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His speech on Wall Street later today President Obama weighed in on the collapse of Lehman Brothers in the financial system as a whole on CBS's sixty minutes.
Saying his administration inherited the crisis take.
-- left on the banking issue we when I walked and the banking system the financial system was on on the verge of collapse.
And -- -- -- don't have essentially taken the program that was voted on by the previous congress.
Supported by the previous Republican president and we've made it work.
So that didn't originate under my watch.
Joining me now to weigh in on where we stand following Lehman's collapse -- democratic congressman Joseph Crowley of New York who serves on both the house Ways and Means Committee.
And house foreign affairs committee he'll be with the president later this morning at this speech down on Wall Street.
Good morning good to see every consumer foods is is that there a year later to talk about inheriting the financial crisis and easy doing enough to address.
I think it's important to really look back -- -- -- -- -- a little bit this has been a year of -- to say to hectic -- -- this -- to put it -- this has -- an interest -- -- to -- at least.
But remember this is the first year of the president's term -- we started basically in January and it is now no September we haven't finished his first year.
And -- -- racing signs of recovery it's not time for victory lap I don't think that's equipment there's no question about.
But -- -- think it's important for the president to so the message that look we've made progress and if it's -- and take a little bit of credit for that I put this in the wrong with that.
And at the same time -- more than -- -- done to ensure that consumers are protected.
But it would sure the markets are stable that investors understand the rules that that the that the folks who conducted -- -- -- the -- -- the rules of the game.
And maybe the modifications.
Certainly not the -- is still needed to ensure the toilet just so -- we were on the brink of a disaster.
-- -- -- people who wanna talk about it because it regularly with the notion if you thought about it being the Great Depression will become one.
We avoided that mean we we we went -- what is known as the Great Recession now.
But was still not -- clearly not the woodshed but we've made tremendous progress that the the president needs to acknowledge but also called on Wall Street Nablus.
To work with him to make this about a system.
-- -- that the issue here I think a lot of people feel is.
Is that you we've made tremendous -- -- progress and that's good but sometimes the market running away.
Isn't necessarily the best recipe -- the best medicine to cure financial crisis and the fear is.
We will do this again if we don't go about figuring out why this happened in the first place.
And -- -- focuses on Health Care Reform get this economy was on the verge of disaster a year ago.
Well I can guarantee you that although it was a great deal of attention be given to Health Care Reform you know there are a lot of folks on the hill still working a financial -- reform.
Chairman and senator Dodd continue to work -- in him and very quick manner I think.
Two -- Franken talk on a -- up.
Has been over before bill in early October so we're moving forward.
I obesity question that there's still kind of up -- -- have a feeling of a bank's.
Here on the street no you -- before about.
How this is not a widespread recovery through -- market recovery.
And I think with the -- who was making sure that all of America feel -- -- there's no question will my constituency my mom looks at a 401K plan.
It's -- season to prove it's a lot better than it was last year.
But we have to go beyond that we still see job loss it's down from some of the 2000 jobs a month when it was through the Bush Administration go toward 2000 who wanna see that.
Job recovery happens still athletic the president's talk to -- Business lost so much of the will of the people on this Health Care Reform debate it's so interesting because I was thinking back to 9/11 and and -- was -- really hard time for you.
And and he.
We -- connected.
We knew and cared about each other the rhetoric was so different and the rhetoric right now is so harsh.
I just wonder does he have the will or do we have the will to go ahead with some of the things on the agenda -- -- -- -- the heat.
Well I think it is a toxic atmosphere -- at least I think that was one of the demonstrated by the president's speech and do you the intrusion of mr.
Wilson from South Carolina.
I think that showed the level which -- take -- -- I've commented that the president's done about a dozen televisions around the country -- the -- an American citizens stood up.
And accused of of -- give it took the floor of the House of Representatives sought -- happened.
And the stolen from South Carolina.
I think we build some of the rhetoric and some of the the the thinks that's out there needs to be tempered I think and this important issue for America that we get this right.
The cost of health care continues grow exponentially.
But we need to get -- hope hold of that.
And at the same time provide that Americans who have health insurance they will not lose what they have actually understand.
That's going to be there for them I think that's what the president was attempting I think you did a good job of explaining what's in this help curtail it more important what's not this health care bill would.
I'm gonna speak with the former senator Bill Frist and Ron Williams who runs -- -- later this morning it appears as though everybody across the board this is.
Realizing that public option mean -- be in the future when present time -- -- if there is no public option and there's a trigger or there's a co -- type option are you gonna vote for.
I don't anticipate that the -- trigger.
I think the -- Paris it's well or legislation I think we'll include a public option to -- have a trigger.
I believe the senate will pass that bill I don't anticipate that we'll have a public option although we don't know what's gonna happen yet I don't think it's completely dead -- -- -- what we'll call it.
But as the president said it looks and walks like a public option it is what it is.
I think I do think we need to enter into the market -- competitive.
And looks like the president -- -- Wednesday when he made the comparison to.
Institutions of higher learning and private institutions.
That this was looking to do was create opportunity -- who couldn't afford to go to.
A private schools for college had the opportunity like I did to -- security.
To attack have a opportunity for higher education affordable higher education.
The same thing here kind of -- kind of analogy and they put -- offer people the opportunity to purchase insurance who otherwise could not enter into the probable that -- do so.
Thompson calling -- studying here.
I think it does the people who do get something done I think the president is determined I think congress determined to make this happen.
-- may be headed downtown with the president later this morning -- all eyes will be on it will be covering it live --
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