Obama Speech on Financial and Market Reforms to Wall Street
In a speech today on Wall Street aimed at the financial industry, President Barack
Obama laid out his financial industry regulation proposals. His proposals closely
resemble those discussed in the early days of his administration but never
strongly pursued, unlike more public pushes for his $787B stimlus package and
health care reform
(read the McClatchy story detailing Obama's address to Wall St |
view the PDF).
More noteworthy than the proposals was President Obama's underlying
justification for his reform proposals, as stated here:
"It is neither right nor responsible, after you've recovered with the help
of your government, to shirk your obligation to the goal of wider recovery, a
more stable system and a more broadly shared prosperity."
We're not exactly sure how this statement is meant to be interpreted.
Does President Obama believe the banks owe him something? Is President
Obama suggesting that, because the banks were recipients of billions
of government/taxpayer bailout dollars, many of which being forced to take the
money, they're an unsigned partner in his goal of wealth redistribution
(watch Obama discuss spreading the wealth around)?
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Coming This Week:
The basic principles for which we stand -- can you disagree?
The people surrounding the Congress
Central government as a necessary evil ...our view
The history of the federal income tax
Why slippery slope theory is REAL
Our read of the Constitution
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