Hmmm. Who could he possibly be talking to?
Obama: Rules needed to avoid new financial crisis
AP
By DARLENE SUPERVILLE, Associated Press Writer Darlene Superville, Associated Press Writer – 55 mins ago
WASHINGTON – President Barack Obama on Saturday challenged opponents of tougher financial regulations, saying the U.S. is doomed to repeat the economic crisis without new rules and that taxpayers would again be stuck with the bill.
The overhaul is the next major piece of legislation that Obama wants to sign into law this year.
"Every day we don't act, the same system that led to bailouts remains in place, with the exact same loopholes and the exact same liabilities," Obama said in his weekly radio and Internet address. "And if we don't change what led to the crisis, we'll doom ourselves to repeat it.
"Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again," the president said.A proposal that Senate Democrats are readying for debate creates a mechanism for liquidating large firms to avoid a meltdown. The bill also would regulate the derivatives market for the first time, create a council to detect threats to the system and establish a new consumer protection agency to police people's dealings with financial institutions.
more...
http://news.yahoo.com/s/ap/20100417/ap_on_bi_ge/us_obama_financial_reform