OBAMA: 'Free market was never meant to be a free license to take whatever you can-however you can'

[kpete]

OBAMA: As I said two years ago on this stage, I believe in the power of the free market. I believe in a strong financial sector that helps people to raise capital and get loans and invest their savings. But a free market was never meant to be a free license to take whatever you can get, however you can get it. That is what happened too often in the years leading up to the crisis. Some on Wall Street forgot that behind every dollar traded or leveraged, there is family looking to buy a house, pay for an education, open a business, or save for retirement. What happens here has real consequences across our country.

the rest:
http://theplumline.whorunsgov.com/excerpts-from-obamas-finreg-speech/

[aquart]

1. What does he think "caveat emptor" means?

A truly free market regulates by death.

[shraby]

3. Caveat emptor should not apply in the financial market

for the simple reason that many many investors are ordinary working people who invest through their 401K. The majority of them rely on the market to be relatively honest because they don't have the time and in many cases the education to understand what's going on, and instead rely on the Dow Jones numbers.
The market should be regulated to prevent those who DO understand it and work in that field cannot take advantage of the situation with many people losing all or most of their savings.
These kinds of regulations should never have been dropped and are way overdue to be redone.

[shraby]

2. I've found the plumline much more accurate in its reporting

than most other places. They always seem to get it right.