Memoli reports: "President Obama said Thursday that the Occupy Wall Street protests show a 'broad-based frustration' among Americans about how the US financial system works."

President Obama speaks during a news conference in the East Room of the White House, 10/06/11. (photo: Saul Loeb/AFP/Getty Images)

Obama: Occupy Wall Street Protests Show Americans' Frustration

By Michael A. Memoli, Los Angeles Times

06 October 11

resident Obama said Thursday that the Occupy Wall Street protests show a "broad-based frustration" among Americans about how the US financial system works.

Speaking at an East Room news conference, Obama said he has monitored the movement, which has spread to dozens of cities nationwide.

"I think it expresses the frustrations the American people feel, that we had the biggest financial crisis since the Great Depression, huge collateral damage all throughout the country ... and yet you're still seeing some of the same folks who acted irresponsibly trying to fight efforts to crack down on the abusive practices that got us into this in the first place," he said.

Obama said he used "a lot of political capital" to prevent a financial meltdown and ensure banks remained solvent after he took office. He also touted the financial reform legislation he and Democrats in Congress moved through in 2010.

He criticized Republican presidential candidates whose economic plans, he claimed, gut those reforms.

"Not only did the financial sector, with the Republican Party in Congress, fight us every step in the way. But now you've got these same folks arguing we should roll back all those reforms and go back to the way it was," Obama said. "That does not make sense to the American people. They are frustrated by it and they will continue to be frustrated by it until they get the sense that everyone is playing by the same rules."

Obama used the opportunity to call on Congress to support his nominee to lead the new Consumer Financial Protection Bureau, former Ohio Treasurer Richard Cordray. The Senate Banking Committee approved his nomination Thursday, but his confirmation by the full Senate is in doubt because of a possible Republican filibuster.

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+26 # John Locke 2011-10-06 13:11

The Problem really is Obama himself, he won't stand up for the people who elected him, he has protected the crooks who caused the melt down because they are his financial benefactors...until we have a real leader in the White House and not a weakling who takes his orders from Wall Street, a revolution is looking very likely, and it is forming and growing!!!... Let Wall Street crooks eat the cake and let us have the bread...

+11 # wcandler1 2011-10-06 17:23

Quoting

"..until we have a real leader in the White House and not a weakling who takes his orders from Wall Street,"

. Quite so! So why do we have no choice in the Democratic primary. We may agree Obama is awful, but he is unopposed in the primary. It makes absolutely no sense.

+7 # noitall 2011-10-06 20:16

You can't understand it because you don't have enough money to have lost your sense. Seems that money, enough of it causes one to lose their sense of what makes sense, sense of morality, sense of fairness, sense of compassion, sense of __________ fill in the blank, they've lost it. This is theoretical because I don't have that kind of money either, but then neither did Abe Lincoln and he ran for president...what a concept.

+3 # TGMisanthrope 2011-10-07 02:48

"...he has protected the crooks who caused the melt down..."
_____________

Even worse, John Locke, is that he's appointed several of them to key positions in his administration. Hell, making Timothy F. Geithner Secretary Of The Treasury conveys the same message as gathering the common citizenry en masse and pissing on our heads while laughing. I, for one, reckon it's about time to get the last laugh.

+14 # Barbara K 2011-10-06 13:31

Mr. President, please come out and speak to the people. You are needed and you are needed now. We need to hear from you, our Country's Leader. You are the hero of many of us, speak to us, please.

+11 # noitall 2011-10-06 20:23

I don't want to HEAR any more from Obama, he's already said it all and said it well. Everything we wanted to hear he's said it. I want to see ACTION. He knows what we want but then when it gets right down to it, he'd just rather have Nuclear power, War, Oil Sand Pipeline, GMOs, coal trains, War, freedom for crooks and war criminals, etc. You should be pleading him to toss us A BONE, even one. How about impeaching the crooks and liars on the Supreme Court and publically financing the elections. That is the catalyst I want to see. If he did that, he'd be forgiven. After doing that, things would start to fall in line. Trust me, I'm your friend.

-19 # bc@bcollins.org 2011-10-06 13:39

Sounds like he's back in campaign form. Don't be fooled again. The only thing that works is direct action. Don't vote for Democrats and sell yourself out again.

+19 # jon 2011-10-06 15:42

bc, you smell of a republican apparatchik!

+14 # X Dane 2011-10-06 18:15

bc@collins, isn't this special, the bastards, who caused all this mayhem and destroyed so many lives and families, should get back in charge??? You must be one of them. Or you have no brains.

The last thing we want or need is the republicans back in charge. It will take years to clean up the ENORMOUS MESS they made and then left for the democrats to Clean up. You should be hiding in shame instead of hurling snide remarks.

+4 # LiberalLibertarian 2011-10-06 18:21

Is being in "campaign form" a bad thing? President Obabma should have never stopped running for President. That is what he excels at. AAs everyone one knows doing what you do best, is the best way to do what you do. He is not a strong negotiator as we have seen, but now that he is negotiating from the campaign trail he is starting take back control of the debate.

+4 # RagingLiberal 2011-10-06 21:11

bc@bcollins, who exactly do you suggest we put into office?? Ron Paul?? Bachmann?? Christie? Agree with lcarrier, what exactly is the option? Repukes will take us from broke to slaves. There is no option, and no one that wants to oppose Mr Milktoast in the primary. I am furious with Obama for failing us, but there are NO options.

+42 # Vardette 2011-10-06 13:41

Obama does not have to wait until the next election to help the people of our nation and the economy. Congress and Dems will never allow his Job Act to pass. But using executive orders he could override congress and the senate and implement and EMERGENCY JOBS ACT that would help people right away. I think that would show him to be a gutsy take charge person who is not impotent against a congress that only wants him to fail. Instead he is using our awful situation to make a point and we the people will never see a jobs act of any significance.

EXECUTIVE ORDER 11000 allows the government to mobilize civilians into work brigades under government supervision. EXECUTIVE ORDER 11001 allows the government to take over all health, education and welfare functions. EXECUTIVE ORDER 11004 allows the Housing and Finance Authority to relocate communities, build new housing with public funds, designate areas to be abandoned, and establish new locations for populations. EXECUTIVE ORDER 11051 specifies the responsibility of the Office of Emergency Planning and gives authorization to put all Executive Orders into effect in times of increased international tensions and economic or financial crisis.
Or let them eat cake- As Boehener said " no jobs, so be it"

+26 # Carolyn 2011-10-06 14:35

Obama is campaigning now. Why hasn't he re-instated Glass-Steagall? He is against FDR's solution to the financial bankruptcy.

+14 # coffeewriter 2011-10-06 14:43

I agree with much of the sentiment here. This is just Obama election talk. He's had the opportunity to prove himself aligned to the ideals of these movements but has done nothing of consequence in this regard. It's a little strange that he had the mandate of the majority of Americans to make the changes now being protested for, yet he made almost no movement in that direction even when the Democrats still had control of the House. Methinks I smell a rat.

+31 # lcarrier 2011-10-06 14:43

Don't vote for Democrats? Get real, what's the alternative? Obama might not be the savior that many expected, but he's a hell of a lot better than the clowns that the GOP have trotted out. If you don't want to vote for Dems across the board, do what I did, pledge not to support any Dem who puts corporate interests over those of the other 99%.

-4 # Magars 2011-10-06 15:33

It is a very poor statement for a person that use "change we can believe in" as a political slogan for his presidential campaign.
Pay attention to his word: "I think..." When he talked about Libya when NATO was bombing and killing civilians he sounded more secured about his actions. And here in the nation where he is the President,this is the only words,than he can says?! Please!

+25 # donnazor 2011-10-06 15:50

This is an annoying statement, at the very least! Frustrated? My small business is down the tubes. I can no longer afford my mortgage. The home loan mod is a joke (I have to go into default first and STILL might not get the help I need). I've lost almost 90% of my retirement money (I'm 63.) Frustrated? Yeah...you could say that. And to say "you're still seeing some of the same folks who acted irresponsibly trying to fight efforts to crack down on the abusive practices that got us into this in the first place..." "Folks"? I have far more accurate words to describe them. And try substituting "criminally" for "irresponsibly". Maybe then, you'll start getting close. These "irresponsible folks" should be in prison but if you have enough money, I guess crime is acceptable. Bob Dylan: "Steal a little and they put you in jail. Steal a lot and they make you King." Still, I guess it's about time you said SOMETHING. But it's nowhere near enough. DO SOMETHING. NOT another fabulous speech, please. Actions matter.

+4 # X Dane 2011-10-06 18:46

donnazor, having built a small business into a vey successful one, I feel so bad for you. I know how hard it is.

To defend Obama: This coming election will be so ugly, that we probably have never seen anything like it.
The CITIZEN UNITED allows the Koch brothers and many more BIG MONEY monsters to shell out litterally billions to destroy Obama AND ALL DEMOCRATS, in order to take back power.....If that happens, middle class and the poor will be completely annihilated, for no one will be able to help us.

It looks really bad for us and for Obama, and unfortunately he has to play ball with groups, I think he would rather not, in order to have money so he can fight. We DO NOT WANT HIM TO LOOSE. if he does??? WE ARE ALL DOOMED......

You know about all the cuts the repubs wants to make and all the safeguards they want to destroy. In charge again.....nobody and nothing can stop them. So please all you angry democrats WAKE UP AND REALIZE THE GREAT DANGER WE ARE FACING.

+20 # jon 2011-10-06 16:04

If Obama was to join the protestors on Wall Street, or send Joe Biden, or even an appropriate cabinet member, the general population would REJOICE and the movement would swell to huge numbers, shaming the Koch brothers bought and paid for, bussed in Tea Party numbskulls.

+1 # noitall 2011-10-06 20:34

Hell, jon Stewart's Rally for Sanity beat the hell out of the teabagger rally. If any of these debutant so-called for-the-people celebrities came out it would inflate this action significantly. What is it, they're not sure what of the hundred of issues we're out there about? Take your pick and adopt the ones that seem most root-like. Let's build this motha. All we have are numbers, what do we need a sugar daddy Koch to buy us pretty manufactured signs and cater some lunches and dainty wipes to put the only thing we have to contribute, your butt to fill 2 square feet in the street? Try it, it might feel good!

0 # wcandler1 2011-10-07 06:01

Yes, but the Rally for Sanity means nothing until we can vote for someone else in the Democratic presidential primary!

+6 # RagingLiberal 2011-10-06 21:18

Agreed. If he supports the protests, he can win over most of the 99%. Now that the Unions and the Teamsters are on board, this movement IS going to force change. Compare the Mayor in Los Angeles handing out raincoats to the NY admin, arresting everyone they can. Who is going to win the next election? Probably NOT the asshole. Obama would be wise to embrace the protests. THIS, finally, IS change we can believe in.

+4 # KittatinyHawk 2011-10-06 18:13

Obama should be watching the sentiment is just not about Wall Street there is other movements getting together about the Canada nonsense which is not a win/win solution for anyone. Canada clean up your own mess there. If it is such a great profit, what happened that you are in a red zone ??? Pipes cannot handle the tar sands oil that is why their pipes are defunked and causing more catastrophe. Nebraska is wiping out prarie grasslands to allow something in that is not even in a format yet? Explain that OB and Congress
Than we have Fracking, another Scam Business out to destroy water, faucets are exploding from fumes. No fees, no clean up..Pa is really not even caring what happens to their Communities no less people. Governor refuses to put any type of laws into effect. Corbett is lining his pocket and signing Pa over to Fracking at the cost of Residents, Businesses and Municipalities.

OB pay attention, OWS and Need for Greed is going to bury all of you, hopefully not us with any of you Criminals.

OWS watch out, some bad infiltrators amongst you...Keep on Track, Keep Peaceful...Everytime one of the infiltrators want to start trouble they will ruin the whole Picture. Radicals are not for you, they are GOP/Koch.

NY is saying this movement is costing them money...remind the TV that Morgan paid for the enforcements not the taxpayer.

0 # noitall 2011-10-06 20:36

You speak the truth KittatinyHawk.

+1 # LiberalLibertarian 2011-10-06 18:37

President Obama has to get aboard the train known as "Occupy DC", "Occupy Wall Street", "Occupy Boston" and all the other Occupation sites around the country.

He has to grab hold of this moment in time, meet with the Ocuupiers, walk with them, and tour all the Occupation sites. When he does show up he cannot have any of the Clintonian advisors or any others for that matter with him. He can then listen for himself and learn just how dissatisfied we are. He will learn how truly massive the change that has to occur to repair the damage done by Reagan, Bush 1, Clinton, Bush 2, and Obama.

I truly believe Obama has it in him to become a reborn Progressive. But he won't if he just stands in front of a bunch of reporters and tells them gibberish. He implied that if the Republicans would just pass the jobs bill and approve his selection to head the Consumer Protection Board, then all will be well. The waters for this movement run much, much deeper and is demanding total systemic change. Unless he learns that, he will never be that transformationa l President that we know he can be.

+2 # Texan 4 Peace 2011-10-06 20:11

Obama's coming pretty late to this party (even if he is on board, which isn't at all clear). He didn't use a shred of his "political capital" on our behalf when we needed him, and those "irresponsible folks" he mentions still populate his Cabinet. You missed your chance to lead, Mr. President, now please just stay out of the way.

+2 # Gena Maravella 2011-10-07 04:40

I'm getting really sick of all the extremists trying to place all this blame on the President. If you guys took half of the time and energy you WASTE complaining about President Obama and spent it protesting about Congress and the Supreme Court instead, we might actually ACCOMPLISH SOMETHING. They are the ones who declared "corporations as people," and teamed up with the Alec Corporations to rewrite the laws in favor of corporate welfare and loopholes.

All the info on Alec is here, at AlecExposed:
http://www.alecexposed.org/wiki/ALEC_Exposed

And Here are the ENRON-BUSH-HARVARD-WTC-OIL-CONNECTIONS
http://www.apfn.org/apfn/enron_bush.htm

I understand the gravity of what the President has been up against. Don't you people get it?! The President is just one man. It requires collective voice to combat a force of this magnitude.

For every finger you point at the President, you have three pointing back at yourselves. What have YOU done? What companies do YOU accept paychecks from? What products and companies to YOU buy products from? It's all connected baby. We have ALL contributed to "the problem" side of things in this country. And what did YOU do to combat it? Did you call Congress and write to your representatives in Washington? If not... I have a nice place for you to visit... on KWITCHERBITCHIN STREET.

+2 # Isar 2011-10-07 06:19

Yes...It would make history if the President would join the marchers on Wall Street....AND THEN....lead them all the way to Washington D.C. where they can protest at the Capitol, and fill the mall with tents all the way to the Lincoln Memorial. That might provide the wake-up call needed in this country for all the people who are complaisant, and comfortable in their upper-middle class homes on tree-lined streets across America. Come the revolution, those beautiful houses on those pretty streets won't be safe. Only the super-rich behind their high walls with armed guards will survive. (That's how the rich now live in Mexico City.) The Wall Street Protests are a perfect opportunity for Obama to LEAD.

0 # Ryguy913 2011-10-07 07:27

I'm concerned that if Obama showed up at the protests he would just get booed and ridiculed and heckled by too many people, even if their were a majority of the crowd who were happy to see him there.

I would love to see him do it, because I still believe he has a progressive outlook, personally, but it would be really awkward given who he surrounded himself with in the economic team of his cabinet.

His statement is good, but he must understand the hypocrisy of railing against the people who got us into this mess, while Geithner is still Secretary of the Treasury. It's like a bad joke.

-3 # Returning Canadian 2011-10-07 14:37

Obummer has created this mess because he is trying to regulate every aspect of Amerian lives. I realize this is hard for anyone on this site to understand because they are apparently the stupid people that they need to have the government regulate them because they might hurt themselves. I think the protests are great and should continue. Every minute they continue they show the world how stupid & racist the Left truly are. Keep it up Commies

0 # Indiscreet=A 2011-10-08 15:28

@Barbara K. Why are you crying out loud. Where did you leave your dignity and integrity... Do you really believe that Obama is listening to #OccupyWallStre et# or to any of us for that matter? Obama is still held by their (Banksters and Corp Power)leash, cause he is still waering their collar wrapped around his neck!! Give me a break!! Drop the "American Idol" devotion shit!! and Get REAL!

0 # Indiscreet=A 2011-10-08 15:35

@ bc@bcollins.org....You are the only one who is right about it!! With citizens like these, America can not guarantee a future. If this site would allow me to give more votes, I would have been giving you by now more than 100. I can not understand this people! By now I can say OBAMA is part of the PROBLEM!!

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