Obama Takes On Banks "Too Big To Fail"

UpTake Video 2010-01-21

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Twitter log: It's important to not lose sight of what got us into this mess in first place." Financial orgs doing risky stuff. Bank rescue "extremely offensive" but needed. Most of TARP money has been recovered. But we need reform prevent future crisis. Rules that led to near financial collapse are still the same. We need to reform them. "Never again will the American taxpayer be held hostage by a bank that is 'too big to fail'". First reform- Banks should not stray from serving customers. No more hedge fund or private equity fund investments by banks. Banks should not be able to use "cheap money" to trade for profit. We can no longer have a system where shareholders win if the banks do well, but taxpayers lose if the banks crash. Reform #2 - We need to prevent banking consolidation. Having a few massive firms is not good for consumers/taxpayers. "If these folks want a fight (banks, financial orgs) that's a fight I'm willing to have." We can't return to business as usual. That's why we're going to pass these banking reforms into law. Distributed by Tubemogul.

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