"Hear My Words"--Obama Warns Wall Street, Praises Own Reform

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Posted: Sep 14, 2009 4:05 PM
In a speech on Wall Street today, President Obama "sternly" warned against "returning the the sort of reckless and unchecked behavior" he claims got the US into this whole economic mess:
Obama said, "Instead of learning the lessons of Lehman and the crisis from which we are still recovering, they are choosing to ignore them."

His tough message warned the financial community to "hear my words: We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses."

Am I the only one perplexed by the president's stern warning?  Exactly what lesson did Obama expect the financial community and lawmakers to learn? 

IF the president believed in the markets as much as he claims, he would understand that the capitalist system has risk consequences naturally built into the system.  If the government would let the market work as its supposed to work, the businesses who set themselves up for failure in making terrible business decisions would rightfully FAIL.  On the flip-side, businesses are encouraged to minimize his risk to keep their profits up.  So when irresponsible businesses fail and the government sweeps in to rescue them, what lesson are they supposed to learn, Mr. President?    

In addition, since when did "unchecked excess" and "bloated bonuses" plunge us into this mess in the first place? Seriously?  The US economy tanked because too many executives were getting bonuses while riding around on their private planes?  Please.