Neil

President Obama’s weekly address: Learning from History to Reform Wall Street

By: Neil Middleton
By: Neil Middleton

President Obama blames Wall Street for causing much of the economic tailspin and says the meltdown could have been avoided. In his weekly address, he praises the House for passing new rules aimed at preventing another financial collapse and urges the Senate to act quickly on its one financial overhaul legislation.

President Obama blames Wall Street for causing much of the economic tailspin and says the meltdown could have been avoided.

In his weekly radio and Internet address, the President says the economy is only now beginning to recover from the “irresponsibility” of Wall Street institutions that “gambled on risky loans and complex financial products” in pursuit of short-term profits and big bonuses with little regard for long-term consequences.

He praises the House for passing new rules aimed at preventing another financial collapse and urges the Senate to act quickly on its one financial overhaul legislation.

 

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Neil Middleton
WYMT Mountain News
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