Where to start with this CNBC gem? If the market doesn't like the President calling for a new era of regulation and responsibility after one of the hardest falls in decades, tough. Anyone who is flustered by the words of Obama and wants to run because of a drop at the end of a day needs to get out of the business immediately. The market has benefited the elite and traders and has trashed the retirement investments for a few hundred million so apologies if I don't cry over Wall Street's drop on Wednesday. If CNBC and the cheerleaders are unable to see the necessity - yes, necessity - to improve the system for all Americans, too bad for them.
The AP has more.
"We can no longer sustain 21st century markets with 20th century regulation," Obama said after meeting with Treasury Secretary Timothy Geithner and the chairmen and top Republicans of the two House and Senate committees charged with writing new regulatory legislation.
Obama leveled a broad indictment of the industry, saying the current financial crisis occurred when "Wall Street wrongly presumed the markets would continuously rise and traded in complex financial products without fully evaluating their risks." But he also blamed government regulators for not adequately protecting consumers.
In calling for a sweeping regulatory change, Obama is providing ballast to his still unfinished effort to shore up the ailing industry. As such, he is taking both a policy and a political step designed to assure the public that bailing out banks is not his only prescription for the industry.
