Obama delivers speech from Wall Street

President Obama just finished delivering a speech from NY’s Federal Hall, a day before the anniversary of the collapse of Goldman Sachs.

Obama urged Congress to pass a sweeping bill by the end of this year to help ensure firms don’t make irresponsible trades or make irresponsible lending decisions.

Obama said, “I did not run for president to intervene in financial markets,” but gave a stern warning that, “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.”


Obama noted the US economy is heading back to normalcy but said the work of recovery continues and that he would never be satisfied while American people are out of work and the financial system is weakened.

The sentiment of American people now seems to have shifted, people accept the financial system is in a recession but people do not expect the system to fail from here forward.

Obama’s speech serves as a reminder that the financial system remains very fragile and what has happened a year ago simply cannot happen again.

The markets do not seem to have changed mainly because Obama did not reveal any new information.

Obama also said that as important health care is, it should not add not one dime to the country’s deficit, not now, and not in the future.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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  • http://www.zerzevat.org/tag/kazakistan Wilfredo Nunmaker

    I saw on the news yesterday evening that Iran is poised to move in as soon as we move out. I guess if that was Obama’s goal, then “Mission Accomplished”. (It sure ain’t *my* goal for Iraq.)

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