President Obama Demands Change From Titans Of Financial Industry

Speaking this afternoon among a standing room only crowd at New York's historic Great Hall at Cooper Union, President Barack Obama stressed again the importance of standing together as "one nation." The Great Hall boasts many historic favorites including President Abraham Lincoln, who once addressed the packed auditorium. Mayor Michael Bloomberg, Attorney General Andrew Cuomo and NY Governor David Paterson were present.

Obama acknowledged the terrible "trial" on New Yorkers due to the financial collapse where more than 8 million people have lost their jobs.

"Countless small businesses have had to shut their doors.  Trillions of dollars in savings has been lost, forcing seniors to put off retirement, young people to postpone college, and entrepreneurs to give up on the dream of starting a company.  And as a nation we were forced to take unprecedented steps to rescue the financial system and the broader economy," he added.

President Obama stressed that Americans are seeing "hopeful signs," and living during the fastest national economic growth period in three decades. He pointed to the financial crisis as the main contributor to the economic collapse. He underscored that Wall Street nearly dragged the economy into a full out depression. The outcome, he explained should be unacceptable to all Americans.

"I believe in the power of the free market.  I believe in a strong financial sector that helps people to raise capital and get loans and invest their savings.  But a free market was never meant to be a free license to take whatever you can get, however you can get it.  That is what happened too often in the years leading up to the crisis" he emphasized.

Obama pledged to enact a basic set of "common sense rules" with a push for a comprehensive plan that has already passed Congress and is on its way to the Senate. Through this gradual process of financial reform, Obama underlined how this plan would protect the American people--"with the least amount of collateral damage."

The plan relieves tax payers from a future financial collapse and places a heavier burden on financial firms to act responsibly. The plan would also add the "Volcker rule" (named after leading American Economist Paul Volcker) which places limits on the size of banks and greater control on rapidly expanding markets.  It would also force financial markets to exercise more transparent and accountable practices. The plan would also ensure financial protection to consumers.

Obama added that the exploitation suffered by consumers across America and the loss of  millions of homes – need not have happened if these protections were in place from the start.

The President called for agencies to be more clear, concise and dedicated to offering better products for consumers.  He cited how overall, shareholders and consumers would gain more power and be allowed to have a say in what happens on Wall Street, in Washington and on main street.