Barack Obama And Elizabeth Warren Talk Wall Street Reform, Slam Trump
President Barack Obama and Senator Elizabeth Warren are both Democrats, and they both have a fire under them that drives them to pursue major domestic changes in the governing of the U.S. At times, they have been at odds with each other, especially on the Trans-Pacific Partnership deal. But then there are those times when they couldn’t be in more perfect harmony.
In Obama’s weekly address, he wanted to commemorate his Wall Street reforms that put better regulatory power over the domestic trading market. But he also wanted the one person in the Senate who has campaigned harder and more extensively than any other to join him in his address, which was Senator Warren, according to CBS News.
Obama teams up with Elizabeth Warren for video message on Wall Street reforms | WATCH: https://t.co/eJKlLcOJ0k pic.twitter.com/46M9RGKK9k
— The Hill (@thehill) July 23, 2016
That may be because there is perhaps no greater issue that Obama and Warren agree more on than having strict and tough policies on Wall Street, whom they blame for the financial meltdown in 2008 and the subsequent Great Recession that crippled the world.
The recovery from the Great Recession, which began under President George W. Bush’s watch, was slow in the beginning, but it picked up steam, and there seems to have been a full economic recovery, at least in the Unites States. But what was most important to the voters, especially the ones who voted for Obama and Warren, was that the financial meltdown never be allowed to happen again.
“President Obama delivered. He signed into law the toughest Wall Street reforms and strongest consumer protections in generations. Trust me ? I’m a pretty tough grader,” Elizabeth Warren, who is a former professor at Harvard Law School, said on the address. “These new rules are making our financial system more transparent, getting rid of a lot of fine print, and making sure that if a bank screws up, you have someone to call so you don’t get stuck with the bill.”
What Warren was referring to was of course the eventual loss of jobs and people’s life savings that had been tied up in 401K retirement plans for decades. The big banks and their callous actions led to the economic crash in 2008 and put the world in a tailspin. Most have cited the deregulation and lack of oversight on big banks and Wall Street trading that led to the crisis in the fist place.
That is also something that Obama and Warren have to fight against within the GOP establishment. The GOP have been trying for years to eliminate or defund regulatory commissions that put these kind of protections in place for consumers.
“Every year, like clockwork, big banks and their Republican allies in Congress try to roll back these protections and undermine the consumer watchdog, whose only job is to look out for you,” Elizabeth Warren said in the joint address with Obama. “Their nominee for president [Donald Trump] promises to dismantle all of it. They may have forgotten about the crisis, but working families sure haven’t. We haven’t either. And that’s why we’re not going to let them give Wall Street the ability to threaten our economy all over again.”
Donald Trump has vowed to make changes to regulatory agencies, which includes the elimination or dismantling of the Dodd-Frank Act. That would in effect lead to Wall Street and big banks having the same destructive powers they had just before they crashed the economy.
#DonaldTrump: “We’re going to get rid of Dodd-Frank so the banks can loan you money” https://t.co/RdEBX20gph pic.twitter.com/JwD5EUoAI8
— FOX 10 News Now (@FOX10NewsNow) June 18, 2016
“Despite their [GOP] claims, our economy is stronger today than it was before the crisis,” Barack Obama said in his weekly White House address alongside Elizabeth Warren. “The idea this was bad for business just doesn’t hold water.”
Elizabeth Warren has been considered by some to be the true people’s champion, battling day in and day out against Wall Street and their destructive habits. She has praised Obama’s domestic polices with the economy and held them in high regard to be protections for consumers.
[Photo by Mark Wilson/Getty Images]
