President Obama's going to be in New York City today, talking about finance reform. Politico posted some parts of the speech that have already been given to the press.
There's going to be a little bit of I told you so:
I take no satisfaction in noting that my comments have largely been borne out by the events that followed.
Some Wall Street-Main Street linkage:
Some on Wall Street forgot that behind every dollar traded or leveraged, there is family looking to buy a house, pay for an education, open a business, or save for retirement. What happens here has real consequences across our country.
And a call for support of the House and Senate finance-reform bills:
Both bills represent significant improvement on the flawed rules we have in place today, despite the furious efforts of industry lobbyists to shape them to their special interests. I am sure that many of those lobbyists work for some of you. But I am here today because I want to urge you to join us, instead of fighting us in this effort. I am here because I believe that these reforms are, in the end, not only in the best interest of our country, but in the best interest of our financial sector.
Here's more on the speech from NPR, the NYT, the WSJ and the Washington Post
More on finance reform: A bill on derivatives regulation passed a Senate committee yesterday — and it won the vote of one Republican, Chuck Grassley. Meanwhile, work continues on a broader finance reform bill that could have at least some bipartisan support. "I'm more optimistic than I've ever been," Richard Shelby, the Republicans' lead negotiator on the bill, told the Washington Post. Formal debate on the bill could begin next week.