President Obama's adviser slams Wall Street( Summers)

[cal04]

http://politicalticker.blogs.cnn.com/2009/12/13/obama-adviser-slams-wall-street/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_politicalticker+%28Blog%3A+Political+Ticker%29

A top economic adviser to President Obama said Sunday that Wall Street should not be resisting Democratic efforts to impose new financial regulations in the wake of last year’s financial crisis.

“It was irresponsible risk-taking that brought the economy to the brink of collapse,” Lawrence Summers, the Director of Obama’s National Economic Council, said about Wall Street Sunday on CNN’s State of the Union. “It was their irresponsiblilty in many cases that brought the economy to collapse. And, frankly ... it wasn’t the first time.

“And they don’t get, in some cases, that they wouldn’t be where they are today - and they certainly wouldn’t be paying the bonuses they’re paying today - if their government hadn’t taken extraordinary actions. Extraordinary actions, not frankly with the motivation of helping them, but with the motivation of helping the economy but of which they were nonetheless the beneficiary.”

Summers also told CNN Chief National Correspondent John King that it was “wrong” for Wall Street to be “complaining about serious regulation directed at making sure this never happens again.”

“For firms that have benefited from taxpayer support to be complaining about the government burdening them is, frankly, a bit rich,” Summers also said Sunday.

[AllentownJake]

1. Larry you helped create the fucking mess

I hope you've found some religion this year.

[spiritual_gunfighter]

2. What else is he going to say?

"I love you Wall Street, my BFF, kiss kisss".

[OHdem10]

3. Verbally slamming is one thing---not much. Will he force Wall

Street to comply with Regulations.

[QC]

4. This is like Dean Martin slamming excessive drinking. n/t

[OnceUponTimeOnTheNet]

5. lol nt.

[NJmaverick]

6. This the sort of thing I know I voted for.

[Kermitt Gribble]

7. Semi-harsh words and no action? n/t

[NJmaverick]

8. The actions come next, you do know there is a meeting this week

right?

[whathehell]

9. I hope this is so....I heard on the m$m that Obama was verbally slamming

Wall St.

I just hope it's not "pr" to pacify his base and get them enthused about him again.

[Kermitt Gribble]

10. Well, if something meaningful comes out of it,

you can say I told you so. I'm not holding my breath, though, as I expect it to be more like a slumber party than a smack-down of the banksters.