Volgens mij zijn het de woorden van Obama,die de beurs omhoog heeft weten te lullen.
Obama to Wall Street:
'Join Us, Instead of Fighting Us'
Published: Thursday, 22 Apr 2010 | 12:27 PM ET
President Barack Obama Thursday called on Wall Street to abandon its opposition to financial reforms, warning that the United States was doomed to repeat the financial crisis if lawmakers failed to act.
Obama, whose audience at Cooper Union college in Manhattan included financial industry leaders, urged Wall Street "to join us, instead of fighting us in this effort."
"It is essential that we learn the lessons of this crisis, so we don't doom ourselves to repeat it," Obama said in his speech in the shadow of Wall Street, as his fellow Democrats in Congress pressed forward on a financial regulatory reform bill that has become his top legislative priority.
"And make no mistake, that is exactly what will happen if we allow this moment to pass—an outcome that is unacceptable to me and to the American people."
Obama rebuked Wall Street for risky practices even as he sought its leaders' help for "updated, commonsense" regulations. Goldman Sachs [GS 159.05 0.12 (+0.08%) ] chief Lloyd Blankfein and major players from at least five other Wall Street giants were in attendance.
"Ultimately there is no dividing line between Main Street and Wall Street. We rise or we fall together as one nation. So I urge you to join me," Obama said in a high-stakes speech near the nation's financial hub.
'Stockholm Syndrome' Slowing Reform?Obama Denies Influence in Goldman CaseDemocrats Seize Oversight with GS SuitMoney and Politics with Larry Kudlow
The president acknowledged differences of opinion over how to best protect bailout-weary taxpayers but denounced criticism from some Republicans who claim a Democratic-sponsored bill headed for Senate action would encourage rather than discourage future bailouts of huge banks.
"That may make for a good sound bite, but it's not factually accurate," Obama said. He said the overhaul legislation would "put a stop to taxpayer-funded bailouts."
Obama's speech came at a delicate time in negotiations over the Senate measure, which could be debated next week. The House has passed its own version of financial overhaul legislation.
Obama did not say which one he favored but told an audience that included dozens of financial leaders "both bills represent significant improvement on the flawed rules we have in place today."
Speaking a couple of miles from Wall Street, Obama said "we've seen the fastest turnaround in growth in nearly three decades."
But, he said, "we cannot be satisfied" until "this progress is felt not just on Wall Street but Main Street."
Republican Opposition
House of Representatives Republican leader John Boehner, in an opinion piece in Investors Business Daily, labeled the measure a "job-killing initiative" and said it "would provide the nation's largest financial firms with permanent bailouts."
He said Obama "talks a big game when it comes to Wall Street" but was promoting steps that "benefit the likes of Goldman Sachs."
The financial reform bill authored by Senate Banking Committee Chairman Christopher Dodd would bring new oversight to hedge funds and derivatives while cracking down on risky bank trading and putting in place protections for consumers of financial products. It might be voted in the Senate next week.
It would also establish a system for unwinding troubled financial companies to prevent a repeat of catastrophes such as the collapse of Lehman Brothers in 2008 and the near-failure of insurance giant AIG [AIG 43.25 2.35 (+5.75%) ].
Obama listed five essential elements to the reform legislation in his speech.
Those include the "Volcker Rule," which would ban banks from engaging in proprietary trading, or trading for their own account. It is named after former Federal Reserve Chairman Paul Volcker, an outside adviser to Obama.
Obama also wants to see a system for winding down large firms whose failure could disrupt markets, transparency for derivatives, strong consumer protections and a provision giving shareholders more say on executive pay.
Democrats hold a 59-41 vote majority over Republicans in the Senate—one vote short of the number needed to overcome procedural hurdles to the bill's passage.
Obama therefore needs at least one Republican vote