Monday, 14 September 2009

Obama's speech to Wall Street met with Silence

According to the Wall Street Journal, President Obama's speech to Wall Street executives was met with silence. Obama suggested that bailouts for banks are no longer on the table - on this we agree. Many of these large bailouts should have never happened in the first place. The President also plugged the CFPA (reminder - vote scheduled for September 23) which will give the government massive controls over consumer lending.

"Mr. Obama's remarks had the tone of lecture and were largely met with silence by an audience composed of Wall Street executives, members of Congress and high-ranking government officials."

After the speech, Rep. Barney Frank said that "it's not that important if these CEOs listened."