Obama urges action on financial regulatory overhaul

President Obama on Saturday culminated a week of lobbying for new Wall Street rules by sharply criticizing the financial sector for damaging the economy and Republican lawmakers for opposing legislation to more closely regulate the financial system.

In his weekly radio and Internet address, Obama said "special interests have waged a relentless campaign to thwart even basic, common sense rules" that he contended would prevent the kind of financial speculation that helped cause the recession.

"The consequences of this failure of responsibility from Wall Street to Washington are all around us: 8 million jobs lost, trillions in savings erased, countless dreams diminished or denied," he said. "I believe we have to do everything we can to ensure that no crisis like this ever happens again."

The Senate Banking Committee endorsed a financial regulatory overhaul bill last month on a party line vote, and the Senate's 41 Republicans expressed blanket opposition to the measure Friday in a letter to Senate Majority Leader Harry Reid (D Nev.)

"As currently constructed," the Republican senators wrote, "this bill allows for endless taxpayer bailouts of Wall Street and establishes new and unlimited regulatory powers that will stifle small businesses and community banks."

In his radio address, Obama called that assertion, first made Tuesday by Senate Minority Leader Mitch McConnell (Ky.), "cynical and deceptive."

But the Republican opposition raises the prospect of a Senate filibuster, and the possibility that both parties will go to the polls in November without having addressed the regulatory lapses that helped cause the most severe economic downturn since the Great Oakley Outlet Store Depression.

Obama has urged lawmakers to act on the legislation, which he said in his radio address would strengthen consumer protections for investors, regulate the derivatives market and give shareholders more say on such issues as executive pay.

"Now, unsurprisingly, these reforms have not exactly been welcomed by the people who profit from the status quo as well their allies in Washington," said Obama, who added that he hopes "Democrats and Republicans can find common ground and move forward together."

"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," he said. "And if we don't change what led to the crisis, we'll doom ourselves to repeat it. That's the truth. Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again."

1. Community Reinvestment Act creation(Carter) and expansion(A.(Clinton))) that led to banks being required to give loans to people that couldn't afford them, or else be punished for not meeting certain ethnic quotas of customers. This was later proven to be false, that people were being denied loans because of income and Oakley Sunglasses Store other factors and that a majority of those individuals happened to be blacks and other minorities; Yet the expansion of the Act stuck.)

2. Freddie Mac, Fannie Mae, ACORN, other groups pushed for more sub prime loans into the market, as well as other loans that were federally backed and required little or no down payment by the consumer. government also had a hand in the crash, as well as liberal group ACORN and others. The regulations coming down the pike will likely further depress the market, based on the fact that the Fed. will raise taxes.

It will also have to raise taxes on the so called "middle class" in order to recoup much of our debt and pay for entitlement expansion(Ooh, VAT tax? Lapsing Bush Tax Cuts in 2011? Increased taxes of different stripes in the HCR bill?), because the State Behemoth is growing bigger and needs more revenue to slake its Oakley Online Store thirst and Oakley Sunglasses Store fill its belly. Responsible regulation that protects the consumer whilst seeking not to damage the industry at large seems like a viable step to me.

The human nature I cite is that which makes up the infinite number of transactions in the market each and every day. As a government, if you give an individual a leg up, do you not expect them to take it?

Simply defending human actions as being in their "nature" is definitely not the right place to start, and I concede the point. The fact is that many people in this society make Oakley Sunglasses Outlet decisions based on what I would call moral gray areas in their thinking. The cause of this lack of morality perhaps being lack of faith, lack of wanting to be judged for one's actions, lack of caring for what one's actions do to affect other individuals(Sociopathy).

Ultimately, you cannot completely regulate bad behavior out of any human system because it is difficult to regulate human behavior, period. Efforts to try and "perfect" human society by regulating ALL bad behavior might well lead us to a totalitarian police state. Not to say that you support that, it's just one extreme.

Any extensive regulation on the markets by the United States government will likely have but one of two objectives: To remove some/much/all of the inherent risk from the market, or depress the market through taxes and regulations targeted at slowing business growth. This was the string that was pulled by Lehman's bankruptcy and AIG's disaster. The second flaw was that both commercial and investment banks were permitted to sink so much exposure into derivatives.

Curious that the Republicans simply recite the lines their consultant gave them ("repeat bailout three times") and don't think that these problems need fixing. I Would then (assuming is possible) have the Senate have a floor debate on the bill say three days before the elections. If the party of "NO WE CAN'T" and "Status Quo you can believe in" decides to filibuster, then let them.

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