President Obama pledges tough enforcement of Wall Street reforms

[cal04]

http://news.yahoo.com/obama-pledges-tough-enforcement-wall-street-reforms-100123147--sector.html

President Barack Obama on Saturday called on the U.S. Congress to back his efforts for tough new financial industry oversight, saying a $2 billion trading loss at JPMorgan underscored the need for such regulation.

"We've got to finish the job of implementing this reform and putting these rules in place," Obama said in a weekly radio address that accused some on Wall Street of causing the 2007-2009 economic crisis because they "treated our financial system like a casino."

In a jab at Republicans who have been critical of banking industry reforms his administration is in the process of implementing, Obama said lawmakers should "stand on the side of reform, not against it."

(snip)
Obama said that while JPMorgan had the resources to handle losses of more than $2 billion, smaller banks might not have been able to do so. Without the new banking industry reforms, Obama said U.S. taxpayers could again "be on the hook for Wall Street's mistakes."

[MadHound]

1. Trying to correct his mistake.

Earlier, back when he had the public at his back and Democrats controlling Congress, Obama could have gotten Glass-Steagal reinstated easily. Instead, he settled for weak ass reforms that, as we see, are easily avoidable.

[Enrique]

3. not a mistake

and I don't think it will be any different this time. They appear to be in damage control mode, not real reform mode.

[russspeakeasy]

4. "to be used for distraction purposes only". A year from now it

will be exactly where it is today.

[madokie]

2. The wall street crooks

"Are just as crooked as they think they can get by with" JRW

[sendero]

5. If the reforms were actually tough..

... that might mean something.

[KG]

6. oh, i'm sure they're shaking in their boots...

[Fumesucker]

7. ...

[Vidar]

8. Translation: Obama will send more thugs to bully the Occupy Wall Street folk.

[raouldukelives]

9. When undercover officers are posing as bankers or politicians

and then cutting deals over a game of golf with other bankers and politicians and then busting them and sending them to a state penitentiary for 10 years I'll consider it tough.