Obama: GOP Will Undo Financial Reform

Politico :

In his weekly Saturday address, President Obama warned that if Republicans take control of Congress this November, they would repeal consumer protections in the Frank-Dodd financial regulatory reform legislation, which he called "one of the most important victories" he has achieved in office.

Read the whole story: Politico

Comments

[MyFatCat]

08:54 PM on 11/02/2010

Ah, the smell of trolls in the harvest time...

As for the president, it's a little too late to complain the GOP is undoing your work. Instead of rolling over for them, why aren't you working to protect your achievement? Fight for it! If you don't, how are you going to convince people that it was worth keeping?

Personally, I don't think reform went far enough. But I certainly can't get behind a message that says "it will be rolled back" when the message ought to be why it should be kept. There has to be a defensive action to protect what's there, an offensive action to continue progress, and some real understanding about what real people care about right now. Not this "beat the other guy" stuff, which is a recipe for a government that only represents half of us.

[ConservativeWorld]

11:07 PM on 10/27/2010

Is Obama now campaigning for the GOP? Undoing his bad financial deform bill is a selling point for Republicans.

[spiralskydancer]

10:04 PM on 10/27/2010

greetings...quite a picture, that "level playing field"......on one side you have Goldman Sarcoma, BOA, Chase, etc......on the other side you have.... the unemployed, the underpaid, the struggling to make ends meet folks, the retired.....Mr. President your analogies and the policies that flow from them are.really......well... lame.......and I'm afraid that's all you got....

[AyeChart]

12:31 PM on 10/27/2010

GOP undo financial reform? One can hope!

And undo a lot of other disastrous legislation. We just have to keep the good-ol-boy establishment RINO types from taking over the new, conservative types.

[Jayk4444]

02:20 AM on 10/27/2010

and HCR too?

[Philclock]

01:02 AM on 10/27/2010

President Mom-jeans, never had a real job in his life outside of government entitlement administration, the expert on the financial market??

Right!!

[PJay1]

12:41 AM on 10/27/2010

So he tells us we can choose hope over fear as he proceeds to try to make us fear the other side of the same coin.

[AyeChart]

12:40 PM on 10/27/2010

Hey! You aren't supposed to notice that!

[PJay1]

12:38 AM on 10/27/2010

Financial reform? WHAT financial reform?
The one that has the credit card companies give you 45 days notice that they will raise your interest rates to whatever they feel like raising them to, but puts on caps on those interest rates whatsoever? THAT financial reform?

Is he serious?
He must really think we're stoooopid.

[PJay1]

12:39 AM on 10/27/2010

S/B "NO" caps (not "on caps")

[cassie reinara]

02:57 PM on 10/26/2010

They actually already did and a few democrats helped them. Your centerpiece legislation whether be it financial reform or HCR unfortunately were written by lobbyists mostly. If you had real negotiations maybe you would have passed true reform or honestly say you tried. What we saw going on was the same old politics involving backroom deals and political expediency. I have to clarify that Republicans would have been done absolutely nothing or make things far worse, but question one has to ask oneself "Is the only choice the American voter now has between a schizophrenic Democratic Party and the unabashedly corporatist Republican Party?" This is a sad era for American politics. The parallels between the present day US Senate and the Roman Senate are astonishing.

[AustinG]

10:55 AM on 10/26/2010

The "reform" has been said to help Goldman Sach's and others even by those who examined it on this website. So who is in the pocket of Wall Street those that support that type of "reform" or those who want to repeal it? For people who actually pay attention to things the President's rhetoric is simply insulting. Any opposition to him is somehow nefarious in his mind. The crazy thing is that he assumes that everyone automatically thinks the same way without any evidence.

[Just Capital]

10:16 AM on 10/26/2010

Because restoring Glass-Steagel which was in place for 70% of the 20th Century is far too radically leftist for the good and true Amurcans to have to take. Republicans keep lowering the bar and Dems keep patting themselves on the back for barely getting over it.

[Nathan Aschbacher]

10:06 AM on 10/26/2010

Wouldn't there actually have had to be reform for them to undo?

What the Democrats managed to piecemeal together and label Financial Reform is a far cry from it. It didn't address any of the fundamental problems that debased the financial sector in the first place, didn't replace it wholesale with direct government lending facilities, and what tiny new reforms were added to the shadow banking sector have been exposed as completely impotent.

I assume Obama is just making a cynical political ploy, and that he things we're all just too stupid to notice how bankrupt his rhetoric is.

[AZreb]

09:28 AM on 10/26/2010

What reform? Check out the article in the NYT this morning about the Treasury Department's "facts" regarding AIG. It is not "reform" when numbers are twisted and turned to make a case for "reform".

[SempeConfucious]

06:48 AM on 10/26/2010

Spending out of control - a little known comparison to the war

http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Little-known-fact-Obamas-failed-stimulus-program-cost-more-than-the-Iraq-war-101302919.html

[leevntheus]

02:21 AM on 10/26/2010

Imagine if 0 b ama had rolled up his sleeves, spent some political capital, grown a pair, stiffened his backbone and re instated Glass - Steagall and DARED the Repu kes to go to the polls campaigning AGAINST financial reform.

Just THINK of HOW MANY Dems and Indies would MAKE SURE to keep the tr0 llz in their hollz....

but nooooooooooo...President 0 caved on every major issue and we get "Frank-Dodd" - B S regulation written by and for the crooks that need to be regulated

so.... coming out and whining that the Republican takeover will lead to gutting "financial reform" or "0bamacare" or "HAMP" or any OTHER of his BS "Faux Change" we could believe in....is simply

WEAK

Barack Obama....you need to RE sign as soon as possible...let Joe and Hillary get something REAL accomplished....or somebody...just not you anymore

its gotten as bad as when Shrub was Prez....the moment I hear you or see your mug on the telly, I flick the clicker on you buh bye!

[rbchilds]

10:32 AM on 10/27/2010

Who in Congress dropped the Cantwell-McCain amendment from the Financial Reform Bill? The amendment would have restored the provisions of Glas-Stegall, it wasn't Obama (although he didn't fight for it either), it wasn't Republicans, it was the DEMOCRATS. The likes of Harry Reid, Chris Dodd, and Barney Frank. Obama needs to slap his own folks around, but sadly this is what you get when you elect a person who has absolutely no experience managing anything.