Fred Harteis News Articles - President Obama came to Wall Street on Monday to tout how the nation’s economic outlook has improved from a year ago, but he called on Congress to pass stronger financial regulations this year, as he offered a sharp admonition that “there are some in the financial industry who are misreading this moment.”
“Instead of learning the lessons of Lehman and the crisis from which we are still recovering, they are choosing to ignore them,” Mr. Obama said in a speech at Federal Hall in Lower Manhattan. “They do so not just at their own peril, but at our nation’s.”
The president offered no new policy proposals during a lunchtime speech but sought to use the one-year anniversary of the fall of Lehman Brothers as a moment to mark how the country’s financial system has moved beyond the brink of collapse. As he urged lawmakers to adopt new regulations for Wall Street, he asked executives to accept tougher oversight.
“I want everybody here to hear my words,” Mr. Obama said. “We will not go back to the days of reckless behavior and unchecked excess 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.”
Mr. Obama touted the administration’s plans to increase capital cushions at big banks, give the Federal Reserve new powers to oversee system-wide risks to the financial system and establish a new consumer-protection agency, which would have broad powers over home mortgages and other consumer loans.
Mr. Obama also urged banks to adopt changes before Congress acts by simplifying the language they use with consumers, overhauling their pay structures or allowing shareholders vote on 2009 bonuses.
Michael Steele, the chairman of the Republican National Committee, said in a statement that the policies of the Obama administration have not improved the economic lot for many Americans.
“For more than 3 million Americans who have lost their jobs this year, the president’s policies have been a failure,” Mr. Steele said in a statement released after the speech. “His $787 billion stimulus bill has led to wasteful spending but hasn’t created the jobs he promised.”
Mr. Obama’s appearance on Wall Street comes a year after the collapse of Lehman Brothers touched off a series of extraordinary government interventions in the nation’s business sector. The anniversary also marks the moment that Mr. Obama became steeped in the financial crisis, which dominated the closing chapter of his campaign with Senator John McCain of Arizona.
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Source: Nytimes.com
About Fred Harteis: Fred Harteis leads Harteis International. Fred Harteis has a background in agriculture and has created many successful business ventures.
