Obama: Wall Street Protests Express Public's Anger

At a Thursday news conference, president Barack Obama said demonstrators picketing against Wall Street are expressing the frustrations of the American public.

"People are frustrated and the protesters are giving voice to a more broad-based frustration about how our financial system works," he said.

Obama added that he understands the public's concerns regarding the structure of the nation's financial system. Occupy Wall Street has been ongoing since Sept. 17 in New York, and has spread to other cities across the country.

"The American people understand that not everybody's been following the rules," he said.

While Obama recognized the feelings behind the protests, he stressed that U.S. must have a strong and effective financial sector for the economy to grow. He pointed to his financial regulation bill, which is designed to make sure there is tougher oversight of the financial industry.

With that in mind, Obama also noted that many of the financial sector's moves that precipitated the nation's 2008 crisis were not necessarily illegal and thus not subject to prosecution. He said many financial schemes were likely immoral, inappropriate or reckless — and that dramatized the need for more regulation.

 

 

Comments

[w7o7l7f7]

08:26 PM on 10/10/2011

Simple,, give the American people an Itemized invoice for Where the Trillions went...good grief borrowing more just means you will still be broke in 6 months and further in debt......Attack business and expect them to hire?!? Insanity rules

[Edward Wilkes]

06:12 PM on 10/10/2011

Obama often said that together "YES WE CAN." He has not been able to make any of his promises come true alone. And this (YES WE CAN) thing, seems to be our only hope, because he still does not want to back up his words that appear to be nothing more than Rhetoric.

[Edward Wilkes]

02:49 AM on 10/10/2011

Obama I do not know if you realize it, but remember when so often you said yes we can; well Americans are out in numbers with a common voice of many complaints. It looks like America wants the same things you promised, but have not delivered. The GOP might be in your way, as well as in our way, so now, what are we going to do about it. Are you with us or against us? You cannot be on both sides of the fence and expect to accomplish the same results we Americans, now seek. Are you full of Rhetoric or finally ready to come together with the rest of America to obtain RESULTS?

[wetbonder]

04:50 PM on 10/07/2011

Because I've had to educate liberals one a time over this topic and it is onerous, I am performing a public service and offering you the Cliff's notes versions of how we got into this mess


Rubin rewrites bank rules. Creates too big to fail. 1996 and 1999
Cuomo make predatory lending legal. 1999
Clinton opts not to regulate derivative­s. 1999
democrats at Fannie securitize all the crappy loans. 1999-2007
Goldman packages and sells worthless debt as high value securities­. 1999-2007
Moody’s and S&P rules allow them to do it.
Goldman buys Obama. 2008


There. Now you know.

And don't think I can't prove all of them- and with left wing sites at that.

[Haitiana4Obama]

07:38 AM on 10/11/2011

And yet in this hyper universe of yours you failed to mention the atrocities of the eight year Bush/Cheney Wall Street and Bank de-regulations. Why is that?

[VeriCarreri]

10:27 AM on 10/07/2011

Sorry, I meant to write this as a new post, instead I entered it as a reply so am posting again.

Here is a link to an OWS protestor, it is only 8 minutes. needs to be shared with others. It appears the OWS & TP may have common ground.

http://www.youtube.com/watch?v=tFz1VVXsWRU&feature=player_embedded

[Aristontoles]

10:18 AM on 10/07/2011

"People are frustrated and the protesters are giving voice to a more broad-based frustration about how our financial system works"
People are ALSO angry at you, Mr. President. Politicians, including you (the biggest and most powerful of them all) haven't done anything to end the dictatorship of the financial system, since the YOU take advantage of and get power from it. So people are also angry at you. You'd better acknowledge that if you want to be reelected.

"The American people understand that not everybody's been following the rules"
Yes. And you are included in that "not everybody".

[Hank LoRicco]

09:49 AM on 10/07/2011

Oooohhhhhh the Anointed One recognizes the protest on Wall Street but he refuses to acknowledge the frustration of the Tea Party. This president demonstrates prejudice everyday of the week. He is a disgrace to all of those who supported him. And now he stands there and insists his failed policies are working. But just not working for all of us. Buffet's Puppet is nothing more than a mouthpiece for the far, far, far Left.

[morbius]

11:57 AM on 10/07/2011

If your defending the Tea Baggers, we KNOW who funds you guys!

[NJBill]

03:19 PM on 10/08/2011

No one FUNDS the tea party, they aren't an organized group of people with a leader! Just grass roots Americans who don't like what is happening with this administration. That's all. Very simple.

[seanny53]

12:03 PM on 10/07/2011

So you're saying that Buffett is a promoter of the far, far, far left (and left shouldn't be capitalized in this context). Nice fantasy bubble you live in.

[Hank LoRicco]

07:13 AM on 10/08/2011

...tis not me being used by the Democrats. Their lines of b.s. about helping the poor have continued to keep the poor, poor and increased the number of talking heads who buy into their b.s. My point is not to glorify one party over the other but to point out how corrupt they all are....Just the party in power gets all the focus from one year to the next.
And a BIG YES, Buffet is pulling all the strings and only a fool who is being lead around and told what to believe will deny it. That is why Buffet does not draw a salary at 35% tax and lives on capital gains at 15%. Because you are not paying enough....B.S. Try being an American first and screw both parties.

[wetbonder]

09:37 AM on 10/07/2011

One wonder just how many of these protesters are getting paid to be there



"A liberal organizer told the Daily Caller on Thursday afternoon that he paid some Hispanics to attend “Occupy DC” protests happening in the nation’s capital.

TheDC attended the protest event, an expansion of the “Occupy Wall Street” movement that began in New York City. Some aspects of the protest, it turned out, are more Astroturf than grassroots.

One group of about ten Hispanic protesters marched behind a Caucasian individual from the DC Tenants Advocacy Coalition, a non-profit organization dedicated to supporting rent control in Washington, D.C.

Asked why they were there, some Hispanic protesters holding up English protest signs could not articulate what their signs said."



http://dailycaller.com/2011/10/06/organizer-admits-to-paying-occupy-dc-protesters-video/#ixzz1a6R3inqg

That's about right.

[SeriesSeven]

09:18 AM on 10/07/2011

So, if the president feels that "not everyone's been following the rules"....why hasn't he arrested anyone. Those "rules" that he's referring to are the laws that he is sworn to uphold. It is his entire responsibility as POTUS. If there are violations of the law, he is responsible for intervening. He does not require Congress to do anything in order for him to correct this proclaimed wrong.


Or, he could just be a political hack who knows that everyone is following the rules that pols like him set up.

[akeough35]

04:31 PM on 10/07/2011

He explained this already. They did not break the law. No one imposed regulations when big banks and wall street were bailed out. Therefor, even though its immoral and disgusting, they cant be prosecuted. They didnt break any laws because the laws weren't there to begin with. All we can do is change it for the future. I have a feeling if they dug a little deeper they would find some laws that were broken ;-)

[wetbonder]

09:12 AM on 10/07/2011

One-third of the Obama re-electio­n campaign’s record-bre­aking second-qua­rter fundraisin­g came from sources associated with the financial sector, the Washington Post reports.

http://www­.businessi­nsider.com­/wall-stre­et-respons­ible-for-o­ne-third-o­f-obamas-c­ampaign-fu­nds-2011-7

Oops!


How about some anger over that?

[AyeChart]

09:16 AM on 10/07/2011

Let's get the money out of politics!  STOP CONTRIBUTING TO OBAMA'S CAMPAIGN!

[morbius]

11:59 AM on 10/07/2011

Oh God... here come the looneys.

[seanny53]

11:44 AM on 10/07/2011

I suppose you think none of that financial sector money flows to Repubs. Or are you ready to acknowledge that we need to get the money out of politics, period?

[wetbonder]

04:34 PM on 10/07/2011

That's called moral equivalence. You said you were better than that.

[AyeChart]

09:10 AM on 10/07/2011

Obama: 'Not Everybody's Been Following The Rules'

Ah, gee, could he be talking about Eric Holder and others in his own administration?  Could he be talking about...HIMSELF?

[Blackleaf40]

09:04 AM on 10/07/2011

"The American people understand that not everybody's been following the rules," he said.

Given the current list of Obaminations I must agree:

Solyndra
Fast and Furious
Nancy Pelosi's brother-in-law is given $737m of taxpayers' money to build giant solar power plant in middle of the desert
http://www.dailymail.co.uk/news/article-2043282/Nancy-Pelosis-brother-law-given-loan-bigger-Solyndra-solar-plant.html

Who does he think he's talking to ?

[mustardhead98]

08:56 AM on 10/07/2011

OMG. I hope the protesters aren't gullible enough to fall for this blatant attempt at taking over a voting block. For Obama to say "not everyone's been following the rules" with a straight face is plain laughable considering he's just as guilty of this as many who he's pointing fingers to.

His frustration? He feels the public's anger and outrage?? Oh PLEASE!! The only frustration, anger and outrage this man feels is when he looks at his poll numbers and wonders why his approval rating isn't at 98%. Well incite the class divisionary wa rfare and you'll get a few more supporters from those most gullible......how sad.

[seanny53]

11:59 AM on 10/07/2011

The protesters are the ones all about class warfare. They're trying to defend the rest of us from the 1% who started the war.

[wetbonder]

08:52 AM on 10/07/2011

"Pick the target, freeze it, personalize it, and polarize it."

Community organizers organize hate.

Barack Obama cultivates and organizes hate and focuses it upon the target du jour.

It is a sad thing for an American President to pit Americans against each other.

2012 cannot come soon enough. The country cannot survive another four years of Obama.

[morbius]

12:02 PM on 10/07/2011

He doesn't have to do a thing. I'm for splitting the country the jettison the corportist/feudalist/theocrats. I want nothing to do with them; let them have their old confederacy.

[akeough35]

04:34 PM on 10/07/2011

Wrong, I see for myself who incites hate in people and its certainly NOT Obama. The GOTP are the hate mongers.

[wetbonder]

04:41 PM on 10/07/2011

Ridiculous. Show me one quote in which either Boehner or Cantor claim those under $250K aren't doing their part, even though they aren't.

Obama keeps blaming the rich, blaming banks, yadda yadda yadda.

It is Obama's inner Alinsky.

Come on- you know it's true.

[factometer]

07:16 PM on 10/07/2011

Obama yells at his party "go after your ENEMIES (meaning tea party)", Tells Repulicans they are the problem (when the democrats OWNED the house, senate, and Pres seat, and MADE all their own decisions, EXCLUDING republican opinions). This is not a president, he's an antagonizer - it's all he's ever done as an angry racist activist. These people end up like all the other communists - ruining a good thing. The US is fantastic, before Obama spent all those bailouts during the DEMOCRATIC rule. How is it the republicans fault that the first 2 bailouts, all under DEMOCRAT control were spent on crony's and pork? You think he needs $400B MORE in a job bill? Are you unemployed? You should be with a brain like that.

[themainpoint]

08:09 AM on 10/07/2011

"The American people understand that not everybody's been following the rules,"

Or the LAWS.

[wetbonder]

08:53 AM on 10/07/2011

Not true. Banks were following the laws that democrats provided for them.

[shawoman]

09:10 AM on 10/07/2011

Well, technically they were following the laws deregulated by the republican majority congress during Clinton's administration. Democrats just don't seem to care b/c they probably are making just as much off the dirty dealings as the GOP.

[VeriCarreri]

10:17 AM on 10/07/2011

@wetbonder ~ I believe the TP & OWS protestors, the people that are informed and educated on political matters NOT THE ASTROTURF, have come to the realization that BOTH parties have been playing Fast & Furious with our government. The majority of the politicians are in it for themselves. Our problems run deep, both parties set up the dominos for the other with gain at the end. They take turns playing the game, all the while pointing fingers at each other with an all knowing wink.

Enter first the TP & now the OWS protestors...different sides of the same coin.

[factometer]

07:26 PM on 10/07/2011

correct wetbonder. The democrats forced the banks to make loans to people with no income, no credit. It was the LAW. All those people crying 'loan fraud' need to look in the mirror. Facts show that those 'liar loans' were consumers LYING about jobs, income levels, and debt so they could get a loan. The consumers continue to steal from the banks by 'giving the upside down house' to the bank after they took all the equity out and spent it on toys. The law said banks HAD to approve it or face DISCRIMINATION charges for profiling. This was a total planned result by the DEMOCRATS, and their ignorante voters believe every rant the Dem party makes. Tests should be required in order to vote.