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Obama warns: GOP will try to repeal Wall St. reform

By Scott Wilson

With less than two weeks to go before Election Day, President Obama used his weekly address Saturday to warn voters that Republicans may try to repeal financial regulatory reform legislation if they take control of Congress, something he called "a terrible mistake."

Obama has drawn increasingly sharp distinctions between the two parties as the Nov. 2 election approaches, in part by highlighting the lack of Republican participation in his efforts to revive the poor economy. He is also warning voters about what may happen should Republicans win the House and Senate next month, citing threats by GOP leaders to repeal legislation that he believes better protects the economy and consumers against future financial crises.

In a briefer-than-usual weekly radio and Internet address, Obama said, "Over the past two years, we've won a number of battles to defend the interests of the middle class," adding that "one of the most important victories we achieved was the passage of Wall Street reform."

He said the legislation is designed to prevent the "secret deals and reckless gambling that nearly brought down the financial system." He highlighted the bill's consumer protections, saying they will "put an end to a lot of the hidden fees, deceptive mortgages, and other abusive practices used to tilt the tables against ordinary people in their financial dealings."

"It was a tough fight," Obama said, citing opposition from wealthy special interests. "Yet despite the importance of this law - and despite the terrible economic dislocation caused by the failures in our financial system under the old rules - top Republicans in Congress are now beating the drum to repeal all of these reforms and consumer protections."

In recent weeks, Obama has used the weekly address to warn voters that Republican candidates are benefiting from undisclosed campaign spending and that GOP leaders would cut the education budget should the party secure congressional majorities. But Republican leaders appear confident that opposing Obama's legislative achievements -- many of them unpopular with the electorate -- represents a path to success this campaign season.

"It is striking here, as we end the session, that our good friends on the other side have been told by their pollsters that there's almost nothing they can talk about," Senate Minority Leader Mitch McConnell (R-Ky.) said just before Congress left town for the fall campaign season. "The public didn't like the stimulus. The public didn't like the health care bill. The public wasn't sure what the Wall Street bill was about. And the public is deeply concerned that we are spending too much, borrowing too much, and engaging in too many Washington takeovers."

By Scott Wilson  | October 23, 2010; 6:00 AM ET
Categories:  44 The Obama Presidency  
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Comments

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Posted by: annblyth24 | October 24, 2010 4:41 AM | Report abuse

I wish someone would try and repeal Fannie Mae. Too late, Fannie Mae already repealed America's future.

Sorry, but Fannie Mae's "experiment" of increased homeownership for lower income families through government policy hasn't worked out.

While Wall Street has acted out of greed (like they always do), Congress encouraged them and made it all possible.

Posted by: postfan1 | October 23, 2010 10:41 PM | Report abuse

wall street reform is an oxymoron

Posted by: theFieldMarshall | October 23, 2010 9:07 PM | Report abuse

Perhaps somebody should inform McConnell that the real problem is that the Government isn't taking in enough revenue. But I'm sure that's an inconvenient fact when you're advocating cutting taxes for the richest 2%.

Posted by: zackool | October 23, 2010 8:55 PM | Report abuse

Posted by: rappahanock" "WHO IS FOR OUTSOURCING? WHO WANTS MADE IN AMERICA."
----------------------------------------
Hmmm, who signed the NAFTA & WTO crap that has allowed a flood of slave wage labor manufactured products into the US and KILLED our jobs?

OH! That would DEMOCRAT Clinton.

Posted by: illogicbuster | October 23, 2010 8:17 PM | Report abuse

The Hypocrite-in-Chief! No one with an ounce of financial understanding feels this bill will prevent a gov't bailout and the bill does nothing with Fannie or Freddie (who we currently have a $363B bill). Obama is constantly railing against republicans on issues dems are more guilty. He accused the Chamber of Commerce for receiving foreign funds w/o any proof while a report earlier this week showed dems receive twice as much foreign contributions than repubs. He says repubs are tied to special interests then pockets $88M from one union and over $300M from a large group of unions. Dems were the biggest recipient of Wall Street contributions in 2006 & 2008 and key dem senators received special treatment from mortgage companies. Obama was either number one or two in campaign contributions from AIG, Fannie, Freddie and BP. Dodd was a close second. Obama is constantly saying one thing but doing something else and Americans now understand how this divisive president operates.

Posted by: Tostitos | October 23, 2010 6:07 PM | Report abuse

DO NOT THE REPUBLICANS TAKE BACK CONGRESS. If they do unemployment will be over 9.5%!!!!

Posted by: island1 | October 23, 2010 5:45 PM | Report abuse

Like all "major legislation " signed by the Negro in Chief it was passed before anybody knew what was in it. Few people know what it's in it now. Thousands of pages of stream of consciousness nonsense, bank reform legislation was deliberately written to create chaos in the markets which would generate untold billions for left wing lawyers who donate heavily to Democrat political campaigns. That similarly describes ObamaCare: it's not insightful reform -- it's just a Rube Goldberg machine which makes money for lawyers, transfers wealth from whites to browns, and drives competent doctors out of business. Meanwhile Obamacare replaces them with affirmative action quacks scoring in the lower 11% of the MCAT whose medical school education is paid for by unwilling taxpayer who now have reason to fear even the most mild of illnesses.

Posted by: greg3 | October 23, 2010 12:59 PM | Report abuse

(thomas777 wrote this as well. I agree)
[T]he Obama administration, in addition to "borrowing" $3-Trillion over the space of 21-months ($4.2-billion every single day since he took office, to be exact), has taken an additional $2-Trillion in cash advances from the Federal Reserve (that means they 'printed' the money), and handed the majority of it over to a handful of the largest financial institutions. This took place in the spring and summer of 2009, and enabled these banks to pay off their TARP loans, and resume paying themselves well in excess of $100-Billion in bonus compensation every year, starting in 2009, and continuing this year, for which they will pay themselves approximately $144-Billion. If you care to look at the evidence, it's right here:

http://www.federalreserve.gov/releases/h41/Current/

Read it and weep. If you want to see when it started, check out the historical data as of March 19th, 2009. The entire program was crafted by Obama, Geithner and Bernanke, and it's purpose was to relieve "Too Big To Fail, Inc." of it's toxic assets at government expense. They did so because TBTF, Inc. is and has been for a very long time, the most preferred special interest of both the Republican and the Democratic party leadership. ($100-Billion in profits annually buys a lot of political influence.) The only chance that the hegemony of these banks over our political process rides on the possibility that Independent and Tea Party insurgent candidates will get elected, and force this flagship special interest group off it's pedestal.

If you don't believe me, just google "TARP", "TALF", "PPIP" and start reading the sordid details.

Posted by: dacyzyn | October 23, 2010 12:56 PM | Report abuse

This from a guy who just yesterday, was closeted with Steve Jobs of Apple and a bunch of Google executives, companies that have outsourced tens of thousands of jobs, lobbied for H1-B and other guest workers while more than 5 million US hi-tech workers are unemployed. Obama isn't just a failure, he's a hypocrite and a jerk.

Posted by: mibrooks27 | October 23, 2010 12:50 PM | Report abuse

WHO IS FOR OUTSOURCING? WHO WANTS MADE IN AMERICA.
These simple questions will destroy Republicans fake patriots.
Obama and Democrats needs a simple message and 'man up', really.

Posted by: rappahanock | October 23, 2010 12:43 PM | Report abuse

(thomas777 wrote this. I agree)
The so-called financial reform bill, portrayed by Obama as him reigning in "Fat Cats on Wall Street", while imposing some inconveniences on these banks, actually legitimized a government supervised monopoly over our capital markets, which allows a few hundred financial moguls to skim approximately 1% off the top of our GDP each year and put it in their pockets. By way of comparison, BP, the company Mr. Obama wants you to focus your attention on and blame for every problem he has been unable to solve, has over 2000 employees, and in a good year earns $20-$25 Billion. Last year, one hedge fund manager 'earned' $4-Billion, or 16% of BP's total profits. Mr. Obama also funneled money borrowed from China ($133-Billion) directly into the pockets of an assortment of investors who had purchased Credit Default Swaps (mortgage loan insurance effectively) on the unregulated and uninsured over-the-counter market (the one created by the Clinton administration with the cooperation of the Republican Congress in 1999-2000), once again at face value. He could have offered them 10-cents on the dollar (which is about how much my own Mother ended up getting for her General Motors AAA rated bonds), but for some reason, acting on the advice of Tim Geithner and Larry Summers, he paid them off at full value.

Posted by: dacyzyn | October 23, 2010 12:42 PM | Report abuse

Change is Never easy. It takes 9 months to produce a child and then that child takes 18 years to become a woman or a man. It takes months for a seed to break open the ground and become a seedling and then years for it become a strong tree.

I am so glad that Pres. Obama has the strength and fortitude to bring the message home so clearly as to what is at stake in this election! More jobs overseas? No! -- Higher education costs? No! Rising health care costs, rising auto costs, rising home costs, and lower wages, NO! -- GOP always gives a no to raising the minimum wage, no to investing into clean renewable energy -- which would bring thousands of jobs to our economy. I for one was tired of GOP lies and misrepresentation. I was going to vote, but I was just plain tired of fighting. That is what they want for us to get tired. It took Pres. Roosevelt YEARS to dig us out of the ditch and they know it, but they will not (main stream media) educate the people about it! Well thank God for Pres. Obama's message. I am energized and fired up!

Posted by: wdsoulplane | October 23, 2010 12:41 PM | Report abuse


Obama is very concerned that the Republicans might reverse the damage to Wall Street that Obama has brought upon them. Obama has spent over $3 trillion dollars of taxpayers money in two short years. That is more than Wall Street could spend in a decade. That is more that all the presidents preceding Obama have spent put together. That is more money than has ever been spent in the history of the entire universe.

Does anyone get it yet? Obama is the problem, not Wall Street or the taxpayers or the military.

Posted by: prossers7 | October 23, 2010 12:40 PM | Report abuse

More tantrums. Bye bye DemocRats.

Posted by: NoWeCant | October 23, 2010 12:26 PM | Report abuse

I am sick and tired of hearing Obama "warn" me of this or that. The voters of America will take away a great deal of his power on Nov 2nd, and then he will not be in a position to pontificate his silly "warnings" any more.

Posted by: get_it_right | October 23, 2010 12:10 PM | Report abuse

Trouble comes when a new generation follows an older generation. The new generation was the Enron generation. WHAT I witnessed was one sided accounting enteries. So Obama how do you reform a one sided accounting entry?

My mother told me that the fat boy the dated by niece was later the CFO of Enron. Things have since progressed into the great recession after the socalled Enron reform. I fear that any further reform that Obama talks about will led to what happened to the king of France and people will lose there heads. Right now they are just losing there houses.

Posted by: artg | October 23, 2010 12:04 PM | Report abuse

Someone please explain to me why everyone isn't looking at the three big Rating Agencies as the main reason for the mortgage crisis. If they had performed their job with due diligence, no one would have taken these loans off the bank's books so the banks would not have written or purchased them. We need to know who influenced them and put these people in prison. If politicians were involved, they should be put away for life! Please, point out to me how I'm wrong about this or push to uncover the crimes that I see with the Rating Agencies.

Posted by: AForgottenMan | October 23, 2010 11:56 AM | Report abuse

There is panic in Obama's shrill effort to terrorize our nation.Fannie and Freddie,the two looming financial fiascos, were excluded from the new financial regulations! Another mega billion bailout for these two quasi federal entities will be dealt with by the new Congress.On that alone,we need a GOP takeover!

Posted by: bowspray | October 23, 2010 11:54 AM | Report abuse

good morning,

Many of us who contributed time, money and votes for Mr. Obama, as I did in Texas, are now warning about Mr. Obama. Sorry we are late but here we are, in time to vote in the 2010 and 2012 elections.

take care

Posted by: LulingRanchers | October 23, 2010 11:47 AM | Report abuse

good morning,

Many of us who contributed time, money and votes for Mr. Obama, as I did in Texas, are now warning about Mr. Obama. Sorry we are late but here we are, in time to vote in the 2010 and 2012 elections.

take care

Posted by: LulingRanchers | October 23, 2010 11:46 AM | Report abuse

good morning,

Many of us who contributed time, money and votes for Mr. Obama, as I did in Texas, are now warning about Mr. Obama. Sorry we are late but here we are, in time to vote in the 2010 and 2012 elections.

take care

Posted by: LulingRanchers | October 23, 2010 11:45 AM | Report abuse

In this YouTube clip from 1995, NPR's Nina Totenberg wishes AIDS on Jesse Helms. Why is she still working at NPR?

http://www.youtube.com/watch?v=7msrF1V4NeY

Posted by: NPRwasWrongToFireJuanWilliamsItIsNecessaryForADemocracyToFosterFreePoliticalTalk | October 23, 2010 11:39 AM | Report abuse

Who's afraid of the big bad Obama?

NOBODY!

Posted by: beenthere3 | October 23, 2010 11:30 AM | Report abuse

obama, His words describe him, He is a False Hope, If you listen to him you will love him. He carries a Bow without an Arrow. He will conquer all through his speech, his false hoods will capture all who sit and listen to him.
2 Thessalonians 2:11-12
11And for this reason God will send them strong delusion, that they should believe the lie, 12 that they all may be condemned who did not believe the truth but had pleasure in unrighteousness.

Posted by: makom | October 23, 2010 11:24 AM | Report abuse

So what do repeal next ??
The Republicans offered no help to end this nasty recession which came on their watch, just say no.
They now want to repeal everything that doesn't meet their ideology if they regain power of the House and Senate. I'm not sure they want to head in this direction, it could lead to a dangerous trend.

Posted by: shipfreakbo214 | October 23, 2010 11:20 AM | Report abuse

Only in America can a prty that destroyed teh middle class use the same platform to get voted back in majority.
Only in America healt care for all can be opposed by those who benift the most from it.
Only in America can people be deceived into thinking thay had the freedom of choice under the old health care regime which allowed the insurance companies ( the real death panels)to deny coverage, and reject the new health care bill which gives them the access they have been denied before.
Only in America, can people be scared into voting for the people who brought them down near the abyss, because people are too ignorant and cannot do basic math.
The true indicator of the weakness of the American education system, is that the Republican party still exist.
In 1992, after the Candaian conservatives nearly destroyed our economy with their incompetece, they only managed to elect 2 people ,one of them became a liberal later on.
Thank God I'm Canadian

Posted by: marioliggi | October 23, 2010 11:17 AM | Report abuse

GOP will repeal Wallstreet regulation? Yeah, and rain is wet. Obama DOES have an eye for the obvious....

Posted by: diakrite | October 23, 2010 11:16 AM | Report abuse

Barack Obama is the most dishonest and repulsive liar in American political history. For the past two decades, Obama, his partisan colleagues and now his party lackieys have done everything possible to destroy the economy. Now that they've succeeded, their lies continue to blame
everyone but the guilty--themselves. People like Obama, Reid, Pelosi, Frank, Dodd, Boxer Schumer, Rangel, Leahy, Oberstar, Durbin, Waters, Harkin and hundreds like them must be removed from office and the fascist control they wield over every detail of our lives.

Posted by: kypriotis | October 23, 2010 11:05 AM | Report abuse

Barack Obama is the most dishonest and repulsive liar in American political history. For the past two decades, Obama, his partisan colleagues and now his party lackieys have done everything possible to destroy the economy. Now that they've succeeded, their lies continue to blame
everyone but the guilty--themselves. People like Obama, Reid, Pelosi, Frank, Dodd, Boxer Schumer, Rangel, Leahy, Oberstar, Durbin, Waters, Harkin and hundreds like them must be removed from office and the fascist control they wield over every detail of our lives.

Posted by: kypriotis | October 23, 2010 11:04 AM | Report abuse

When will Obama finally come out with it. " Forgive the American People, for they know not what they do " Or Lenin's " Workers of the World re-Unite " A SEC and treasury dept. in concert with a renewed Glass Steigel act, is all we require? We have lots of jails, however I don't see any Bankers going there.

Posted by: dangreen3 | October 23, 2010 11:03 AM | Report abuse

Senate Minority Leader Mitch McConnell (R-Ky.) said just before Congress left town for the fall campaign season. "The public didn't like the stimulus. The public didn't like the health care bill. The public wasn't sure what the Wall Street bill was about.

--The public wanted the public option, which is something YOU, mister McConnell and your republican posse fought to defeat
--The stimulus? The republican tax cuts did nothing for the economy but bring it into a recession. TWO TRILLION dollars that took America into a recession VS 750 billion that brought us out of a recession.
--Wall Street? Your comment makes NO sense at all. Just a bunch of empty rhetoric.

Posted by: jwtoptoe10 | October 23, 2010 11:00 AM | Report abuse

Senate Minority Leader Mitch McConnell (R-Ky.) said just before Congress left town for the fall campaign season. "The public didn't like the stimulus. The public didn't like the health care bill. The public wasn't sure what the Wall Street bill was about.

--The public wanted the public option, which is something YOU, mister McConnell and your republican posse fought to defeat
--The stimulus? The republican tax cuts did nothing for the economy but bring it into a recession. TWO TRILLION dollars that took America into a recession VS 750 billion that brought us out of a recession.
--Wall Street? Your comment makes NO sense at all. Just a bunch of empty rhetoric.

Posted by: jwtoptoe10 | October 23, 2010 11:00 AM | Report abuse

Wow! The Pres is trying to scare Americans.
Didn't Oblather just say that voters can't think rationally when scared?

So, he is trying to make voters irrational so they'll vote Dem in Nov.

LMAO!

Posted by: illogicbuster | October 23, 2010 10:48 AM | Report abuse

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Posted by: youyu57 | October 23, 2010 10:46 AM | Report abuse

zCAT WROTE>>>How many poor people create jobs?

How many billionaires created jobs IN AMERICA with their 2 tax cuts?

Why did ALL REPUBLICANS vote "No!" to the Democrats' bill last month that would give tax breaks to corporations that move jobs BACK to the U.S.??

"Tax cuts create jobs." - Republicans, hahahaha - in China

Posted by: angie12106 | October 23, 2010 10:27 AM | Report abuse

So many excellent indictments of our political leadership from both parties posted here. Every one of them is receiving money from the people who remain un-indicted.

Where are the indictments that matter?

Vote out the incumbents for starters...

Posted by: Over-n-Out | October 23, 2010 10:24 AM | Report abuse

President: Democrat.
Senate: Democrat.
House: Democrat.
Press: Democrat.

Maybe a little change would do us good.

Posted by: postfan1 | October 23, 2010 10:24 AM | Report abuse

9 STORIES being under-reported by the Mainstream Corporate-owned MEDIA SHILLS----

FRAUD, FRAUD & MORE FRAUD!!


If it wasn't already blindingly obvious that pervasive fraud was at the heart of the financial crisis and the ensuing foreclosure catastrophe, you would think that the latest news -- that banks have routinely been lying their heads off in the rush to kick homeowners off the properties they fraudulently induced them to buy in the first place -- would pretty much clinch it.

And yet the mainstream media still by and large hasn't connected the dots.

What we are seeing all around us are the continued effects of a vast criminal enterprise that has never been brought to account, employing a process that, as University of Texas economist James Galbraith explains, involved the equivalent of counterfeiting, laundering and fencing.

http://www.huffingtonpost.com/2010/10/20/nine-stories-the-media-is_n_769620.html"

Posted by: misssymoto | October 23, 2010 10:23 AM | Report abuse

To be frank, all of this is total crock. The lead editorial of the Wall Street Journal rightly called this bill "symbolic." Obama has Bush's foreign policy, Secretary of Defense, and top general. Senator Corker said yesterday that it is clear Obama will extend the tax cuts of the rich for at least two years. It was Obama who cut Bush's great $1.3 trillion health reform by $500 billion.

The game is that Obama keeps moving to the right in expectation that the Republicans will go even further and be unelectable. The Republicans call him socialist so as to define an Obama policy to the right of Nixon--and it is to the right of Nixon's--as extreme left. And the center ($60,000 family income) is so rightly angry that it will vote for anyone who is not involved in this shell game.

If Palin will go anti-foreign profits and nationalist, she could be elected in 2012. Progressives may vote for her. Anything to break up this awful party alignment where the "left-wing" party wins the wealthy suburbs by 2 to 1 and loses the white middle income by 20 points.

Posted by: jhough1 | October 23, 2010 10:22 AM | Report abuse

eureka wroe>>>In September 2003, Barney Frank, then the ranking Democrat on the Financial Services Committee, opposed the Bush administration proposals for transferring oversight of Fannie Mae and Freddie Mac by creating an independent agency to supervise the GSEs.

And the Republican White House and the Republican House and the Republican Senate were POWERLESS over ONE Democratic House member?!? HA!
Whatever you're on - it's illegal!

Posted by: angie12106 | October 23, 2010 10:22 AM | Report abuse

Presidential entourage books all 570 rooms in 5-star Taj Mahal Hotel...Drudge Report

How many poor people create jobs?

Posted by: Zcat | October 23, 2010 10:21 AM | Report abuse

Presidential entourage books all 570 rooms in 5-star Taj Mahal Hotel...Drudge Report

How many poor people create jobs?

Posted by: Zcat | October 23, 2010 10:21 AM | Report abuse


TRILLIONS extorted by the Banking elite, ZERO indictments!!!

Obama!! You are owned lock, stock and barrel by the BANKS! -- You simply forgot to back up all your talk with ACTION!


WHY would he ever even bother to talk about "Wall Street Reform" when he and his administration HAVE DONE LESS THAN NOTHING to hold the Banking Cabal accountable???

Posted by: misssymoto | October 23, 2010 10:20 AM | Report abuse

What a dolt.

Business is sitting on $2 trillion in cash.

Sitting on it because they don't know what their health care, taxes and other costs will be.

So no hiring until they have clarity.

And this boob goes on about bashing evil business.

And then wonders why the unemployment rate is stuck at 9.6%.

This is what you get when you put a community organizer no-experience affirmative action hire in charge.

Newsflash:

Evil Big Business does the hiring.

Beat them up, they don't hire.

BRING ON NOVEMBER!!!

Posted by: drjcarlucci | October 23, 2010 10:20 AM | Report abuse

fury60, Fannie & Freddie are being addressed NOW - and wise that it wasn't included in Wall Street reform.
Two separate issues.

Posted by: angie12106 | October 23, 2010 10:15 AM | Report abuse

In September 2003, Barney Frank, then the ranking Democrat on the Financial Services Committee, opposed the Bush administration proposals for transferring oversight of Fannie Mae and Freddie Mac by creating an independent agency to supervise the GSEs.

His reasons were more regulations would make it harder to buy homes for those who could not afford to pay back the loans, the poor. His argument was, "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Three months before the economic crash, Barney Frank publicly announced that concerns over Freddie & Fannie were unfounded.

Rather than admitting that this was the cause of the economic crash, the Democrats condemned Wall Street and big business and the previous administration, claiming that Bush's administration opposed regulation.

Posted by: eureka60 | October 23, 2010 10:14 AM | Report abuse

For anyone in the federal government to pretend other than that those in the government set the rules by which 'Wall Street' plays is disingenious. Yet, no one from either party acknowleges this.

Many administrations and legislators, from both parties, made possible the wreckage wrought by the financiers. They did this for campaign donations and to mollify votes. That is bad management for which both Wall Street and the Beltway should both pay a price.

But because the Beltway runs the hearings and makes the laws, they hold themselves above the fray in some sort of bizarre Kabuki dance.

Capitalists capitalize. No magic about that. That they twist the levers of power to get what they want is only possible with a government that responds to them. They both get what they want but at the expense of citizens, taxpayers and voters.

This is not new. About ending the role of the second U.S. central bank (predecessor of today's Federal Reserve), Andrew Jackson said:

“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the [public] bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.”

Not much has changed, has it?

So Beltway 'representatives' may pretend that 'Wall Street' is the bogeyman if they like. The truth is that the Beltway is and has been in bed with Wall Street for a long time, for nefarious purposes and to pass the bad outcomes to taxpayers.

Robert Fuller
Hopewell, NJ

Posted by: fuller1 | October 23, 2010 10:14 AM | Report abuse

I find it interesting the President "kills" the enthusiasm toward Wall Street but in better times he would take the money in a second. Would you treat your neighbor like this? If your neighbor fed you for years and suddenly fell on hard times, would you shun the neighbor? That is essentially were we are. Obama and Democrats sucked money out of Wall St like they had a Hoover. Now Wall Street falls on hard times and the President and his hinchmen want to hang the whole concept.

Obama wants it better for the middle class? Then give them the same opportunities his fellow Democrats enjoyed over the years. I have yet to hear him call out those in charge of those areas after the Democrats gained control. They all leaned back, put Congress in "autopilot" and waited. When autopilot failed, they all ran to the other side of the room claiming responsibility by the Republicans. If the Republicans were so bad at it, then why not stop them then? I can tell you why. Vanna couldn't find them a clue!

Posted by: educ8er | October 23, 2010 10:14 AM | Report abuse

Fannie Mae and Freddie Mac are never ever in the black!!!!

Posted by: shangps | October 23, 2010 10:13 AM | Report abuse

Love the 'mouth wide open ' photo of Obama on the front page.
The photo could have a balloon bubble that says:
"I am Obama, and I have no idea what I am doing"

Posted by: dottydo | October 23, 2010 10:13 AM | Report abuse

I find it interesting the President "kills" the enthusiasm toward Wall Street but in better times he would take the money in a second. Would you treat your neighbor like this? If your neighbor fed you for years and suddenly fell on hard times, would you shun the neighbor? That is essentially were we are. Obama and Democrats sucked money out of Wall St like they had a Hoover. Now Wall Street falls on hard times and the President and his hinchmen want to hang the whole concept.

Obama wants it better for the middle class? Then give them the same opportunities his fellow Democrats enjoyed over the years. I have yet to hear him call out those in charge of those areas after the Democrats gained control. They all leaned back, put Congress in "autopilot" and waited. When autopilot failed, they all ran to the other side of the room claiming responsibility by the Republicans. If the Republicans were so bad at it, then why not stop them then? I can tell you why. Vanna couldn't find them a clue!

Posted by: educ8er | October 23, 2010 10:13 AM | Report abuse

I find it interesting the President "kills" the enthusiasm toward Wall Street but in better times he would take the money in a second. Would you treat your neighbor like this? If your neighbor fed you for years and suddenly fell on hard times, would you shun the neighbor? That is essentially were we are. Obama and Democrats sucked money out of Wall St like they had a Hoover. Now Wall Street falls on hard times and the President and his hinchmen want to hang the whole concept.

Obama wants it better for the middle class? Then give them the same opportunities his fellow Democrats enjoyed over the years. I have yet to hear him call out those in charge of those areas after the Democrats gained control. They all leaned back, put Congress in "autopilot" and waited. When autopilot failed, they all ran to the other side of the room claiming responsibility by the Republicans. If the Republicans were so bad at it, then why not stop them then? I can tell you why. Vanna couldn't find them a clue!

Posted by: educ8er | October 23, 2010 10:13 AM | Report abuse

Love the 'mouth wide open ' photo of Obama on the front page.
The photo could have a balloon bubble that says:
"I am Obama, and I have no idea what I am doing"

Posted by: dottydo | October 23, 2010 10:12 AM | Report abuse

I find it interesting the President "kills" the enthusiasm toward Wall Street but in better times he would take the money in a second. Would you treat your neighbor like this? If your neighbor fed you for years and suddenly fell on hard times, would you shun the neighbor? That is essentially were we are. Obama and Democrats sucked money out of Wall St like they had a Hoover. Now Wall Street falls on hard times and the President and his hinchmen want to hang the whole concept.

Obama wants it better for the middle class? Then give them the same opportunities his fellow Democrats enjoyed over the years. I have yet to hear him call out those in charge of those areas after the Democrats gained control. They all leaned back, put Congress in "autopilot" and waited. When autopilot failed, they all ran to the other side of the room claiming responsibility by the Republicans. If the Republicans were so bad at it, then why not stop them then? I can tell you why. Vanna couldn't find them a clue!

Posted by: educ8er | October 23, 2010 10:12 AM | Report abuse

Well of course the GOP will repeal Wall Street reform.
They're not raking in LOADS of moolah from Wall Street for attack ads against Democrats for nuttin!

But this is typical - anything the Dems do to help the people, Republicans reverse it to help the poor struggling multi-national corporations!

Posted by: angie12106 | October 23, 2010 10:11 AM | Report abuse

Reform that squashed an audit of the Federal Reserve and completely ignored Fannie and Freddie? That Reform? Yeah! Sure!

I can see November from my house!

Posted by: sosueme1 | October 23, 2010 10:11 AM | Report abuse

Where in the reform did Obama address the two biggest problems in our financial system?

1. Fannie Mae
2. Freddie Mac

Oh, that's right, they didn't address the problem Democrats created with Fannie and Freddie and now they say the taxpayers need to bail them out again. How much so far? Close to a $Trillion?

Obama, Barney Frank, Chris Dodd, Reid and Pelosi should be locked up for life for causing the worst financial collapse in the history of planet earth.

Posted by: fury60 | October 23, 2010 10:10 AM | Report abuse

This is a crock!! It was the Democrats in Congress, (Frank, Waters, Dodd)who resisted efforts by Republicans (Bush and McCain) who tried to push legislation through that would have increased controls.

Posted by: Eddo1 | October 23, 2010 7:47 AM | Report abuse

----------

You're the one who has the crock! Please cite one legitimate piece of republican proposed legislation that the Democrats blocked that would have increased regulation of the financial industry! You can't name one! Because there were none. The Wall Street boys are backing republicans this election because they want to have things back they way they were when they made gazillions on the backs of the American public.

Posted by: dlpetersdc | October 23, 2010 8:15 AM | Report abuse

1) Dems blocked efforts to reform Fannie-Freddie.
2) Dems watered down 2006 Credit Rating Reform Act (again you can thank Chris Dodd).

It is you that are the fool. Wall Street owns the Dems. If you think Obama is tough on Wall Street, then please share whatever you are smoking, it must be pretty good.

Posted by: iculus | October 23, 2010 10:01 AM | Report abuse

This is a crock!! It was the Democrats in Congress, (Frank, Waters, Dodd)who resisted efforts by Republicans (Bush and McCain) who tried to push legislation through that would have increased controls.

Posted by: Eddo1 | October 23, 2010 7:47 AM | Report abuse

----------

You're the one who has the crock! Please cite one legitimate piece of republican proposed legislation that the Democrats blocked that would have increased regulation of the financial industry! You can't name one! Because there were none. The Wall Street boys are backing republicans this election because they want to have things back they way they were when they made gazillions on the backs of the American public.

Posted by: dlpetersdc | October 23, 2010 8:15 AM | Report abuse

1) Dems blocked efforts to reform Fannie-Freddie.
2) Dems watered down 2006 Credit Rating Reform Act (again you can thank Chris Dodd).

It is you that are the fool. Wall Street owns the Dems. If you think Obama is tough on Wall Street, then please share whatever you are smoking, it must be pretty good.

Posted by: iculus | October 23, 2010 9:59 AM | Report abuse

At this point, the professor needs to get his hands dirty and focus on reigning in Bernanke and the Federal Reserve.

This is still the greatest and continuing systemic risk enterprise.

Obama did nothing about what wall street perpetrated. The speculators and hedge funds role on, banks get even bigger,corporations are still moving jobs off-shore, Companies like Google are paying virtually no corporate income tax.

What a false testimony. He thinks we are a classroom full of students hanging on his every word. What an over sized ego. Bigger than "W's".

Posted by: wesatch | October 23, 2010 9:52 AM | Report abuse

I guess he could veto it. Or have the Senate filibuster it, or just vote it down.

Sorry, but Republicans aren't going to have a Supermajority, no matter HOW you slice it.

Posted by: postfan1 | October 23, 2010 9:41 AM | Report abuse

Judging from President Obama's comments, it appears we have a Chief Executive, previously lauded as a "Constitutional professor," who has no clue about what a veto is and no clue as to what it takes to override it. From what he says, he has no executive authority, which, on second consideration, may not be that far from reality.

Posted by: hofbrauhausde | October 23, 2010 9:25 AM | Report abuse

memo to barack obama:

stop the fearmongering. every day, in every stump speech, you put up a ridiculous straw-man scenario "if they get congress."

by 8th grade, every american knows all about the president's power of the veto pen.

either you are a bigger idiot than i already think you are, or you think the american people are all idiots.

in either case, you soil yourself.

Posted by: potomacfever00 | October 23, 2010 9:24 AM | Report abuse

Another rail by Obama. What are the provisions of the financial bill beyond those that purportedly protect consumers and end "secret deals"? Those must only account for a few pages of the 2,000-plus page legislation. Has Obama actually read the legislation and evaluated it? We know that no one in Congress who voted for the bill read it. How comforting. The "unexpected consequences" of the health legislation are finally coming to light. What will be the "unexpected consequences" of the financial legislation?

Posted by: judithod | October 23, 2010 9:17 AM | Report abuse

Apparently many voters are unable to connect these simple dots. Wall Street banks, including those bailed out by taxpayer backed loans, are spendgin millions to get people like toomey, paul, miller, angle elected because they see an opportunity to stop regulations that would prevent them ruining the economy again and again coming to taxpayers hat in hand.

The gang of five judicial radical conservative activists (which includes one sex offender) opened the door for Big Banks, Big Pharma, and Big Oil to attempt to buy a republicon legislature, and unless voters wake up to that simple fact they may actually win. And if they do, the rest of us lose.

Posted by: John1263 | October 23, 2010 9:15 AM | Report abuse

Odumba does nothing but sell fear and doubt. He must think Americans are stupid.

Posted by: NO-bama | October 23, 2010 9:06 AM | Report abuse


This is a crock!! It was the Democrats in Congress, (Frank, Waters, Dodd)who resisted efforts by Republicans (Bush and McCain) who tried to push legislation through that would have increased controls.

Posted by: Eddo1 | October 23, 2010 7:47 AM | Report abuse

----------

You're the one who has the crock! Please cite one legitimate piece of republican proposed legislation that the Democrats blocked that would have increased regulation of the financial industry! You can't name one! Because there were none. The Wall Street boys are backing republicans this election because they want to have things back they way they were when they made gazillions on the backs of the American public.

Posted by: dlpetersdc | October 23, 2010 8:15 AM | Report abuse

This is a crock!! It was the Democrats in Congress, (Frank, Waters, Dodd)who resisted efforts by Republicans (Bush and McCain) who tried to push legislation through that would have increased controls.

Posted by: Eddo1 | October 23, 2010 7:47 AM | Report abuse

GOP top ten agenda!

1. Worry about cost of living increase for Social Security ?…DON’T…GOP will privatized Social Security
2. Privatized the jails across America (how safe will you feel?)
3. Privatized the VA hospitals
4. Cut out Medicaid for vouchers (which a lot of old people may just as will die)
5. Freeze all social programs, including (unemployment benefits, Pell grants, and cut federal jobs, end public schools altogether)
6. Deregulate Wall Street
7. Try to repeal HCR
8. Force a 700 billion dollar tax cuts for the rich on our deficit
9. Cut the minimum wage down to $5.00 an hour
10. Import Taiwan citizen in as slaves to work the grape vineyard, Let chambers outsource more American jobs!

Posted by: danders5000 | October 23, 2010 7:46 AM | Report abuse

GOP top ten agenda!

1. Worry about cost of living increase for Social Security ?…DON’T…GOP will privatized Social Security
2. Privatized the jails across America (how safe will you feel?)
3. Privatized the VA hospitals
4. Cut out Medicaid for vouchers (which a lot of old people may just as will die)
5. Freeze all social programs, including (unemployment benefits, Pell grants, and cut federal jobs, end public schools altogether)
6. Deregulate Wall Street
7. Try to repeal HCR
8. Force a 700 billion dollar tax cuts for the rich on our deficit
9. Cut the minimum wage down to $5.00 an hour
10. Import Taiwan citizen in as slaves to work the grape vineyard, Let chambers outsource more American jobs!

Posted by: danders5000 | October 23, 2010 7:45 AM | Report abuse

In the 1930's the German's, through complacency, made the mistake of allowing a horde of crazies into power.

Will America make the same mistake?

Just like the Tea party, many thought Hitler's Nazi's a minor extremist blip that would mellow over time; they didn't.

After sending the liberals and communists to the concentration camps they came for the conservatives too.

But Palin's "Im-Purity" Goons have already started on conservative representatives; so No One is Safe from Palin's "Im-Purity" Goons. And with their Foreign Money masters cash pulling the strings, how long after they gain power do you think America would remain the land of the free?

How long do you think it will be before you hear the midnight knock at the door, from Palin's "Im-Purity" Goons?

You might think you are safe, but you are NOT, you read articles like this, heck you may even comment, but it is in the nature of people who would destroy the US constitution, that they will not allow free speech to linger long once they are in power.

And knowing the personalities of people like Palin, Limbaugh, Beck and Rove; how long after they ripped up the US Constitution would it be before they would seek to find out who wrote and read what.

Awake America the enemy is at the gates.

Posted by: walker1 | October 23, 2010 6:52 AM | Report abuse

Question: How will a Republican led Congress and Senate influence the number of jobs which are created in America ? And everywhere else in the world? For it is the answer to this question that will determine who runs this country. And for those who find the need to ask this question, perhaps the same. So I suggest we keep the arguement focused on the #1 issue of the day. For America's sake.

Posted by: jralger | October 23, 2010 6:29 AM | Report abuse

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