President Obama today used the one-year anniversary of thecollapse of Lehman Brothers to urge passage of tougher regulationson financial services to decrease the likelihood of anothercollapse of the global financial system.
|"We will not go back to the days of reckless behavior andunchecked excess at the heart of this crisis, where too many weremotivated only by the appetite for quick kills and bloatedbonuses," Obama said in a speech at Federal Hall on Wall Street inNew York City. "Those on Wall Street cannot resume taking riskswithout regard for consequences, and expect that next time,American taxpayers will be there to break their fall."
|He said he has "always been a strong believer in the power ofthe free market" but said the lack of adequate rules had caused thesystem to break down and require stronger government interventionin the economy.
|Obama urged banks to rewrite the terms of more mortgages ofconsumers who are facing financial difficulties and lend more moneyto businesses.
|During his speech, Obama unveiled no new proposals but spokeabout his overall regulatory restructuring plan, which includes anew agency to regulate consumer financial products.
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