September 21, 2010

Told You So

Told You So: The President addressed a live audience for CNBC this past Monday. He fielded questions from several audience members, ranging from a Wall Street banker to a middle class worker, and covering a number of topics that focused on the economy and jobs. I won't create a synopsis here because The Huffington Post has already done so. But there are two points that Obama makes which I would like to point out. First, he says the programs that were put in place to stop this recession are working as evidenced by the increasing stability of the financial system. The analogy that he uses is one of us trying to dig ourselves out of a deep hole. A few months ago he would make remarks about how we are in the bottom of a deep hole and that we must stabilize our financial sector as a first step towards digging ourselves out of this recession. Well, here we are with several reforms (though not as many as was hoped) effecting the financial sector aimed at equality and transparency. We still have work to do, he implies, but we also have accomplished much.

The second point is found in the second video. He remarks that he warned Wall Street in 2007 that we were heading towards a collapse and that Wall Street's tactics in getting money out of consumers was a big part of the impending collapse. He said that reforms had to happen right then. Those reforms did not happen, our markets did collapse, and now we are starting to see reforms. But he repeatedly stresses that we must continue these reforms until we can be sure that we won't face the same problems later on down the road.
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