Obama: Remember Lehman Brothers
Obama: Remember Lehman Brothers
Tuesday 15th September 2009
Obama has warned US traders of the dangers of "misreading the moment".In a speech in Wall Street he said that the government bailouts may have stabilised the country's economy but that heightened regulation was needed to ensure such a crisis did not happen again.
Amid several indications that the US and world economies are beginning to turn the corner out of recession, the US president insisted that "normalcy cannot lead to complacency".
"We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis," he said.
President Obama explained that the combined regulatory reform proposals from his administration amounted to the "the most ambitious overhaul of the financial regulatory system since the Great Depression".
"But I want to emphasise that these reforms are rooted in a simple principle: We ought to set clear rules of the road that promote transparency and accountability," he continued.
"That's how we'll make certain that markets foster responsibility, not recklessness. That's how we'll make certain that markets reward those who compete honestly and vigorously within the system, instead of those who are trying to game the system."
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