President Obama Lauds Wall Street Reform Accomplishments, Stands Firm Against GOP

Remember when the United States was on the verge of another Great Depression, and the world economy hung on a very thin thread? Remember who caused it? Greedy bankers and predatory lenders on Wall Street. And remember who put in place laws to make sure this would never happen again? The Democrats and President Obama. The Dodd-Frank Wall Street Reform Act was passed to make sure another 2008 would never happen again.

This Act was one of the President’s crowning achievements and it should be. President Obama and Congressional Democrats worked hard to save American jobs, pension plans, homes and other aspects of economic security.

And those are all reasons to celebrate. President Obama did in his weekly address. In his address, President Obama lauded the act with:

  • Helping to create 13 million jobs in 64 months
  • A doubled stock market
  • Bouncing back the housing market and making more stable than before
  • Giving 26 million consumers over $11 billion back that they were cheated out of
  • And a crackdown on predatory payday lenders

This act was jut one of many historical and long-lasting pieces of legislation President Obama oversaw. Others include the ACA and the Lilly Ledbetter Fair Pay Act, just to name a few. But just like Obamacare, Republicans have launched an all out assault against the Wall Street Reform Act. Why? President Obama said it perfectly:

“We’ve had to overcome fierce lobbying campaigns from the special interests and their allies in Congress. In fact, they’re still trying everything to attack everything this reform accomplishes—from hiding rollbacks of key protections in unrelated bills, to blocking the financial cops on the beat from doing their job. And they continue to claim this Wall Street reform is somehow bad for business. But that doesn’t explain 13 million new jobs and a stock market near record highs. This law is only bad for business if your business model depends on recklessness that threatens our economy or irresponsibility that threatens working families.”

Republicans have made it their mission in life to give out big freebies to the corporate cronies who fund their campaigns. But they will fail, because President Obama has made one promise to the American people:

 “And if any bill comes to my desk that tries to unravel the new rules on Wall Street, I will veto it. We’ve worked too hard to recover from one crisis only to risk another.”

Republicans will back down. They always back down sooner or later. They backed down during the debt-ceiling crisis, they backed down after shutting down our government, and they just recently backed down on their demands in the highway funding bill. When they make a mess out of everything, the nation rightfully blames them. If Republicans try to pull a fast one in September (when government funding begins), there will be hell to pay in 2016.

Feature image via Johan Viirok