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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: ChinuSFO who wrote (72813)	4/22/2010 3:03:44 PM
From: tejek	Respond to of 149317

QUOTE OF THE DAY.... By now, the pattern should be rather familiar: policymakers identify an issue in urgent need of attention; Democrats propose a worthwhile solution; Republicans balk; and President Obama delivers a big, high-profile speech to put things right. With this in mind, the president was in New York City earlier, speaking from Cooper Union about the need to bring safeguards and accountability to a financial industry that nearly destroyed the global economy. It was less a stirring address and more a prosecutor's closing argument. Treating financiers like a skeptical jury, the president urged Wall Street to change course: "[Pending proposals] represent significant improvement on the flawed rules we have in place today, despite the furious efforts of industry lobbyists to shape them to their special interests. I am sure that many of those lobbyists work for some of you. 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 also took a moment to defend his commitment to the free market, though he added, "a free market was never meant to be a free license to take whatever you can get, however you can get it." But it was a quote from a magazine article that was perhaps the most memorable aspect of the remarks: "There has always been a tension between the desire to allow markets to function without interference -- and the absolute necessity of rules to prevent markets from falling out of balance. But managing that tension, one we've debated since our founding, is what has allowed our country to keep up with a changing world. For in taking up this debate, in figuring out how to apply our well-worn principles with each new age, we ensure that we do not tip too far one way or the other -- that our democracy remains as dynamic as the economy itself. Yes, the debate can be contentious. It can be heated. But in the end it serves to make our country stronger. It has allowed us to adapt and thrive. "I read a report recently that I think fairly illustrates this point. It's from Time magazine. And I quote: 'Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed ... would rivet upon their institutions what they considered a monstrous system ... Such a system, they felt, would not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level.' That appeared in Time magazine -- in June of 1933. The system that caused so much concern and consternation? The Federal Deposit Insurance Corporation -- the FDIC -- an institution that has successfully secured the deposits of generations of Americans. "In the end, our system only works - our markets are only free - when there are basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system. And that is what these reforms are designed to achieve: no more, no less. Because that is how we will ensure that our economy works for consumers, that it works for investors, that it works for financial institutions - that it works for all of us. "This is the central lesson not only of this crisis but of our history. It's what I said when I spoke here two years ago. Ultimately, there is no dividing line between Main Street and Wall Street. We rise or we fall together as one nation." It's funny, in a way -- hysterical conservatives offer the same shrieks, generation after generation, and with the benefit of hindsight, they always look ridiculous. Nevertheless, there's been a fair amount of progress in the Senate of late, and success appears all but inevitable. Here's hoping the president the sealed the deal.

To: ChinuSFO who wrote (72813)	4/22/2010 3:04:42 PM
From: tejek	Read Replies (2) \| Respond to of 149317

Next on Obama's To-Do List: Immigration Reform I wish he'd stay away from this one until after the midterms.

To: ChinuSFO who wrote (72813)	4/22/2010 3:31:28 PM
From: tejek	Respond to of 149317

REID TO GOP: I DARE YOU.... Senate Majority Leader Harry Reid (D-Nev.) announced this afternoon that "the games of stalling are over" when it comes to Wall Street reform. "I'm not going to waste any more time of the American people," he declared. And with that, the Senate leadership started the clock and scheduled its first procedural vote for 5:15 p.m. (ET) on Monday afternoon. As President Obama spoke in New York on Thursday about the need for such landmark legislation, Reid detailed plans to hold a crucial test vote on the Senate floor Monday. "The games of stalling are over," Reid said. He will need Republican support to reach the 60 votes required to overcome the threat of a filibuster and move with formal debate on the bill, which among other things would create an agency to protect consumers against abuses in mortgages and other loans, set up a council of regulators to watch for risks to the financial system, and give the government power to wind down large, troubled financial firms. And what of the bipartisan talks that have made some progress this week? They'll continue -- and by most accounts, participants are optimistic -- but Reid isn't going to wait for them anymore. It's a bit of a gamble for the Democratic leadership. If a final deal is not in place on Monday afternoon, all 41 Senate Republicans may very well block the debate from getting underway. Of course, Dems don't necessarily see that as a bad result -- they'll use it against Republicans in the campaign, and then keep working until they get the legislation through the chamber. But Democrats seem to think it won't come to that anyway. Either the deadline will produce a completed deal, or a GOP senator or two may feel compelled to break ranks, vote to start the debate, and keep the process moving forward. Either way, Reid and the Democratic leadership seem to feel pretty confident right now, secure enough to effectively dare Republicans to stand in the way of the reform effort. Sen. Chuck Schumer (D-N.Y.) said, "We feel we have the upper hand."