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Don’t Get Fooled Again By Wall Street, GOP

Transcript:
 
There were many causes of the turmoil that ripped through our economy over the past two years.  But above all, this crisis was caused by failures in the financial industry.  What is clear is that this crisis could have been avoided if Wall Street firms were more accountable, if financial dealings were more transparent, and if consumers and shareholders were given more information and authority to make decisions.  
But that did not happen.  And that’s because special interests have waged a relentless campaign to thwart even basic, common-sense rules – rules to prevent abuse and protect consumers.  In fact, the financial industry and its powerful lobby have opposed modest safeguards against the kinds of reckless risks and bad practices that led to this very crisis. 
 
The consequences of this failure of responsibility – from Wall Street to Washington – are all around us: 8 million jobs lost, trillions in savings erased, countless dreams diminished or denied.  I believe we have to do everything we can to ensure that no crisis like this ever happens again.  That’s why I’m fighting so hard to pass a set of Wall Street reforms and consumer protections.  A plan for reform is currently moving through Congress.  
Here’s what this plan would do.  First, it would enact the strongest consumer financial protections ever.  It would put consumers back in the driver’s seat by forcing big banks and credit card companies to provide clear, understandable information so that Americans can make financial decisions that work best for them. 
 
Next, these reforms would bring new transparency to financial dealings.  Part of what led to this crisis was firms like AIG and others making huge and risky bets – using things like derivatives – without accountability.  Warren Buffett himself once described derivatives bought and sold with little oversight as “financial weapons of mass destruction.”  That’s why through reform we’d help ensure that these kinds of complicated financial transactions take place on an open market.  Because, ultimately, it is a marketplace that is open, free, and fair that will allow our economy to flourish.  
We would also close loopholes to stop the kind of recklessness and irresponsibility we’ve seen.  It’s these loopholes that allowed executives to take risks that not only endangered their companies, but also our entire economy.  And we’re going to put in place new rules so that big banks and financial institutions will pay for the bad decisions they make – not taxpayers.  Simply put, this means no more taxpayer bailouts.  Never again will taxpayers be on the hook because a financial company is deemed “too big to fail.”
 
Finally, these reforms hold Wall Street accountable by giving shareholders new power in the financial system.  They’ll get a say on pay: a vote on the salaries and bonuses awarded to top executives.  And the SEC will ensure that shareholders have more power in corporate elections, so that investors and pension holders have a stronger voice in determining what happens with their life savings.  
Now, unsurprisingly, these reforms have not exactly been welcomed by the people who profit from the status quo – as well their allies in Washington.  This is probably why the special interests have spent a lot of time and money lobbying to kill or weaken the bill.  Just the other day, in fact, the Leader of the Senate Republicans and the Chair of the Republican Senate campaign committee met with two dozen top Wall Street executives to talk about how to block progress on this issue. Continue Reading →

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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. Continue Reading →

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“Too Big To Fail”- Never Again

President Obama, along with Vice President Biden, welcomes House and Senate leaders from both parties to the White House to discuss financial regulatory reform.  
Key quote from President Obama: I think all of us recognize that we cannot have a circumstance in which a meltdown in the financial sector once again puts the entire economy in peril, and that if there’s one lesson that we’ve learned it’s that an unfettered market where people are taking huge risks and expecting taxpayers to bail them out when things go sour is simply not acceptable.  
As a consequence, I am actually confident that we can work out an effective bipartisan package that assures that we never have “too big to fail” again; that consumers are adequately protected when it comes to financial instruments — whether it’s mortgages or credit cards or debit cards; that we have a strong mechanism to regulate derivatives, something that we have not had, a derivatives market that is in the shadow economy but is enormously powerful, enormously risky — we want to get that into daylight so that regulators and ordinary Americans know what’s going on when it comes to this huge segment of the financial system. Continue Reading →

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World Will Be Safer From Nuking Terrorists

Key Quote from President Obama: This evening, I can report that we have seized this opportunity, and because of the steps we’ve taken — as individual nations and as an international community — the American people will be safer and the world will be more secure. Continue Reading →

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Obama:Locking Down Loose Nukes

President Obama speaks to the press on the eve of the Nuclear Security Summit. He speaks from Blair House in Washington, D.C. after meetings with Prime Minister Singh of India and President Nazarbayev of Kazakhstan, and just before meeting with President Zuma of South Africa. Continue Reading →

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Justice Stevens:Obama To Quickly Name Successor

Good afternoon, everybody.  I want to say a few words about the tragedy that took place this week in West Virginia, but before I do, I’d first like to comment on the news that Justice John Paul Stevens will retire from the Supreme Court at the end of its current term. When President Ford was faced with a Supreme Court vacancy shortly after the nation was still recovering from the Watergate scandal, he wanted a nominee who was brilliant, non-ideological, pragmatic, and committed above all to justice, integrity, and the rule of law.  He found that nominee in John Paul Stevens. Justice Stevens has courageously served his country from the moment he enlisted the day before Pearl Harbor to his long and distinguished tenure on the Supreme Court.  During that tenure, he has stood as an impartial guardian of the law.  He has worn the judicial robe with honor and humility.  He has applied the Constitution and the laws of the land with fidelity and restraint.  He will soon turn 90 this month, but he leaves his position at the top of his game.  His leadership will be sorely missed, and I just had an opportunity to speak with him and told him on behalf of a grateful nation, that I thanked him for his service. As Justice Stevens expressed to me in the letter announcing his retirement, it is in the best interests of the Supreme Court to have a successor appointed and confirmed before the next term begins.  And so I will move quickly to name a nominee, as I did with Justice Sotomayor. Once again, I view the process of selecting a Supreme Court nominee as among my most serious responsibilities as President.  And while we cannot replace Justice Stevens’ experience or wisdom, I will seek someone in the coming weeks with similar qualities — an independent mind, a record of excellence and integrity, a fierce dedication to the rule of law, and a keen understanding of how the law affects the daily lives of the American people.  It will also be someone who, like Justice Stevens, knows that in a democracy, powerful interests must not be allowed to drown out the voices of ordinary citizens.  Much like they did with Justice Sotomayor, I hope the Senate will move quickly in the coming weeks to debate and then confirm my nominee so that the new Justice is seated in time for the fall term. Now, let me say a few words about what has happened in West Virginia. This has been an unimaginably difficult week for the people who live near Montcoal.  Thirty-one workers were inside the Upper Big Branch mine when an explosion ripped through its walls on Monday afternoon.  Two were saved.  Twenty-five were lost.  And for the four who remain missing, we are praying for a miracle. I want to offer my deepest condolences to the friends and the families of the fathers and the husbands and brothers, nephews and sons who were killed in this accident.  I’m also in awe of the courage and selflessness shown by the rescue teams who’ve risked their lives over and over and over this week for the chance to save another.  They’ve worked around the clock, with little sleep, for the past few days, and this nation owes them a debt of gratitude. Now, mining has a long and proud history in West Virginia.  For many families and communities, it’s not just a way to make a living; it’s a way of life.  And the jobs they do in these mines help bring heat and electricity to millions of Americans. It’s a profession that’s not without risks and danger, and the workers and their families know that.  But their government and their employers know that they owe it to these families to do everything possible to ensure their safety when they go to work each day. When I was in the Senate, I supported the efforts of Senators Byrd and Rockefeller to try and improve mine safety, but it’s clear that more needs to be done.  And that’s why I’ve asked my Secretary of Labor as well as the head of the Mine Safety and Health Administration to give me a preliminary report next week on what went wrong and why it went wrong so badly, so that we can take the steps necessary to prevent such accidents in the future. Because mining is a tradition that’s often passed down through generations, it’s not uncommon to see an entire family choose this line of work.  And sadly, when a tragedy like this occurs, it’s also not uncommon to lose almost an entire family all at once. I spoke to some surviving members of one such family on Wednesday.  This week, Tim Davis, and two of his nephews, Josh, age 25, and Cory, age 20, were killed in the explosion in the Upper Big Branch mine. Rescuers have reported that Tim and his two nephews were all found together.  Two other members of their families that worked in the mine were able to escape unharmed. Before he left for the mine on Monday, Josh wrote a letter for his girlfriend and young daughter.  And in it, he said, “If anything happens to me, I’ll be looking down from heaven at you all.  I love you.  Take care of my baby.  Tell her that daddy loves her, she’s beautiful, she’s funny.  Just take care of my baby girl.” Reflecting on that letter, and the losses she endured in just one week, Josh’s mother Pam simply said, “It is just West Virginia.  When something bad happens, we come together.”  When something bad happens, we come together. Through tragedy and heartache, that’s the spirit that has sustained this community, and this country, for over 200 years.  And as we pray for the souls of those we’ve lost, and the safe return of those who are missing, we are also sustained by the words of the Psalm that are particularly poignant right now.  Those words read:  “You, O Lord, keep my lamp burning; my God turns my darkness into light.”  Thank you very much. Continue Reading →

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“The Nuclear Tipping Point” Screens At White House

 
President Obama hosts a showing of the film “The Nuclear Tipping Point” in the The White House screening room. The movie is about the dangers of nuclear proliferation. Several notable foreign policy experts from both parties who helped produce the film were there including Henry Kissinger, Sam Nunn, George Schultz and William Perry.   Continue Reading →

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Obama Signs START Treaty With Russians

Prague, Czech Republic

President Obama: Finally, this day demonstrates the determination of the United States and Russia — the two nations that hold over 90 percent of the world’s nuclear weapons — to pursue responsible global leadership. Together, we are keeping our commitments under the Nuclear Non-Proliferation Treaty, which must be the foundation for global non-proliferation. While the New START treaty is an important first step forward, it is just one step on a longer journey. Continue Reading →

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Biden: Account for Every Recovery Dollar

Vice President Biden key quote:“After more than a year implementing the Recovery Act, I can proudly say that we’re not only creating jobs across the country, but doing so responsibly and with a level of transparency never before seen in this town,” Vice President Biden said. “This Presidential Memorandum will continue to make sure that every dollar is accounted for and every official is held accountable.” Continue Reading →

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White House Surprises:Behind The Scenes

White House video that wasn’t released to the media…until now!  President Obama’s surprise visit to the White House briefing.  His surprise visit to Afghanistan.  Discover White House Press Secretary’s age issue, and more!  
  Continue Reading →

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Unity On Passover And Easter

Transcript:
This is a week of faithful celebration. On Monday and Tuesday nights, Jewish families and friends in the United States and around the world gathered for a Seder to commemorate the Exodus from Egypt and the triumph of hope and perseverance over injustice and oppression. On Sunday, my family will join other Christians all over the world in marking the resurrection of Jesus Christ. And while we worship in different ways, we also remember the shared spirit of humanity that inhabits us all – Jews and Christians, Muslims and Hindus, believers and nonbelievers alike. Amid the storm of public debate, with our 24/7 media cycle, in a town like Washington that’s consumed with the day-to-day, it can sometimes be easy to lose sight of the eternal. Continue Reading →

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