Friday, April 23, 2010

President Obama to Wall Street: 'A free market was never meant to be a free license'


President Obama brought his message of financial reform to New York to address the tycoons of Wall Street, and the voters of Main Street.

Among the 700 guests invited to attend Obama's speech were Mayor Bloomberg - who arrived via the 6 train - and Governor Paterson, each of whom were seated in the front row.

Rep. Carolyn Maloney joined them, with City Council Speaker Christine Quinn, City Controller John Liu and Public Advocate Bill de Blasio seated behind them.

Following them in the rows of chairs were Wall Street heavyweights and business leaders.

The more populist lines of the speech were given the most appreciation. For example, Obama's declaration that he would not accept another slump into crisis received cheers, as did his call to put "cynical" Washington politics aside.

There were applause when the President spoke about a fee on finance firms to recoup taxpayer money. Obama also remarked that claims the Dodd bill contained a facility for taxpayer bailouts.

"That may make for a good sound bite, but it's not factually accurate," Obama said.

"Mr. Volker, I love you!" was called out when Obama's gave his chairman of the Economic Recovery Advisory Board kudos. He was seated in the front row, along with Rahm Emanuel.

Click HERE for more from the NY Daily News

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