Barack Obama’s speech on the economy points to a number of truths that have corrupted our nation over the last decades. Describing Whitehouse proposals for dealing with the finance crisis, Obama says President George W. Bush is “completely divorced from reality.”
“Under Republican and Democratic administrations, we failed to guard against practices that all too often rewarded financial manipulation instead of productivity and sound business practices.”
“The result has been a distorted market that creates bubbles instead of steady sustainable growth — a market that favors Wall Street over Main Street, but ends up hurting both.”
He said Washington shouldn’t be merely bailing out banks holding risky mortgages because that’s far too little for our deteriorating economy.
“While this is consistent with Senator McCain’s determination to run for George Bush’s third term, it won’t help families who are suffering.”
He said industry lobbyists and weak legislators have created a misshapen deregulated economy.
“Instead of establishing a 21st century regulatory framework, we simply dismantled the old one.”
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