President Obama Speech on Financial Regulatory Reform

President Obama announced the introduction of the new consumer financial protection agency, which will execute a plan for regulation reform that would improve the current "patchwork system" full of outdated regulations and lax oversight that helped lead to last year's crisis," and "stand up, not for big banks, not for financial firms, but for hard-working Americans."

Such changes, he says, would prevent consumers becoming victims of "predatory practices of some in the financial industry."

"Americans... are counting on us to be their advocates," Obama said.

He also commented on those "butcher" ads attacking the agency, saying that it would put small businesses out of businesses. "I don't know how many of your butchers are offering financial services," he says. "We can't let speciail interests win this fight."

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[onstageagain]

When running for office , my co-workers were Obama fans, now not 1,single 1 will opening admit they ever supported him!

This stuff needs to be taxed & taxed heavy. Look at the labels inside Ur clothing , U will see who Ur supporting. People who take $-$ we give them & go live in another country. Fashion designers, movie stars, Prada Gucci , Versace, even Nike is sleeping with the enemy. Read the labels folks. When was the last time U bought anything manufactured in America

[pjamesbda]

@Slammball - what is it your not getting? Its like healthcare all over again. You want to bury your head in the sand about this too. The system already IS fatally flawed. It has been for 40 years. They fleeced the public treasury and scores of private people who's lives are ruined. I don't give a tinkers dam about Capitalism if it messes over woking class...it is BAD, and needs to be replace. With what? A system that doesn't run rough shod over the people for starters.

[pjamesbda]

You must either be an incredible kiss ass or totally ignorant not to see what has happened to this country, by virtue of the money and the reckless moving of it into the pockets of a few. What exactly do you want? To be a servant to your money over lords!?

[molloyxx1]

Carney I agree entirely about Reagan and the Dolt from Crawford.

[molloyxx1]

@WilliamHCarney

[WilliamHCarney]

@molloyxx1 Better re-read Presidental History again. That idiot Reagan, and that other asshole Bush Jr screwed that up.

[Slammball]

Dam if this passes you can stick a fork in the United States Capitalists economy cause its done

[pjamesbda]

@molloyxx1 - your preaching to the choir. Lets get organized and kick ass. I don't know if I'm reading main street right, but we aren't interested in REFORM we need RETRIBUTION! If a man lifts a few thousand dollars out of an unattended cash register, and is caught, that man may have a family, 3 kids and no job, but he will go to jail!

[pjamesbda]

These clowns stole from the public, and they took billions, possibly trillions. This is theft no matter what they call it, and we expect it fixed. If our leaders are too corrupt or spineless to do it, we will storm the yachts, the vaction homes, and take it. Does this make us terrorists too?

[molloyxx1]

@pjamesbda The producivity rates of American workers continue to climb while wages remain stagnant and, very often, benefit packages are cut. Many companies hire workers for 32 hr work weeks, thus denying them any benefits at all. Temps are used for the same reason. But as corporate profits rise workers have less and less leverage and so often get caught up in the credt sink-hole. There is, quite simply, a basic structural flaw that has to be corrected.