Obama and Regulation

[iamjoy]

Do we have any quotes that Obama made more than 6 months ago about how more regulation of financial markets was needed? You know, he was so prescient on the Iraq War back in 2002, does anyone know if he was likewise knowledgeable about the markets and regulation?

[Eric J in MN]

1. link

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http://www.dailykos.com/storyonly/2008/9/16/151421/072/286/600779


Today in the battleground state of Colorado, Obama turned up the heat on McCain. Obama reminded us that in Febuary of 2006 he introduced legislation to stop mortgage transactions that promote fraud risk and abuse:

"If you want to understand the difference between how Senator McCain and I would govern as President, you can start by taking a look at how we've responded to this crisis. Because Senator McCain's approach was the same as the Bush Administration's: support ideological policies that made the crisis more likely; do nothing as the crisis hits; and then scramble as the whole thing collapses. My approach has been to try to prevent this turmoil. In February of 2006, I introduced legislation to stop mortgage transactions that promoted fraud, risk or abuse. A year later, before the crisis hit, I warned Secretary Paulson and Chairman Bernanke about the risks of mounting foreclosures and urged them to bring together all the stakeholders to find solutions to the subprime mortgage meltdown. Senator McCain did nothing."
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[iamjoy]

3. Thanks!

:hi:

[FrenchieCat]

2. Here.......

It's the Deregulation, Stupid

Commentary: Democrats from Carter to Clinton helped roll back the government's regulatory power, but as the economic crisis deepens, "regulation" is no longer such a dirty word.

By James Ridgeway

March 28, 2008

Speaking at Cooper Union in New York City on Thursday, Barack Obama went where few Democrats have dared to go in the past quarter-century: He made a case for more regulation. As part of a speech on his economic platform, Obama depicted the current economic crisis as a consequences of deregulation in the financial sector. "Our free market was never meant to be a free license to take whatever you can get, however you can get it," he said. "Unfortunately, instead of establishing a 21st century regulatory framework, we simply dismantled the old one—aided by a legal but corrupt bargain in which campaign money all too often shaped policy and watered down oversight."
http://www.motherjones.com/commentary/columns/2008/03/deregulation-economic-crisis.html


Speech transcript - Cooper Union http://www.nytimes.com/2008/03/27/us/politics/27text-obama.html

transcript and video of speech - http://digg.com/2008_us_elections/Obama_s_Speech_on_the_Economy_Full_Transcript_and_Video