Obama: I'll fight to protect Wall Street reform

[jefferson_dem]

Obama: I'll fight to protect Wall Street reform

President Obama on Monday officially announced the nomination of Richard Cordray to lead the new Consumer Financial Protection Bureau, promising to protect the bureau and other elements of his Wall Street reform bill from its opponents seeking to roll back the legislation.

"I will fight any efforts to repeal or undermine the important changes that we passed," Mr. Obama said. "And we are going to stand up this bureau and make sure it is doing the right thing for middle-class families all across the country."

The president said that some members of Congress, aided by "an army of lobbyists and lawyers," want to "water down" the overhaul of Wall Street rules passed last year.

"We're not going to let that happen," he said. "The fact is the financial crisis and the recession were not the result of normal economic cycles or just a run of bad luck. They were abuses and there was a lack of smart regulations."

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VIDEO at LINK: http://www.cbsnews.com/8301-503544_162-20080411-503544.html?utm_medium=twitter&utm_source=twitterfeed

[Cali_Democrat]

1. I think he means: 'I'll fight to protect Wall Street from reform'

[Name removed]

2. Deleted message

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[Cali_Democrat]

5. Wall Street owns this administration. It's painfully obvious at this point

The truth is what it is.

[young but wise]

6. That's your opinion not the truth.

[jefferson_dem]

8. Oh.

The truth is what you say it is. Quaint.

I'm still, to this day, trying to wrap my head around this: how so many so-called progressives saddled up with republicans, teabaggers and the shitty status quo in opposing financial reform that passed last year. If it was up to them (you?) we would have done nothing at all, and there would be nothing to defend now. That...is the truth.

[Cali_Democrat]

10. Teabaggers and Republicans opposed financial reform entirely

In fact, they would remove current regulations if they could.

Progressives felt that the finreg legislation didn't go far enough. The legislation didn't go nearly far enough IMO and Wall Street is still running the show in Washington D.C.

[Dawgs]

11. Truth based on fact. Sad that some are too blind to see it.

:hi:

[great white snark]

16. That is bullshit. Those who repeat this meme are painfully oblivious.

And transparent.

[Cali_Democrat]

19. Those who refuse to open their eyes are oblivious to the real situation. n/t

[woo me with science]

21. +1

[ProSense]

3. I think he means

he'll fight to protect Wall Street reform from its "enemies," including those who wanted/want to kill the bill.

[craigmatic]

4. If he was serious about that he would have nominated Warren in spite of repigs.

[ProSense]

7. Let's see:

Obama didn't nominate Warren because the Republicans threatened to filibuster and he didn't want to fight. So he nominated Cordray who the Republicans will filibuster.

According to this logic, does it follow that the President doesn't plan to fight for Cordray?

When will that become the new meme?

Does what Elizabeth Warren thinks or wants to do matter?

[Dawgs]

12. Recess appointment was always an option.

So Republican threat doesn't mean shit.

[ProSense]

17. So

you think his plan is to recess appoint Cordray?

"Recess appointment was always an option."

Sure it was, especially to those who knew more about what Warren wants to do than Warren herself.

[jefferson_dem]

9. Yes, because she is only one capable of running the agency that wouldn't even exist...

if the small handfull of squeeky wheel "purity progressives" had their way, since they were all too eager to oppose financial reforms last year. :crazy:

[craigmatic]

15. Who's a purity progressive? I just wanted him to fight for something...anything. nt

[jefferson_dem]

18. If he didn't fight for anything, he wouldn't have made the comment today about standing strong...

against those who want to tear down the reforms he fought hard to put in place.

[Armstead]

20. You sort of have it backward...Fighting for stronger reforms is not the same as..

Wanting to prevent and defeat them.

THe problem with tepid sortacreforms is they often do more to perpetuatecthe core problems than nothing at all.

So many problems -- including the core monster in the bed of "too big to fail" -- got glossed over. So people say Good we got reform. Now onto other things...

Thus we continue to have a financial system in which wealth and power become ever more concentrated into fewer and fewer hands --- and those hands remain as greedy and corrupt as ever....And, worse yet, the entire national economy remains atbtheir mercy, and continues to be forced to pay for their excessive and stupid behavior.

But we got "reform" that doezn't really control their sorry asses, so it's AOK and we should shut up and be quiet.

[Name removed]

13. Deleted message

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[JoePhilly]

14. Enjoy your stay. nt

[NorthCarolina]

22. Drop the "reform" from the end of the statement and it will likely be

closer to the real truth.

[Autumn]

23. I do kind of worry about his idea of reform

I get nervous when I hear him say that word.

[NorthCarolina]

24. As well you should be. We all should be for that matter. n/t

[ProSense]

25. His idea of reform

is the bill he signed into law last year. It established the CFPB and other reforms.

[Vattel]

26. Good for him.

The reofrms may have been very modest, but they are better than nothing.

[Bake]

27. Just like he'll fight for Social Security and Medicare?

I'll believe it when I see it.

Warren was impressive on Rachel the other night. She ought to head up the Commission, but she's not the only one who can do the job. Sometimes the visionary creator is not the best administrator. But she definitely has a future. I like her fire.

As for Obama, I don't see a lot of fire. He's too busy keeping it cool.

Bake

[Dr Fate]

29. Just like he promised not to extend the Bush tax cuts. He fought really, really hard on that.

Really, really hard.

Really.

[Bake]

30. Yep. Really really hard.

Folded like a cheap suit. But hey, that was 12-dimensional chess, or so we're told.

Bake

[Dr Fate]

28. Was this said before or after he extended the Bush Tax cuts to the Koch Brothers and Wall Streeters?

Before or after- or both?


I'm sure there is no connecion at all, I'm just trying to put the time line together here.