President Obama speaks in New York City today about
financial regulatory reform, which will target the big banks of Wall
Street. Speaking at Cooper Union University--just two miles from
New York's financial district--Obama will attempt to bring financial CEOs and
the wider public up to speed on Democrats' advancing regulatory legislation
. His speech comes as the
biggest of the banks, Goldman Sachs, is embroiled in a
brought by the Securities and Exchange
- Obama's Four
Simple Points The Atlantic's Derek Thompson lays them
out. "Financial reform is complicated. Understanding why we need it
is not. ... The key is to keep things simple." He lists Obama's key
points, explaining each and anticipating Obama's remarks:
have to fight for consumers.
2. We have to drag the banks out of the
3. Big is bad...
4. ... but banks are not.
Two Prongs in Obama's Plan The Washington Post's Michael Shear writes,
"Obama's role has consisted of two parts, the officials said: making the
public case that financial reform is necessary, and privately lobbying
lawmakers to pass a sweeping bill." Today is about the public case, but
Shear said the White House has been lobbying legislators for "more than a
- Will He Bring In Republicans? The Guardian's Michael Tomasky is
optimistic. The Sarah Palin-Glenn Beck opposition is "hardened and
will never stop." But Senate Republicans could get in. "They want a bill
for the obvious reason that there's lots of populist rage against Wall
Street out there - as much of it coming from the grassroots right as the
grassroots left - and they want to be seen as placating it. So a few
GOPers - not many, to be sure, but enough - are ready to sign on and
help pass a bill."
- Vilifying Wall Street Misses the Point
Conservative blogger William Jacobson
shakes his head. "This is the narrative the administration wants, it
all was Wall Street's fault. ... The reality is that the economic
meltdown began with federal government policies which kept interest
rates artificially low and forced banks to abandon traditional lending
practices," he writes. "I have spend most of my professional life suing
Wall Street firms, so I have no sympathy for the many bad practices
which have ripped off investors. But just because Wall Street has
engaged in some bad practices does not mean Wall Street is responsible
for everything that goes wrong in the economy."
- Will Goldman
CEO Show Up? Politico's Eamon Javers asks, "Will Goldman
Sachs CEO Lloyd Blankfein attend Obama’s speech? Sources say the top
Wall Street execs have all been invited – but that they only received
invitations on Tuesday." He writes, "The issue is particularly fraught
for Blankfein, whose company is in the SEC’s cross hairs. If he goes,
he’ll be accused of pandering. If he doesn’t go, he’ll be accused of
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