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Obama: "Free Market Was Never Meant To Be A Free License"
By
Jen Chung
Published Apr 23, 2010
Modified Apr 23, 2010
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By
Jen Chung
Published Apr 23, 2010
Modified Apr 23, 2010
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President Obama spoke about financial reform at Cooper Union yesterday, telling an audience that included lawmakers and critics—like Mayor Bloomberg, who is wary of hurting NYC's cash cow—and titans of finances—like Goldman Sachs' Lloyd Blankfein—telling them, "I believe in a strong financial sector that helps people to raise capital and get loans and invest their savings. That’s part of what has made America what it is. But a free market was never meant to be a free license to take whatever you can get, however you can get it. That’s what happened too often in the years leading up to this crisis." (Transcript)
The NY Times found his tone part chiding, part conciliatory—not "really mean." Obama did say, regarding debate about the bills, "I am sure that many of those lobbyists work for some of you. But I am here today because I want to urge you to join us, instead of fighting us in this effort," and “Ultimately, there is no dividing line between Main Street and Wall Street. We will rise or we will fall together as one nation.” Robert Diamond, president of Barclays, told Bloomberg News that his industry, Congress, and the White House were "working very closely, and very constructively" on reform, adding, "Strong banks want strong regulation." But a former Wall Street type told the Daily News he wasn't interested in the speech, "I'm not listening. I've heard enough of him. It's just the same thing over and over again. Obviously there are bad people in every industry but he shouldn't be going after Wall Street as a whole so aggressively."
On the op-ed side, the NY Times columnist Paul Krugman wished Obama was more forceful, more kick-ass: "If [reform] hurts the bankers, that’s O.K. More than that, reform actually should hurt the bankers. A growing body of analysis suggests that an oversized financial industry is hurting the broader economy. Shrinking that oversized industry won’t make Wall Street happy, but what’s bad for Wall Street would be good for America." The Wall Street Journal's editorial is a little more pro-Wall Street, and, therefore, worried, "As in health care, Democrats are intent on ramming this reform through Congress, and Republicans ought to summon the will to resist. Absent that, the only certain result is that Washington will be the new master of the financial universe."
Senate Majority Leader Harry Reid (D-Nevada) is expected to push a reform bill on Monday, which, the Washington Post reports, could set "up a possible showdown between Republicans and Democrats if efforts at a compromise fall short."
Tagged
cooper union
finance industry
financial reform
president obama
speech
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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