Obama: Fresh crisis without new financial rules
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The US is destined to endure a new economic crisis that sticks taxpayers with the bill unless Congress tightens oversight of the financial industry, President Barack Obama said Saturday. The overhaul is the next major piece of legislation that Obama wants to sign into law this year, but solid Republican opposition in the Senate is jeopardizing that goal.
"Every day we don't act, the same system that led to bailouts remains in place, with the exact same loopholes and the exact same liabilities," Obama said in his weekly radio and Internet address. "And if we don't change what led to the crisis, we'll doom ourselves to repeat it. "Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again," the president said. (AP)
