Just so we don't forget where we were, Colorado in August of 2008 had about a 4, 4rac{1}{2} percent unemployment rate. We had a crash the likes of which we haven't seen in decades in September, October, November of 2008 on the financial markets centered on Wall Street. Colorado then went to 8 percent unemployment. Thousands of people in Colorado lost their jobs because of the recklessness that we saw on Wall Street. There were no police on the beat, or if they were on the beat, they were told to look elsewhere. Since Barack Obama took office at the beginning of 2009, when we were losing 800,000 jobs a month, the stock market in the fall of 2008, under the last months of the Bush administration, lost thousands of points. Since March of 2009, the stock market has doubled, because people understand that there is some restraint and enforcement of the financial markets now. People are starting to get back to work. The middle class is realizing they have pensions that are growing again. We have to have confidence. We have to have certainty in the financial markets. And to underfund and take away the police that are trying to deal with these unbelievably complicated types of financial transactions is wrong for Middle America. Middle America got hit hard. It's just getting back on its feet, and my friends on the Republican side of the aisle just want to pull that rug out from underneath them again and let the bums start pillaging Wall Street again. No, we had Ponzi schemes.…
On the recordFebruary 17, 2011
Editor's note · Context
The speaker addresses the impact of the financial crisis on Colorado and the need for financial market regulation.
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