President Obama's Weekly Address: Rules needed to avoid new financial crisis

[babylonsister]

Hmmm. Who could he possibly be talking to?



Obama: Rules needed to avoid new financial crisis
AP

By DARLENE SUPERVILLE, Associated Press Writer Darlene Superville, Associated Press Writer – 55 mins ago


WASHINGTON – President Barack Obama on Saturday challenged opponents of tougher financial regulations, saying the U.S. is doomed to repeat the economic crisis without new rules and that taxpayers would again be stuck with the bill.

The overhaul is the next major piece of legislation that Obama wants to sign into law this year.

"Every day we don't act, the same system that led to bailouts remains in place, with the exact same loopholes and the exact same liabilities," Obama said in his weekly radio and Internet address. "And if we don't change what led to the crisis, we'll doom ourselves to repeat it.

"Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again," the president said.

A proposal that Senate Democrats are readying for debate creates a mechanism for liquidating large firms to avoid a meltdown. The bill also would regulate the derivatives market for the first time, create a council to detect threats to the system and establish a new consumer protection agency to police people's dealings with financial institutions.

more...

http://news.yahoo.com/s/ap/20100417/ap_on_bi_ge/us_obama_financial_reform

[Dr Morbius]

1. Oboy oboy oboy.

The gloves are off.

Mr. Obama has at last decided to become an active leader, not a passive one. I think his Presidency has improved over the last month or so. He's gotten tougher; he's made it clear to Congressional Democrats that he doesn't want them weakening his bills; he has taken some bold steps such as allowing hospital patients to decide who they want to have visit.

The gloves are off and The Man is about to play rope-a-dope with the GOP. Somebody fetch me some popcorn.

[ChimpersMcSmirkers]

3. Yeah, he's defiantly on fire. Obama and the dems are going to steamroll the pukes

if they fight against financial reform.

[impik]

2. Ohhh, he means business. Go get them, sir!

[Cha]

4. When I just got home home from work..my local news

station played a clip from what looked like this Weekly Address and he was there trying to explain to people how imporant this is..meanwhile the gNOp are lying about everything.

I respect the way Presidient Obama is focused on trying to build a solid structure for our country and the Planet really when there are so many lies and cheap shots swirling around him.

[jenmito]

5. Excellent! K&R.

[denimgirly]

6. I just wish any and all the proposals for Reform were Strong--but at least Obama is finally fighting

The proposals circulating seem very weak but considering Repubs dont want anything it is just a comparision with near useless to no change...i might as well take near useless since we have no choice. The best thing that is coming out of this is that Obama's rhetoric is finally showing fight....that alone is worth admission cuz evetually his teeth will get sharp too! I defintely prefer this new Obama...let's just hope his bite matches his words after this.

[mkultra]

7. i agree, strong reform or no reform!!!!

maybe Kucinich can hold out on principle here(until his principles change of course)