Obama set to warn of another crisis without new financial reforms

President Barack Obama on Thursday will warn Wall Street
that another financial crisis is certain unless financial regulatory
reform is signed.

Obama, in a speech at New York City’s Cooper Union, will ask Wall Street bankers opposed to reform to call off the
lobbyists fighting legislation moving through Congress.

{mosads}The president
will harken back to a speech he gave at the same spot on the same issue
during the presidential campaign, saying he takes “no satisfaction in
noting that my comments have largely been borne out by the events that
followed.”

Obama blamed “a failure of responsibility,” according to excerpts
from the speech provided by the White House,  saying “it is essential
that we learn the lessons of this crisis, so we don’t doom ourselves to
repeat it.” 

“And make no mistake, that is exactly what will happen if we allow
this moment to pass – an outcome that is unacceptable to me and to the
American people,” Obama will say.

The president was set to outline
the five key ideas he and Democrats are pressing for, and to repeat that he believes in the necessity of the free market.

“But a free market was never meant to be a free license to take
whatever you can get, however you can get it,” Obama will say.

The House has already approved a Wall Street reform bill, and Republicans and Democrats in the Senate appear close to a compromise.

“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,” Obama wll say. “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.”