WASHINGTON — President Barack Obama rebuked Wall Street for risky practices Thursday even as he sought its leaders’ help for “updated, commonsense” regulations to head off any new financial crisis.
“Ultimately there is no dividing line between Main Street and Wall Street. We rise or we fall together as one nation. So I urge you to join me,” Obama said in a high-stakes speech near the nation’s financial hub.
The president acknowledged differences of opinion over how to best protect bailout-weary taxpayers but denounced criticism from some Republicans who claim a Democratic-sponsored bill headed for Senate action would encourage rather than discourage future bailouts of huge banks.
“That may make for a good sound bite, but it’s not factually accurate,” Obama said. He said the overhaul legislation would “put a stop to taxpayer-funded bailouts.”