Obama Threatens Veto On Financial Reform

President Obama told his a meeting of his financial advisers today that he would “veto legislation that doesn’t bring the derivatives market under control”.

The President described the risky derivatives market as “millions of dollars exchanging hands in darkness”.

The derivatives market and the housing bubble it fueled were at the root of America’s financial collapse in 2008.

The President pointed to the Wall Street collapse and government bailout and said “we can’t allow this to repeat itself.

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