Obama: Banks Are In To Make Money And That's Why We Need To Regulate Them
"We passed Wall Street reform, which they fought tooth and nail. But what it did was is it made sure that they can't make some of these same reckless bets, they've got to keep more capital so that if they make a bad bet, taxpayers don't pick up the tab. We put in place this consumer advocate that will work with families all across the country on things like mortgages, credit cards, payday loan operations, so that people have more information and they don't get tricked into bad financial deals," President Obama said on the Wednesday broadcast of NBC's "The Tonight Show" with Jay Leno.
"Look, these financial institutions are in to make money and that's why we need some smart regulations and this is an example of the difference in this campaign because my opponent says he wants to roll back all those regulations. These folks are not going to do it just out of a sense of guilt of what happened previously or because suddenly they feel charitable," Obama told Leno.
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Location: Washington, District of Columbia, United States (load item map)
Marked as: approved
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