Sept. '08. Don't you know going over the abyss means being in the greatest depression ever? We're not in one solely because of the actions of the guys you blast. There would be no Wall Street today if they hadn't done what they did. Forget your investments. You could burn your stock certificates to stay warm because that would have been what they were worth. The FDIC doesn't have enough money to insure the accounts that would have been in default the first day if B of A and Citibank had been allowed to fail.

    April 22, 2010 01:40 pm at 1:40 pm |
  3. Eddie B

    Yes, ask a bunch of Wall Street execs to back anything that will prevent them from making endless money at any costs....NOT!!! These people have one god...cash!!! They don't care about who they hurt as long as they are making the most money they can. No such thing as ethics on Wall Street.

    April 22, 2010 01:40 pm at 1:40 pm |
  4. rachel

    I find it hypocritcal for him to have no problem taking money for his campaign from goldam and other wallstreet "fat cats" while they were supposdely bleeding America dry and now he wont return the blood money but all of a sudden he's disguested by it.

    April 22, 2010 01:41 pm at 1:41 pm |
  5. Brink

    "But a free market was never meant to be a free license to take whatever you can get, however you can get it."
    Mr. President, it is a noble thought, but you are asking Wall Streeters to have a moral compass and practice ethical behavior which is antithetical to their make-up and the free market.

    April 22, 2010 01:41 pm at 1:41 pm |
  6. June

    "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 is the President of the United States and the MAJORITY of the people in this country gave him the job because we liked his views and believe he has the wisdom to get things done finally. (Healthcare Reform ring a bell?) Get over it!!! You must work on Wall Street . . . Who the hell are the investors on Wall Street to think they get to run – I mean ruin the country fiscally and not be held accountable for it? Personally, I believe they are getting off easy. A few regulations or jail time? Hmmmmmmmmmm. I wonder.

    April 22, 2010 01:46 pm at 1:46 pm |
  7. Democrat in AZ

    to Glenn Loon and OTL, you are communists and Fox News tools. The president told wall street in 07 and 08 it was going to be reformed when he became president, Goldman Sachs still gave him the money, way before the banks and bush wack put the country in debt. STOP BEING FOX'S TOOLS and GET A MIND OF YOUR OWN.

    April 22, 2010 01:46 pm at 1:46 pm |
  8. Hammerer

    Until the corruption in Washington is eradicated the "fat cats" will continue to rape the investors. As long as Wall Street owns the presidents and congress they will do as they please. With votes bought and paid for the deciet will be there only covered better.
    As our congress proved with Obamacare every man has a price. And Wall Street has the money to pay.

    April 22, 2010 01:49 pm at 1:49 pm |
  9. James

    To glenn koons & obama the liar:

    I don't understand poeple now of days, you guys saying that OUR president is a socilaist, a liar and spending too much gov. money, but you two wasn't saying when bush was spending 10.2 billion dollars a MONTH OF OUR MONEY to the god foresaking iraq war, how wall street were playing keep away of OUR MONEY and we the poeple bail the big banks out, they give out millions and millions of dollars of OUR MONEY to the big executives and they laughed in our faces. That's why the president is doing the wall street refrom to prevent another crisis to happen again, and by the way have you two ever heard the pharse: You have spend money to make money.

    April 22, 2010 01:50 pm at 1:50 pm |
  10. Ann

    sure, he made another 'highly anticipated speech'.. will the new regulations restrict their support of your next campaign? This would be good because you spent like crazy on giving speeches and now you keep spending.

    April 22, 2010 01:55 pm at 1:55 pm |
  11. Fitz in Texas

    This guy is the biggest crook out there and he's trying to sell himself as some great savior.

    April 22, 2010 01:57 pm at 1:57 pm |
  12. Jason Manley

    Dear Glenn Koons-
    I hate to point out the obvious, but to your question "who the hell is this 47 yr. old"? He is the elected President of the United States of America. Let me remind you that the only President to balance the budget was also what you call a "tax and spender" never has a "fiscal conservative" ever come even close. You are confusing tyranny with losing an election. But I do love that you think you actually know what he thinks it is priceless. Keep up the good work, I am looking forward to a two term President. Thank You!

    April 22, 2010 01:59 pm at 1:59 pm |
  13. DZucker

    "The highly anticipated speech cames"... "But that push get those reforms enacted has had to contend"...Get an editor, please.

    April 22, 2010 02:02 pm at 2:02 pm |
  14. chris tx

    Glenn Koons – your argument would be better if your English or punctuation were remotely proper. Until then, I'll go with the Chicago "thug" from Harvard. He probably makes better investing decisions than you too...

    April 22, 2010 02:04 pm at 2:04 pm |
  15. Hugo

    Gosh, you would think they would follow the leader seeing as he basically printed and infused 1 trillion dollars directly into their bank accounts.....Meanwhile back on Main Street, highly educated career professionals can't buy a job!

    Remember in November!

    April 22, 2010 02:08 pm at 2:08 pm |
  16. anthony

    Im still trying to figure out just HOW Obama is a "LIAR"... it seems to be the default go-to comment you posters rely on as soon as you see this man's name.

    Im quite positive the "Liar in Chief" title goes to Bush, because we still havent found his WMDs that cost the lives of thousands, as well as billions of our tax dollars.

    And "Socialist" ? another default catch phrase these posters cant even define, much less dont realize they currently benefit from plenty of socialized programs her in America...

    You All FAIL.

    April 22, 2010 02:11 pm at 2:11 pm |
  17. Liberal in Boulder

    Wise words from the President:

    "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."

    Indeed, Mr. President. The free market has recently been absolute freedom–for the rich and powerful... and slavery for the rest of us.

    AMERICA DOESN"T EXIST FOR BUSINESS: BUSINESS NEEDS TO EXIST FOR AMERICA. The Corporate Captains have had the wrong "equation" for many decades. I have provided the correct equation.

    April 22, 2010 02:16 pm at 2:16 pm |
  18. Zevie

    He should go after his buddies Barney Fwank and Chris Dodd. What they did was far worse than any wall street 'fat cat'. Now this moron without ever having a real job thinks he can come in here and fix everything. The only thing we need to fix is our government by making sure that Obama is One and Done.

    April 22, 2010 02:19 pm at 2:19 pm |
  19. Lucullus

    Hey Glenn, as long as the rest of us have to pay for your capitalism, they should be regulated. If there was any way we could have let all those banks crash, sending clowns like you to the poor house, without hurting everyone else I would be all for it.

    April 22, 2010 02:19 pm at 2:19 pm |
  20. Claudia, Houston, Tx

    FYI: For the misinformed as well as ignorant Goldman Sachs over the years has always largely contributed to all presidents along with those who campaigned for the presidency. Use your computer wisely and research for yourself, that information is available, and that way when you post a comment regarding this matter you will atleast appear to be intelligent enough to join in the conversation.

    April 22, 2010 02:22 pm at 2:22 pm |
  21. Me, In TX

    It's comforting to know that conservative bloggers, pundits and gop elected officials GOT NOTHING! but name calling, complaints, convuluted ties to whomever....
    you guys present the same tired statements (I can't even call it an arguement. you bring nothting to the table)
    While Obama and the Democrats are trying get us out of a debacle created by republicans, the republicans try to shift the blame to Obama and then they try to stifle any efforts of recovery.

    Your action, your rhetoric, your lack of policy will make sure that the GOP and conservatives remain a minority until your kind is ultimately extinct. Future generations will wonder how and why we allowed such a party as the republicans to exist

    April 22, 2010 02:23 pm at 2:23 pm |
  22. Ancient Texan

    Some regulation is needed, but this whole Obama blitz coupled with the sudden charges against Sachs smacks of more government take-over of the entire American economy.

    April 22, 2010 02:27 pm at 2:27 pm |
  23. Equality for all

    To Glenn Koons: Your diatribe makes no sense and only illustrates your ignorance and racism. I am so happy that there are enough intelligent, informed and enlightened voters to ensure Democrats will continue to enact legislation that is meant to protect all Americans from predatory practices that have brought our economy to its knees. It's unfortunate that people who share your warped version of reality don't even realize that when they vote Republican, they are voting against their own best interests. I feel sorry for you.

    April 22, 2010 02:28 pm at 2:28 pm |
  24. Papasan in Az

    Wake up America! Help is a MYTH!

    Great! Wall Street gets another slap on the wrist...

    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 less

    April 22, 2010 02:28 pm at 2:28 pm |
  25. Bedtime for Obonzo

    "Dear Wall Street, please sell me the rope with which to hang you."

    April 22, 2010 02:40 pm at 2:40 pm |
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