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Obama using Cooper Union speech in New York to push for bank reform

By Michael D. Shear
President Obama plans a high-profile speech in New York Thursday to campaign for financial regulatory reform, part of an aggressive campaign to pass the legislation despite Republican claims that the bill amounts to a permanent bailout of big banks.

The news -- first tweeted by press secretary Robert Gibbs -- comes as Democratic Sen. Chris Dodd, the chairman of the Senate Banking Committee, and Sen. Mark Warner (D-Va.), who has helped craft the Senate's version of the legislation, plan a news conference on the subject at 10:30 a.m. this morning.

On Twitter, Gibbs announced the New York trip, saying that "On Thursday, Obama will travel to New York City to speak on Wall Street reform, almost two years after the crisis hit."

The White House elaborated in a statement emailed to reporters moments later. The president's speech will take place at The Cooper Union for the Advancement of Science and Art, the statement said.

"Almost two years after the crisis hit and almost one year after the Administration first laid out a detailed plan for holding Wall Street accountable and protecting consumers, he will call for swift Senate action," the White House announced. "The crisis has already wiped out trillions of dollars in family wealth and cost over 8 million jobs. The President will also remind  Americans what is at stake if we do not move forward with changing the rules of the road as a part of a strong Wall Street reform package."

With the epic battle over health care now finished, it became clear last week that the question of how to regulate Wall Street has taken center stage. 

Republicans made clear they intend to characterize the Senate bill as a bailout. On Friday, Senate Minority Leader Mitch McConnell sent a letter from all 41 Republican senators to the president saying they oppose the bill.

Monday morning's announcement made clear that Democrats plan to respond aggressively. In his radio address on Saturday, Obama accused McConnell of being "cynical and deceptive" by suggesting that the Senate bill would amount to a bailout.

"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," Obama 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."

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By by Michael D. Shear  |  April 19, 2010; 10:19 AM ET
Categories:  44 The Obama Presidency  | Tags: Cooper Union, Obama, financial reform  
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Next: Obama speech will castigate some of his biggest financial backers

Comments

Under Health Care Reform, If you do not have medical insurance you can be penalized, but you can easily find medical insurance under $40 http://ow.ly/1AqF1

Posted by: AlenaDenelle | April 20, 2010 6:18 AM | Report abuse

Under Health Care Reform, If you do not have medical insurance you can be penalized, but you can easily find medical insurance under $40 http://ow.ly/1AqF1

Posted by: AlenaDenelle | April 20, 2010 6:17 AM | Report abuse

I love how Beltway types have long touted McConnell's political savvy, but he's clearly out of his depth and taking the entire GOP over a cliff with him. McConnell may adore Hedge Fund managers but I doubt the average voter from Kentucky does.

Posted by: osullivanc1 | April 19, 2010 7:42 PM | Report abuse

makom - take a pill - seek mental help - do something. Cause you whacko hyper-religious freaks have been proclaiming the end of time is near, that the anti-christ is here, that the wold will end soon for THOUSANDS OF YEARS. Here's an idea - read something OTHER than the bible.

Posted by: ANTGA | April 19, 2010 2:02 PM | Report abuse

Don't tell Me what this Demonic Figure Obama is trying to Do. I know. I was here in the beginning and I will be here after the End. Destruction is what the False One Seeks.

Posted by: makom | April 19, 2010 1:52 PM | Report abuse

Don't tell Me what this Demonic Figure Obama is trying to Do. I know. I was here in the beginning and I will be here after the End. Destruction is what the False One Seeks.

Posted by: makom | April 19, 2010 1:52 PM | Report abuse

I am glad you posted my comment because you had deep throat and you did not have a problem critizing Nixon so buck up and do your job, or what? is Obama still coming into your newsroom with his starbucks coffe mug? they opening stores in China the very ones who are trying to knock us down and whos policy is that? and have you question why Obama is following it?

Posted by: 7andrade | April 19, 2010 1:29 PM | Report abuse

Well Secretary of Labor Hilda Solis has a perosnal bendeta against me Ana Mejia from the Bronx, Patti Solis got fired in 2008 after the NH primeries and now that the patriot act is full efect the only way I can look for a job is on line, so guess what I have been unemployed for about 2 years. No employer calls me until I bow down to Obama and team and that ain't happening so I really think is fair to have the entire government of the United States of America Against me, that is why I love that song Stop Against because because the fact is that Obama is not the real president it is Warren Buffet and he does not like because I am ruing all of this business deals, GE, Nuclear, Transportation, Media, Health Care, etc. etc. etc. Song Dear Mr. President by Pink is no longer to GWB it is for Obama, the only President to have walked the streets of The Bronx was Jimmy Carter and I did not like him because he was a wimp and way too liberal for me and so is Charles Schumar, Rolling Stones song: I can't get no satisfaction!!!!! I am just girl leave me and my family alone!!! and send to jail those who stole money from you and those are still doing it with the "Recovery ACT"

Posted by: 7andrade | April 19, 2010 1:25 PM | Report abuse

Well Secretary of Labor Hilda Solis has a perosnal bendeta against me Ana Mejia from the Bronx, Patti Solis got fired in 2008 after the NH primeries and now that the patriot act is full efect the only way I can look for a job is on line, so guess what I have been unemployed for about 2 years. No employer calls me until I bow down to Obama and team and that ain't happening so I really think is fair to have the entire government of the United States of America Against me, that is why I love that song Stop Against because because the fact is that Obama is not the real president it is Warren Buffet and he does not like because I am ruing all of this business deals, GE, Nuclear, Transportation, Media, Health Care, etc. etc. etc. Song Dear Mr. President by Pink is no longer to GWB it is for Obama, the only President to have walked the streets of The Bronx was Jimmy Carter and I did not like him because he was a wimp and way too liberal for me and so is Charles Schumar, Rolling Stones song: I can't get no satisfaction!!!!! I am just girl leave me and my family alone!!! and send to jail those who stole money from you and those are still doing it with the "Recovery ACT"

Posted by: 7andrade | April 19, 2010 1:25 PM | Report abuse

Well Secretary of Labor Hilda Solis has a perosnal bendeta against me Ana Mejia from the Bronx, Patti Solis got fired in 2008 after the NH primeries and now that the patriot act is full efect the only way I can look for a job is on line, so guess what I have been unemployed for about 2 years. No employer calls me until I bow down to Obama and team and that ain't happening so I really think is fair to have the entire government of the United States of America Against me, that is why I love that song Stop Against because because the fact is that Obama is not the real president it is Warren Buffet and he does not like because I am ruing all of this business deals, GE, Nuclear, Transportation, Media, Health Care, etc. etc. etc. Song Dear Mr. President by Pink is no longer to GWB it is for Obama, the only President to have walked the streets of The Bronx was Jimmy Carter and I did not like him because he was a wimp and way too liberal for me and so is Charles Schumar, Rolling Stones song: I can't get no satisfaction!!!!! I am just girl leave me and my family alone!!! and send to jail those who stole money from you and those are still doing it with the "Recovery ACT"

Posted by: 7andrade | April 19, 2010 1:24 PM | Report abuse

Dianna Farrell:
Obama Administration: Deputy Director, National Economic Council
Former Goldman Sachs Title: Financial Analyst
Stephen Friedman:
Obama Administration: Chairman, President’s Foreign Intelligence Advisory Board
Former Goldman Sachs Title: Board Member (Chairman, 1990-94; Director, 2005-)
Gary Gensler:
Obama Administration: Commissioner, Commodity Futures Trading Commission
Former Goldman Sachs Title: Partner and Co-head of Finance
Robert Hormats:
Obama Administration: Undersecretary for Economic, Energy and Agricultural Affairs, State Department
Former Goldman Sachs Title: Vice Chairman, Goldman Sachs Group
Philip Murphy:
Obama Administration: Ambassador to Germany
Former Goldman Sachs Title: Head of Goldman Sachs, Frankfurt
Mark Patterson:
Obama Administration: Chief of Staff to Treasury Secretary, Timothy Geitner
Former Goldman Sachs Title: Lobbyist 2005-2008; Vice President for Government Relations
John Thain:
Obama Administration: Advisor to Treasury Secretary, Timothy Geitner
Former Goldman Sachs Title: President and Chief Operating Officer (1999-2003)

Posted by: ANTILIB | April 19, 2010 1:23 PM | Report abuse

Does anyone who castigates the "bank bailouts" realize that they prevented another great depression? Or do you really think the banks would have failed, then been liquidated, taken over by some other banks and there would have been no further consequences? From the rhetoric I see from so called conservatives I can't but help think that you actually think nothing would have happened. That somehow you all believe the markets would have taken care of everything if only we had let it alone. Here's the bad news the markets solution at times is abject destruction. The market would have destroyed AIG and all it's subsidieries, Bank of America, Citibank, et al. In their attempts to save themselves these companies would have called 100's of billions in loans, defaulted on 100's of billions more credit calls, and devalued trillions in assets across the world causing thousands of bankrupcies in their wake. Those companies would then in their attempts to save themselves have dragged down countless others. It happened once before while the gov't stood by and watched. It would have happened again. Think about that the next time you complain about bailing out those damned bank.

Posted by: kchses1 | April 19, 2010 1:16 PM | Report abuse

Lets face the FACTS are paid agents of Rich & Big corporations (Big Pharma, Big Insurance, Big Military, Big Banks, etc. aka Wall Street Gang) and as such they have been part of one of the Ultimate Con Jobs in the history of man kind, perpetrated on the American people, for the last many decades. The purpose of which Con Job are the following 2 Key objectives:
1- To give American people as little as possible for the Taxes that we pay,
2- To enable the Rich & Big corporations (Big Pharma, Big Insurance, Big Banks, etc.) to get as rich as they can off
the back of the American middle class (people) by not having the Government (of the People by the People for the People)
regulate what they can do for the benefit of the People, such as regulate them from charging criminal level interest rates of 30%, or have Universal nationalized health care, as all Europeans have, Canadians have, Israelis have, Chinese have, etc.

And to get away with this Ultimate Con Job, Republicans have been saying any insane thing, any lunatic thing, no matter how senseless and illogical, such as:
1- "Government cannot do anything..."
2- "Government is the problem not the solution..."
etc. etc.

Which translated means:
1- You the People cannot do anything, since this is supposed to be the "Government of the People by the People for the People"
2- Pay about 40% of your income in Taxes and get almost nothing for your Taxes
3- Only the Rich & Big corporations "can do things... and are the solution...." IF we can brain wash you people to believe that the Government of the People cannot do anything... and thus the Con Job is complete.

More here:
http://anoox.com/blog/Real_News.34034

Posted by: RealNews1 | April 19, 2010 12:36 PM | Report abuse

will he be able to fit this speech in?

fundraising and campaigning be much mor'
portant then working.

His buddies in golman Sacs are reaping
the benefits of interest free taxpayer
money to invest in the market.

Paulson, Bernanke'
lobbyists central,
in the oval office.

this guy is the worst ever!!!!

'a recession is when your neighbor loses his job... a depression is when you lose
your job... a Recovery is when OBAMA
loses his job!! Thank You Mr. Reagan.

Posted by: simonsays1 | April 19, 2010 12:35 PM | Report abuse

Federal spending needs some regulation too. I won't hold my breath waiting for that either.

I think this whole charade is an attempt to salvage some Dem incumbents in November.

Sadly, by attempting to rein in the fraud, the Beltway Critters will unwittingly unwind the gains in the Ponzi equity markets. Fed, Wall Street and banks have been artificially pumping that baby for a year.

Reform could very well end in a big BACKFIRE for the ObamaNomics recovery scheme.

Posted by: bandcyuk | April 19, 2010 12:24 PM | Report abuse

Is there any day that we will not have to suffer a high profile speech from the king of the teleprompter and the man to change us from a great country to one more of his liking--sort of like Chicago. Obama politicizes everything; that is his being; raised by leftists, socialists, etc he does not like the way we are. He is wrong and in 2012 we can get a President to change us away from the Obama vision with the US Government in charge of or owning everything.

Posted by: Mindboggle | April 19, 2010 12:18 PM | Report abuse

A financial overhaul package, eh?

Reminds me of the crooked mechanic who wanted to overhaul my car's engine when all it needed was a simple tune-up.


And just what do you SPECIFICALLY propose as that "simple" tune-up? Soloflexerus?

Posted by: tsq25 | April 19, 2010 12:10 PM | Report abuse

Obama's speech on Thursday, if he's smart, will not be a soothing of Wall Street's nerves but a populist rebuke of their excesses and fraudulent practices. He needs to tap the voter rage at Wall Street if he is to get reform passed and damage the GOP.

http://www.political-buzz.com/

Posted by: parkerfl1 | April 19, 2010 12:04 PM | Report abuse

McConnell is a liar. Second, his own Republican colleagues had input on this bill but now in a fit worthy of lemmings walkking off the side of a cliff, they are goose stepping to prevent the bill from even coming to a vote. T

Posted by: medogsbstfrnd | April 19, 2010 12:01 PM | Report abuse

Why do we need BIG government? Because Local and State governments have failed to protect their citizens. ..........

http://thefiresidepost.com/2010/04/19/the-federal-government-is-big-because-locals-are-not-responsible/

Posted by: glclark4750 | April 19, 2010 12:00 PM | Report abuse

"With the epic battle over health care now finished..."

Not by a long shot.

Posted by: waterfrontproperty | April 19, 2010 11:40 AM | Report abuse

Let me see if I've got this right. Crooks policing crooks. Obama, Geithner, Dodd, Frank et. al. going to reform Wall Street? It's like putting the prisoners in charge of the prisons. Yeah, why not. It's the American way. We are being screwed by everyboby; our government, and Wall Street, and being misled by the media that has its own agenda; ratings. The media had to know what was going on, yet said nothing. They have excellent investigative reporters, yet they were silent on this and other matters, like Obama's sealed college records, his questionable citizenship, etc. Some day we will wise up to the illusions of what we are being sold. It might, however, be too late.

Posted by: jemvbcarmagh06 | April 19, 2010 11:40 AM | Report abuse

Let me see if I've got this right. Crooks policing crooks. Obama, Geithner, Dodd, Frank et. al. going to reform Wall Street? It's like putting the prisoners in charge of the prisons. Yeah, why not. It's the American way. We are being screwed by everyboby; our government, and Wall Street, and being misled by the media that has its own agenda; ratings. The media had to know what was going on, yet said nothing. They have excellent investigative reporters, yet they were silent on this and other matters, like Obama's sealed college records, his questionable citizenship, etc. Some day we will wise up to the illusions of what we are being sold. It might, however, be too late.

Posted by: jemvbcarmagh06 | April 19, 2010 11:40 AM | Report abuse

Let me see if I've got this right. Crooks policing crooks. Obama, Geithner, Dodd, Frank et. al. going to reform Wall Street? It's like putting the prisoners in charge of the prisons. Yeah, why not. It's the American way. We are being screwed by everyboby; our government, and Wall Street, and being misled by the media that has its own agenda; ratings. The media had to know what was going on, yet said nothing. They have excellent investigative reporters, yet they were silent on this and other matters, like Obama's sealed college records, his questionable citizenship, etc. Some day we will wise up to the illusions of what we are being sold. It might, however, be too late.

Posted by: jemvbcarmagh06 | April 19, 2010 11:40 AM | Report abuse

Let me see if I've got this right. Crooks policing crooks. Obama, Geithner, Dodd, Frank et. al. going to reform Wall Street? It's like putting the prisoners in charge of the prisons. Yeah, why not. It's the American way. We are being screwed by everyboby; our government, and Wall Street, and being misled by the media that has its own agenda; ratings. The media had to know what was going on, yet said nothing. They have excellent investigative reporters, yet they were silent on this and other matters, like Obama's sealed college records, his questionable citizenship, etc. Some day we will wise up to the illusions of what we are being sold. It might, however, be too late.

Posted by: jemvbcarmagh06 | April 19, 2010 11:40 AM | Report abuse

Let me see if I've got this right. Crooks policing crooks. Obama, Geithner, Dodd, Frank et. al. going to reform Wall Street? It's like putting the prisoners in charge of the prisons. Yeah, why not. It's the American way. We are being screwed by everyboby; our government, and Wall Street, and being misled by the media that has its own agenda; ratings. The media had to know what was going on, yet said nothing. They have excellent investigative reporters, yet they were silent on this and other matters, like Obama's sealed college records, his questionable citizenship, etc. Some day we will wise up to the illusions of what we are being sold. It might, however, be too late.

Posted by: jemvbcarmagh06 | April 19, 2010 11:40 AM | Report abuse

Let me see if I've got this right. Crooks policing crooks. Obama, Geithner, Dodd, Frank et. al. going to reform Wall Street? It's like putting the prisoners in charge of the prisons. Yeah, why not. It's the American way. We are being screwed by everyboby; our government, and Wall Street, and being misled by the media that has its own agenda; ratings. The media had to know what was going on, yet said nothing. They have excellent investigative reporters, yet they were silent on this and other matters, like Obama's sealed college records, his questionable citizenship, etc. Some day we will wise up to the illusions of what we are being sold. It might, however, be too late.

Posted by: jemvbcarmagh06 | April 19, 2010 11:39 AM | Report abuse

Let me see if I've got this right. Crooks policing crooks. Obama, Geithner, Dodd, Frank et. al. going to reform Wall Street? It's like putting the prisoners in charge of the prisons. Yeah, why not. It's the American way. We are being screwed by everyboby; our government, and Wall Street, and being misled by the media that has its own agenda; ratings. The media had to know what was going on, yet said nothing. They have excellent investigative reporters, yet they were silent on this and other matters, like Obama's sealed college records, his questionable citizenship, etc. Some day we will wise up to the illusions of what we are being sold. It might, however, be too late.

Posted by: jemvbcarmagh06 | April 19, 2010 11:39 AM | Report abuse

When is Obama going to roll out the VAT to solve the nations problems? His administration has been quietly floating the idea around and it really hasn't been picked up as a major story yet.

I am sure the american people will be very excited about seeing the cost of all goods and services increased anywhere from 14-30% to help support an ever increasing size of Govt. Not to mention paying for all of the high paying Govt jobs while so many are out of work. Who would have thought that in order to have a good paying secure job you had to go to work for the Federal Govt. The average private sector job pays $50,000 and the average Govt job pays $70,000. That's before you even factor in the superior health policy, generous vacation policy and the pension plan which hardly any private sector worker gets... but at this rate we will all end up working for the Govt since those are the only jobs being created.

Posted by: tbastian | April 19, 2010 11:28 AM | Report abuse

An excuse for this thug to grab more control for the Government. Real reform, not...!

Posted by: Obamasnotyamama | April 19, 2010 11:24 AM | Report abuse

The only thing wrong with the presently proposed financial reform legislation is that it does not go far enough to prevent a repeat of the crisis just experienced. Institutions should not be allowed to engage in investment activities and government guaranteed banking operations. In addition to possible conflict of interests issues, there is the additional affect that this has on making money deposited in banks unavailable for businesses and individuals. This affect can be seen in the recent quarterly earnings by recently bailed out banks; they used low interested loans from the Federal Reserve to investigate in higher yielding government debt. In addition, they were allowed to issue new stock to raise the money to pay back the loans received from the government. It is obvious that they are in the business of making money without producing anything of useful social value. There is much about how they operate that resembles pure gambling. Goldman Sachs acted like a casino in which they did not care which side of a trade was successful; they took their cut in fees from both sides of the trades. These actions point to the need to reinstate Glass-Steagall to keep the banking and investment operations from residing in the same institutions.

Second, it is time to reduce the size of our financial institutions. The first step is to reinstitute the prohibition against interstate banking. There are no good economic reasons to have these large banking institutions dominate all of our savings, lending, and banking functions. One of the affects of having this large concentration financial resources has contributed to the continuation of high unemployment because the banks have refused to invest in small and medium size businesses; they used money from the Federal Reserve to buy United States government securities.

This is the time for major reform; there are not go reasons for delay.


Posted by: richardwhetstone | April 19, 2010 11:18 AM | Report abuse

The confusion, frustration and anger of independents is sustained not only by the cynicism of a man and some members of his party who endlessly chirp "bailout" while attempting to obstruct measures designed to guard against a coming economic meltdown. Public cynicism about Washington grows because it is obvious to discerning onlookers that McConnell et al. know full well they are prevaricating.

Moreover, it becomes increasingly clear that the big financial entities, including Goldman Sachs, have been governing detrimentally to the well-being of our country.

Posted by: FirstMouse1 | April 19, 2010 11:17 AM | Report abuse

Memo to GOP: No deal until Fannie and Freddie are treated by the regulations on the same footing as Wall Street.

http://libertyatstake.blogspot.com/
[For a light hearted take on our present peril]

Posted by: libertyatstake | April 19, 2010 11:13 AM | Report abuse


View comment on: Obama to stump for financial overhaul in NY at 4/19/2010 7:21 AM PDT


A financial overhaul package, eh?

Reminds me of the crooked mechanic who wanted to overhaul my car's engine when all it needed was a simple tune-up.


Posted by: Soloflexerus | April 19, 2010 10:59 AM | Report abuse


The timing of this Goldman Sachs scandal is too coincidental with the Financial Reform bill being introduced this week.

My prediction: The Democrats will shame the Republicans into voting for financial reform because if they don't vote for it, then they will be portrayed as favoring the Wall Street crowd's manipulation of the financial market. When the Bill passes, the investigation against Goldman Sachs will be dropped. Mission Accomplished: Obama will then have the power to decide which institutions will succeed and which will fail. Obama will be "Boss of Wall Street." I wonder if donations and cronyism will then play a part in Obama's decisions?

Goldman Sachs was the second largest contributor to Obama's Presidential campaign. Also, most of his administration are from Goldman Sachs. Remember, Johnson, CEO of Goldman Sachs, was on Obama's VP search committee.

Posted by: janet8 | April 19, 2010 10:57 AM | Report abuse

"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," Obama said in his weekly radio and Internet address. "And if we don't change what led to the crisis, we'll doom ourselves to repeat it.”
And exactly like TARP, porkulus, healtscare, etc., we need to pass reform NOW – before the crisis gets worse!!!

Posted by: jahoby | April 19, 2010 10:43 AM | Report abuse

"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," Obama said in his weekly radio and Internet address. "And if we don't change what led to the crisis, we'll doom ourselves to repeat it.”
And exactly like TARP, porkulus, healtscare, etc., we need to pass reform NOW – before the crisis gets worse!!!

Posted by: jahoby | April 19, 2010 10:42 AM | Report abuse

Mitch McConnell cries that the president is "politicizing" the financial regulation bill. And he's been doing WHAT since day 1 of the Obama Administration? Gimme a break!

Posted by: muleman | April 19, 2010 10:42 AM | Report abuse

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