Obama to Wall Street: Repent and change your ways!
Speaking in New York on the anniversary of the collapse of investment banking firm Lehman Brothers, Barack Obama sternly warned Wall Street against returning to the reckless, unchecked behaviour that threatened to push the globe into a second Great Depression.
Crediting the nearly $800 billion stimulus package for pulling the nation back from the brink, Obama warned the financial world that they could not count on future bailouts: "normalcy cannot lead to complacency," he said. "Instead of learning the lessons of Lehman and the crisis from which we are still recovering, they are choosing to ignore them."
To prevent a repeat crisis, Obama listed the steps being taken to prevent future crises, including new rules to protect consumers, a new Consumer Financial Protection Agency to enforce those rules and closure of regulator loopholes and overlap that "were at the heart of the crisis". At the G-20 meeting in Pittsburgh later this month, the US will focus on how to "to spur global demand but also to address the underlying problems.”
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