Obama: Wake Up America, GOP Will Repeal Wall Street Reforms

October 23, 2010

(ChattahBox Political News)—-President Obama uses this weekend’s address to blast Republicans for their pledge to roll back any and all financial reforms to appease their Wall Street masters. The big banks on Wall Street have donated millions to Republican candidates this election season, to ensure they can return to their corrupt and free-wheeling ways that caused one of the worst economic disasters since the Great Depression. If Republicans have their way, our financial system will return to the same “secret deals and reckless gambling,” that nearly tanked our economy, plunged Americans into despair and joblessness and caused havoc with our housing system, throwing thousands out of their homes. Worse, the GOP also seeks to dismantle new consumer protections that will protect Americans from “the hidden fees, deceptive mortgages, and other abusive practices used to tilt the tables against ordinary people in their financial dealings.” Wake up America.

President Obama paints the battle ahead in simple terms. The Democrats and the White House have been fighting tooth and nail for middle class Americans. The Republicans protect the very wealthy, big banks and big business and care little for the lives and struggles of ordinary Americans.

The President points out that Wall Street reform and our new consumer watchdog, were hard-won battles against the GOP and special interest money.

“This was a bill designed to rein in the secret deals and reckless gambling that nearly brought down the financial system. It set new rules so that taxpayers would never again be on the hook for a bailout if a big financial company went under. And reform included the strongest consumer protections in history – to put an end to a lot of the hidden fees, deceptive mortgages, and other abusive practices used to tilt the tables against ordinary people in their financial dealings.”

“It was a tough fight. The special interests poured millions into a lobbying campaign to prevent us from reforming the system – a system that worked a lot better for them than for middle class families. Some in the financial industry were eager to protect a status quo that basically allowed them to play by their own rules. And these interests held common cause with Republican leaders in Washington who were looking to score a political victory in an election year.”

And the suffering of Americans, as a result of unregulated Wall Street greed is still ongoing, with the foreclosure crisis about to get worse from widespread bank fraud.

“Even today, we are still digging out of the damage it unleashed on the economy. Millions of people are still out of work. Millions of families are still hurting.We’re also seeing the reverberations of this crisis with the rise in foreclosures.”

But Republican leaders don’t care.

“Yet despite the importance of this law – and despite the terrible economic dislocation caused by the failures in our financial system under the old rules – top Republicans in Congress are now beating the drum to repeal all of these reforms and consumer protections. Recently, one of the Republican leaders in the Senate said that if Republicans take charge of Congress, repeal would be one of the first orders of business. And he joins the top Republican in the House who actually called for the law to be repealed even before it passed.”

It’s very simple folks. A vote for a Republican is a vote for Wall Street greed and a return to a nation of Robber Barons.

“And as we saw, without sound oversight and common-sense protections for consumers, the whole economy is put in jeopardy. That doesn’t serve Main Street. That doesn’t serve Wall Street. That doesn’t serve anyone. And that’s why I think it’s so important that we not take this country backward – that we don’t go back to the broken system we had before. We’ve got to keep moving forward.”

Do you really think that the U.S. Chamber of Commerce, Karl Rove’s shadowy groups and other groups spending secret money to defeat Democrats, don’t expect something in return from Republican lawmakers for their largess?



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