April 22,2010–President Barack Obama went to New York City on Thursday and directly challenged the nation’s most influential members of the city’s financial industry to stop fighting against reasonable,non ideological industry reforms calling it “absolutely necessary” to prevent future crises.
“Im sure that many of those lobbyists work for some of you,” he said. “But I am here today because I want to urge you to join us, instead of fighting us in this effort. I am here because I believe that these reforms are, in the end, not only in the best interest of our country, but in the best interest of our financial sector.”
Obama addressed to the members of the banking industry in his speech at New York’s Cooper Union, not so far away from Wall Street. The president said that the financial lobbyists have been extending a furious effort to weaken or kill the pending legislation, which has passed the House of Representatives and now debated on the Senate.
The president insists on the executives to join those seeking pass reform not only for the benefit of their own industry, but for the benefit of the country as a whole.
He also added: “We will not always see eye to eye. We will not always agree. But that does not mean that we’ve got to choose between two extremes. We do not have to choose between markets that are unfettered by even modest protections against crisis, or markets that are stymied by onerous rules that suppress enterprise and innovation. That is a false choice.”
He said that should any of the nations biggest financial institutions fall into another crisis there will be a system “to shut these firms down with the least amount of collateral damage to innocent people and innocent businesses.”
“A free market was never meant to be a free license to take whatever you can get, however you can get it,” Obama said. “One of the most significant contributors to this recession was a financial crisis as dire as any we’ve known in generations,” he added.
And the crisis which resulted from failure of responsibility — from Wall Street to Washington — that brought down many of the world’s largest financial firms and nearly dragged our economy into a second Great Depression.”
He said he believes the legislation would significantly improved the current disfigurement structure despite of the “efforts” of the financial lobbyist to try to weaken the proposal.
“This will not only safeguard our system against crises; this will also make our system stronger and more competitive by instilling confidence here at home and across the globe.”
Obama said that reform would bring necessary transparency to financial markets covered in mystery.He added that they will restrain widespread reckless practices to extend effort on strengthening the crippled economy of the country.