Obama pushing hard on bailout bill just like healthcare – another bloated bill nobody reads or understands

April 22, 2010 04:41

We’ve learned that when Obama says hurry up and pass it watch out! Michele Bachmann and others say this is another horrendous misnamed bill that will vastly expand the power of the government and allow coercion of thousands of businesses.

From FOXNews.com

WASHINGTON – President Barack Obama is heading to the place where the economic meltdown began to argue for stronger government oversight of the industry and to urge Congress to finish a regulatory bill before the second anniversary of the crisis.

In a speech Thursday at New York’s Cooper Union college, near Wall Street, where the meltdown took root, Obama was to outline the need for new financial regulations and what the nation would be risking if the existing framework is allowed to remain in place.

The president also was calling on Wall Street to join, not fight, the overhaul effort.

“If we don’t change what led to the crisis, we’ll doom ourselves to repeat it,” Obama said last week, adding that 8 million jobs and trillions of dollars in wealth have disappeared since the meltdown began in the fall of 2008.

The sweeping regulatory bill, representing the broadest attempt to overhaul the U.S. financial system since the 1930s, aims to prevent another crisis. Democrats are preparing to bring the Senate version of the bill up for debate, but solid Republican opposition in the Senate has complicated the effort. The House passed its version of the bill in December.


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