Obama Talks Tough to Wall Street

On the ignominious anniversary of the failure of Lehman Brothers and the onset of the economic crisis, President Obama delivered a strong message to Wall Street. In order to prevent another financial crisis of the same size, Obama encouraged that the industry should take steps to reform and patrol itself and to not try to get around new laws intended to police Wall Street.
 
Obama’s main message was that, despite the fact that the economy and our financial systems continue to show signs of recovery, Wall Street should not have the right to continue acting recklessly in ways that put us back on the path to disaster. Specifically, Obama and his staff have been openly critical of banks that continue to excessively compensate executives, rely too much on borrowed money, and engage in vicious lending practices.
 
At a time when so much attention is being placed on Obama’s healthcare reform ambitions, President Obama wanted to take the opportunity to refocus the national spotlight on Wall Street. According to Obama, Wall Street only survived the financial meltdown because of the American taxpayer, so Wall Street now has a responsibility to keep itself honest. 

Image: Flickr