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12:17<\/strong>: And that’s it. Nothing too radical.<\/p>\n 12:16<\/strong>: “I ask you to join me, not only because it’s in the interest of your industry, but because it’s in the interest of your country.”<\/p>\n 12:15<\/strong>: Obama quotes from a Time Magazine 1933 article.<\/p>\n “Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed … would rivet upon their institutions what they considered a monstrous system… Such a system, they felt, would not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level.” That appeared in Time Magazine – in June of 1933. The system that caused so much concern and consternation? The Federal Deposit Insurance Corporation – the FDIC – an institution that has successfully secured the deposits of generations of Americans.<\/p>\n 12:12<\/strong>: Always tension between laissez-faire desires and need for rules.<\/p>\n 12:11<\/strong>: Closing comments… I have laid out a set of reforms. Let’s face it, we also need reform in Washington.<\/p>\n 12:09:<\/strong> Final key: say on pay, limting bonuses.<\/p>\n 12:09<\/strong>: “Unless your business model depends on bilking people, there’s little to fear from these new ruls.” (Good line<\/strong><\/span>)<\/p>\n 12:07<\/strong>: “This bill would enact the strongest consumer protections ever.”<\/p>\n 12:06<\/strong>: Good sign. Things are moving forward.<\/p>\n 12:05<\/strong>: There is a legitimate role of derivatives. References airline fuel hedging. He’s okay with the vanilla stuff.<\/p>\n 12:04<\/strong>: Reform will bring new transparency. Many practices were so complex, people inside the firm didn’t understand.<\/p>\n 12:02<\/strong>: The bill will enact the Volcker rule. Calls out “tall guy” siting in the front row.<\/p>\n 12:02<\/strong>: “What’s not legitimate is to propose that the legislation is going to encourage future bailouts.”<\/p>\n 12:01<\/strong>: Talking Lehman fallout and collateral damage.<\/p>\n 11:58<\/strong>: Calls out lobbyists and financial sector workers in the audience.<\/p>\n 11:57<\/strong>: Some on Wall Street forgot that behind every dollar traded, there’s a family looking to buy a house…<\/p>\n 11:56<\/strong>: “I believe in a strong financial sector… a free market was never meant to be a free license to take whatever you can get.”<\/p>\n 11:55<\/strong>: Financial crisis was a major contributor to the recession.<\/p>\n 11:53<\/strong>: America is adding jobs again. But we haven’t truly recovered yet.<\/p>\n 11:53<\/strong>: “Our country has been through a terrible trial.”<\/p>\n 11:52<\/strong>: It’s good to be back in Manhattan, a few blocks from Wall Street.<\/p>\n