Political Quotes

“Madam President, for those who do not remember or those who do not choose to remember, 5 years ago our economy was at the brink of collapse after being rocked by a financial crisis because of incompetence, Wall Street greed, overreach in the financial sector, and more. Washington had let the financial system run wild through deregulation. Banks had overloaded on toxic mortgage securities that they used massive amounts of leverage to purchase. In many cases these Wall Street banks were so large, so complex, so opaque, so overleveraged, they were too big to fail. Increasingly, these banks are too big to manage and too big to regulate. I remember that time well. I was in Zanesville, OH, when I first got a call to discuss what we needed to do from Chairman Bernanke and President Bush's Secretary of the Treasury Paulson. Five years since the collapse of the markets, 3 years after the passage of the Wall Street reform law, we still cannot say that the Dodd-Frank legislation ended this problem. In July of last year, Chairman Bernanke said: I wouldn't be saying the truth if I said that the problem is gone. It is not gone. That is the Chairman of the Federal Reserve.…”