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The White House is big on symbolism.
So was it really any surprise what kind of speech President Obama would give on financial regulation when he came to Cooper Union – a place made famous by Abraham Lincoln's speech there in 1860.
Today, Obama was playing the conciliator of the Main Street-Wall Street divide – a rift he helped to flame only six months ago when he delivered his last speech in New York on the need to overhaul financial regulation. Today, his audience was a deliberate cross section. Goldman CEO Lloyd Blankfein was seated a few rows away from college students.
Here's a comparison of some key phrases from Obama's speech in September with today's address.
Back in September, Obama was blaming Wall Street for “quick kills and bloated bonuses.”
“I want them to hear my words: We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses.”
Today, he vowed support for a free market, but one that has checks against reckless behavior.
“I believe in the power of the free market. I believe in a strong financial sector that helps people to raise capital and get loans and invest their savings. But a free market was never meant to be a free license to take whatever you can get, however you can get it. That is what happened too often in the years leading up to the crisis.”
Probably the biggest difference between then and now was his walk away line. In September, Obama concluded by saying the country “must” pass financial overhaul.
“It is incumbent on us to put in place those reforms that will prevent this kind of crisis from ever happening again?.that will help us move from a period of recklessness and crisis to one of responsibility and prosperity. That is what we must do. And I’m confident that is what we will do.”
Today, his walk away line “urged” the country to pass his proposed legislation.
“Ultimately, there is no dividing line between Main Street and Wall Street. We rise or we fall together as one nation. So I urge you to join me – to join those who are seeking to pass these commonsense reforms. And I urge you to do so not only because it is in the interests of your industry, but because it is in the interests of our country.”
Of course, it is easy for Obama to ease up on bonus bashing and vilifying of Wall Street now that key Republicans have signaled that they are willing to approve his financial overhaul plan, including controversial measures on derivatives and a consumer protection agency.
How will Wall Street respond to Obama's new tone? Well, Blankfein, for one, stood and applauded the president's speech, along with the rest of the 700 people at Cooper Union.
What else can he or anyone on Wall Street really do?
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What else can he do? - - - Withold contributions to Obama in 2012 and support a presidential candidate that doesn’t treat “My Fellow Americans” like ignorant peons unable to think for themselves.
Deal Journal is an up-to-the-minute take on the deals and deal makers that shape the landscape of Wall Street, including mergers and acquisitions, capital-raising, private equity and bankruptcy. In short, wherever money changes hands. Deal Journal is updated throughout each trading day with exclusive commentary, analysis, data, news flashes and profiles. The Wall Street Journal’s Michael Corkery is the lead writer, with contributions from other Journal reporters and editors. Send news items, comments and questions to deals@wsj.com.
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