On September 14,2009 President Obama gave a speech in New York’s Federal Hall outlining goals that he feels are necessary to bring Wall Street in line to protect Main Street’s consumers. His plan does include some necessary measures but thanks to lobbyist I do not think it will reach for enough. I have captured what I think are the main points below. We can only hope that this well lead to policies that will provide real fairness in the marketplace for consumers.

•  Banks have repaid more than $70 billion, and in those cases where the government’s stake has been sold completely, taxpayers have actually earned a 17-percent return on their investment.
•  Obama stated that we have been able to eliminate a $250 billion reserve included in our budget because the concern that the financial system would continue to worsen has not been realized.
• A new Consumer Financial Protection Agency will be created to enforce the new rules created by congress to protect consumers from the criminal fees and practices of credit card companies, banks and private mortgage lenders.
• Obama believes the plan has helped responsible homeowners refinance to stem the tide of lost homes and lost home values. This referring to banks rewriting outstanding mortgages for eligible people to a payment they can afford.
• Obama believes that their “recovery plan is providing help to the unemployed and tax relief for working families, all while spurring consumer spending. It’s prevented layoffs of tens of thousands of teachers, police officers, and other essential public servants. And thousands of recovery projects are underway all across America, putting people to work building wind turbines and solar panels, renovating schools and hospitals, and repairing our nation’s roads and bridges.” President Barack Obama 
• Obama goes on to say, which I find interesting is that, “Under existing rules, some companies can actually shop for the regulator of their choice – and others, like hedge funds, can operate outside of the regulatory system altogether. We have seen the development of financial instruments, like derivatives and credit default swaps, without anyone examining the risks or regulating all of the players. And we have seen lenders profit by providing loans to borrowers who they knew would never repay, because the lender offloaded the loan and the consequences to someone else. Those who refuse to game the system are at a disadvantage. While holding the Federal Reserve fully accountable for regulation of the largest, most interconnected firms, we’ll create an oversight council to bring together regulators from across markets to share information, to identify gaps in regulation, and to tackle issues that don’t fit neatly into an organizational chart. We’ll also require these financial firms to meet stronger capital and liquidity requirements and observe greater constraints on their risky behavior. That’s one of the lessons of the past year”
• President Obama goes on to say that, “The only resolution authority we currently have that would prevent a financial meltdown involved tapping the Federal Reserve or the federal treasury.  With so much at stake, we should not be forced to choose between allowing a company to fall into a rapid and chaotic dissolution that threatens the economy and innocent people, or forcing taxpayers to foot the bill. Our plan would put the cost of a firm’s failure on those who own its stock and loaned it money.  And if taxpayers ever have to step in again to prevent a second Great Depression, the financial industry will have to pay the taxpayer back – every cent.”
• Obama stated, “So when, as happened this weekend, we invoke provisions of existing agreements, we do so not to be provocative or to promote self-defeating protectionism.  We do so because enforcing trade agreements is part and parcel of maintaining an open and free trading system.” Which I agree with immensely because it seems that many countries can conduct trade in whatever manner that is advantageous to their country but if do something to enforce laws that already exist to ensure fairness they scream protectionism.
• In order to keep cost down and reduce our deficit Obama said that he is pushing to restore pay-as-you-go rules which basically means that the government cannot increase or pass new spending if it does not include the mechanism that will cover the cost. I hope he is able to accomplish this because I am proud of our country but we have allowed it to grow week financially and that hurts everyone.

Now he really did not go into in his speech but there is the health care reform. I have say it all the time, I agree that we need reform I would just like them to start by fixing our current system and creating a fair market place where healthcare companies are not allowed to charge whatever they like. I think this applies to insurance companies such as car and home as well. Fingers crossed people that maybe we will finally get the change we were promised.

Matt