President Obama blasts GOP for plans to repeal Wall Street reform bill

[cal04]

Source: The Hill


President Obama hammered Republican lawmakers Saturday for suggesting that they might repeal the financial services reform bill if they gain control of Congress after the midterm elections.

In his weekly radio address, Obama said repealing the bill, which became law earlier this summer, would be "a terrible mistake." The legislation, according to the president, provides "a level playing field" for everyone who has a role in the financial sector, whether it is a big bank or just someone opening up a new credit card account.

"Despite the importance of this law — and despite the terrible economic dislocation caused by the failures in our financial system under the old rules — top Republicans in Congress are now beating the drum to repeal all of these reforms and consumer protections," Obama said. "I think that would be a terrible mistake. Our economy depends on a financial system in which everyone competes on a level playing field, and everyone is held to the same rules — whether you’re a big bank, a small business owner, or a family looking to buy a house or open a credit card.

"And as we saw, without sound oversight and common-sense protections for consumers, the whole economy is put in jeopardy."

Read more: http://thehill.com/homenews/administration/125511-obama-blasts-gop-for-plans-to-repeal-wall-street-reform-bill

[Turbineguy]

1. Wall Street wants it all.

The repubs want the help them get it.

[Historic NY]

4. Hell even Bushy boy admitted he wanted to give them our Social Security.

Wall St its thieves with calculators & pencils.

[No Elephants]

6. AND pay them to take it, no less.

[mediaman007]

2. The party of accountability thinks its that accountability is good for everyone,

except Wall Street, the military, religion, and themselves.

[dotymed]

3. Of course

I don't want the bill repealed. It should have had much more regulation to it though. Too many loopholes.

[droidamus2]

5. Yes Wall Street wants it

I really think at the core the reason the Repugs want to repeal this is nothing more than simply it was an Obama success. They are aiming at 2012 where they will cite that Obama has accomplished nothing (because they vote NO everytime he tries to get something done) and what he has passed was bad so the 'holy than thou' Repugs had to repeal it. As much as in sincerely dislike the Repugs and what they stand for I grudgingly admire their ability to stay on message (yeah usually the message is pretty ignorant but that's another rant), never stop campaigning and always look 2 or 3 election cycles ahead. Basically I don't like what they do but they are damn good at doing it. I'm just happy that it isn't always successful.

[No Elephants]

7. America should agree with Obama. Anyone remember Bernie Madoff?

Of course, we already had all the laws we needed to stop him--and many detailed tips. We even investigated--twice. We just chose to let him keep fleecing folks.

[Amonester]

8. Too many can't remember what happened six months ago.

Needless to say madoff&Co robberies R a long gone news blimp...

The "let's do the same thing over and over, and expect different results" idiocy is back in full force.

When will they ever learn (and... "change")?

[Roy Rolling]

9. "Let them repeal it"

Said the spider to the fly. Then, Barak O. can veto it and let BOTH the Senate and House try to override it by a two-thirds majority. The party of "NO" will become known as the party of "NO WAY"

[Uncle Joe]

10. Kicked and recommended.

Thanks for the thread, cal.