《货币银行学》课程教学资源（文献资料）奥巴马讲话——全球金融危机一周年祭

1，奥巴马讲话全球金融危机一周年祭、2，相关报道：金融危机一周年一奥巴马演讲相关新闻汇总2009-09-1511:25:45奥巴马讲话一—全球金融危机一周年祭2009年9月14日，美国总统奥巴马在纽约华尔街的联邦大厅发表关于金融危机一周年的演讲。英文全文如下：Full text of Obama's financial address'Wewillnotgobacktodays of recklessbehavior and unchecked excess人Thank you all for being here and for yourwarm welcome.It'saprivilegetobeinhistoricFederal Hall.It was heremore than two centuries ago that our first Congress servedand our first President was inaugurated. It was here, in the early days of ourRepublic, that Hamilton and Jefferson debated how best to administer a young economyand to ensure that our nation rewarded the talents and drive of its people.Twocenturies later, we still grapple with these questions-questionsmade more acutein moments of crisis.It was one year ago that we experienced just such a crisis. As investors andpension-holders watched with dread and dismay, and after a series of emergencymeetings often conducted in the dead of the night, several of the world's largestand oldest financial institutions had fallen, either bankrupt, bought, or bailedout:Lehman Brothers,MerrillLynch,AIG,Washington Mutual,Wachovia.Aweek beforethis began, Fannie Mae and Freddie Mac had been taken over by the government. Otherlarge firms teetered on the brink of insolvency. Credit markets froze as banksrefused to lend not only to families and businesses but to one another. Five trilliondollars of Americans' household wealth evaporated in the span of just three months.Congress and the previous administration took difficult but necessary actionin the days and months that followed. Nevertheless, when this administration walkedthrough the door in January, the situation remained urgent. The markets had fallensharply: credit was not flowing.It was feared that the largest banks-those thatremained standing-had toolittle capital andfartoomuch exposuretoriskyloans.AndtheconsequenceshadspreadfarbeyondthestreetsoflowerManhattan.Thiswasno longer just a financial crisis;it hadbecomea full-blown economic crisis, with1

1，奥巴马讲话——全球金融危机一周年祭 、2，相关报道：金融危机一周年-奥巴马演讲相关新闻汇总 2009-09-15 11:25:45 奥巴马讲话——全球金融危机一周年祭 2009 年 9 月 14 日，美国总统奥巴马在纽约华尔 街的联邦大厅发表关于金融危机一周年的演讲。英 文全文如下： Full text of Obama's financial address 'We will not go back to days of reckless behavior and unchecked excess ' Thank you all for being here and for your warm welcome. It's a privilege to be in historic Federal Hall. It was here more than two centuries ago that our first Congress served and our first President was inaugurated. It was here, in the early days of our Republic, that Hamilton and Jefferson debated how best to administer a young economy and to ensure that our nation rewarded the talents and drive of its people. Two centuries later, we still grapple with these questions - questions made more acute in moments of crisis. It was one year ago that we experienced just such a crisis. As investors and pension-holders watched with dread and dismay, and after a series of emergency meetings often conducted in the dead of the night, several of the world's largest and oldest financial institutions had fallen, either bankrupt, bought, or bailed out: Lehman Brothers, Merrill Lynch, AIG, Washington Mutual, Wachovia. A week before this began, Fannie Mae and Freddie Mac had been taken over by the government. Other large firms teetered on the brink of insolvency. Credit markets froze as banks refused to lend not only to families and businesses but to one another. Five trillion dollars of Americans' household wealth evaporated in the span of just three months. Congress and the previous administration took difficult but necessary action in the days and months that followed. Nevertheless, when this administration walked through the door in January, the situation remained urgent. The markets had fallen sharply; credit was not flowing. It was feared that the largest banks - those that remained standing - had too little capital and far too much exposure to risky loans. And the consequences had spread far beyond the streets of lower Manhattan. This was no longer just a financial crisis; it had become a full-blown economic crisis, with 1

home prices sinking,businesses struggling to access affordable credit,and theeconomysheddinganaverageof700,000jobseachmonth.We could not separate what was happening in the corridors of our financialinstitutions from what was happening on factory floors and around kitchen tables.Homeforeclosureslinkedthosewhotook out homeloansandthosewhorepackagedthoseloans as securities.A lack of access to affordable credit threatened the healthof large firms and small businesses, as well as all those whose jobs depended onthem. And a weakened financial system weakened the broader economy, which in turnfurtherweakened the financial system.The onlywayto address successfullyany of these challenges was toaddress themtogether, and so this administration -with terrific leadership by my TreasurySecretary, Tim Geithner, as well the Chair of my Council of Economic Advisers,Christy Romer, and the Chair of the National Economic Council, Larry Summers-movedquickly on all fronts, initializing a financial stability plan to rescue the systemfrom the crisis and restart lending for all those affected by the crisis. By openingand examining the books of large financial firms, we helped restore the availabilityof two things that had been in short supply: capital and confidence. By takingaggressive and innovative steps in credit markets, we spurred lending not just tobanks, but to folks looking to buy homes or cars, take out student loans, or financesmall businesses.Our home ownership plan has helped responsible homeownersrefinance to stem the tide of lost homes and lost home values.And the recovery plan is providing help to the unemployed and tax relief forworkingfamilies,allwhile spurring consumer spending.It's preventedlayoffs oftens of thousands of teachers, police officers, and other essential public servants.Andthousands of recovery projects are underway all across America, putting peopleto work building wind turbines and solar panels, renovating schools and hospitals,and repairing our nation's roads and bridges.Eight months later, the work of recovery continues.And although I will neverbe satisfied while people are out of work and our financial system is weakened, wecan be confident that the storms of thepast two years arebeginningto break.Infact,whiletherecontinuestobea needforgovernmentinvolvementtostabilize the financial system, that necessity is waning.After months in whichpublic dollars were flowing into our financial system, we are finally beginning toseemoney flowing back to the taxpayers.This doesn'tmean taxpayers will escapethe worst financial crisis in decades unscathed. But banks have repaid more than$70 billion, and in those cases where the government's stake has been sold completely,taxpayers have actually earned a 17-percent return on their investment. Just a fewmonths ago, manyexperts fromacrosstheideological spectrumfeared that ensuring2

home prices sinking, businesses struggling to access affordable credit, and the economy shedding an average of 700,000 jobs each month. We could not separate what was happening in the corridors of our financial institutions from what was happening on factory floors and around kitchen tables. Home foreclosures linked those who took out home loans and those who repackaged those loans as securities. A lack of access to affordable credit threatened the health of large firms and small businesses, as well as all those whose jobs depended on them. And a weakened financial system weakened the broader economy, which in turn further weakened the financial system. The only way to address successfully any of these challenges was to address them together, and so this administration - with terrific leadership by my Treasury Secretary, Tim Geithner, as well the Chair of my Council of Economic Advisers, Christy Romer, and the Chair of the National Economic Council, Larry Summers - moved quickly on all fronts, initializing a financial stability plan to rescue the system from the crisis and restart lending for all those affected by the crisis. By opening and examining the books of large financial firms, we helped restore the availability of two things that had been in short supply: capital and confidence. By taking aggressive and innovative steps in credit markets, we spurred lending not just to banks, but to folks looking to buy homes or cars, take out student loans, or finance small businesses. Our home ownership plan has helped responsible homeowners refinance to stem the tide of lost homes and lost home values. And the recovery plan is providing help to the unemployed and tax relief for working families, all while spurring consumer spending. It's prevented layoffs of tens of thousands of teachers, police officers, and other essential public servants. And thousands of recovery projects are underway all across America, putting people to work building wind turbines and solar panels, renovating schools and hospitals, and repairing our nation's roads and bridges. Eight months later, the work of recovery continues. And although I will never be satisfied while people are out of work and our financial system is weakened, we can be confident that the storms of the past two years are beginning to break. In fact, while there continues to be a need for government involvement to stabilize the financial system, that necessity is waning. After months in which public dollars were flowing into our financial system, we are finally beginning to see money flowing back to the taxpayers. This doesn't mean taxpayers will escape the worst financial crisis in decades unscathed. But banks have repaid more than $70 billion, and in those cases where the government's stake has been sold completely, taxpayers have actually earned a 17-percent return on their investment. Just a few months ago, many experts from across the ideological spectrum feared that ensuring 2

financialstabilitywould requireevenmoretaxdollars.Instead, we've been able to eliminate a $25obillionreserve included in our budget because that fear has notbeen realized.While full recovery of thefinancial system willtake a great deal more time and work, the growingstability resulting from these interventions means wearebeginningtoreturntonormalcy.ButwhatIwanttoemphasize is this:normalcy cannot lead to complacency.Unfortunately,there are some in the financial industrywho aremisreading thismoment.Instead of learning the lessons of Lehman and the crisis from which we arestill recovering, they are choosing to ignore them. They do so not just at theirown peril, but at our nation's. So I want them to hear my words:We will not go backto the days of reckless behavior and unchecked excess at the heart of this crisis,where toomanyweremotivated only by the appetite for quick kills and bloated bonuses.Those on Wall Street cannot resume taking risks without regard for consequences,and expect that next time, American taxpayers will be there to break their fall.That's why we need strong rules of the road to guard against the kind of systemicrisks we have seen.And we have a responsibility to write and enforce these rulesto protect consumers of financial products, taxpayers, and our economy as a whole.Yes, they must be developed in a way that does not stifle innovation and enterprise.And we want to work with the financial industry to achieve that end. But the oldways that led to this crisis cannot stand. And to the extent that some have so readilyreturned to them underscoresthe need for changeand changenow.Historycannot beallowed to repeat itself.Instead, we are calling on the financial industry to join us in a constructiveeffort to update the rules and regulatory structure to meet the challenges of thisnew century. That is what my administration seeks to do. We have sought ideas andinputfromindustryleaders,policyexperts,academics,consumeradvocates, andthebroader public.And we've worked closely with leaders in the Senate and House,including Senators ChrisDodd andRichardShelby,andCongressmanBarneyFrank,whoare nowworking to pass regulatory reform through Congress.Taken together, we are proposing the most ambitious overhaul of the financialsystem since the Great Depression.But I want to emphasize that these reforms arerootedin asimple principle:we ought to set clearrules oftheroad that promotetransparency and accountability.That's how we'll make certain that markets fosterresponsibility, not recklessness, and reward those who compete honestly andvigorously within the system, instead of those who try to game the system3

financial stability would require even more tax dollars. Instead, we've been able to eliminate a $250 billion reserve included in our budget because that fear has not been realized. While full recovery of the financial system will take a great deal more time and work, the growing stability resulting from these interventions means we are beginning to return to normalcy. But what I want to emphasize is this: normalcy cannot lead to complacency. Unfortunately, there are some in the financial industry who are misreading this moment. Instead of learning the lessons of Lehman and the crisis from which we are still recovering, they are choosing to ignore them. They do so not just at their own peril, but at our nation's. So I want them to hear my words: We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses. Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall. That's why we need strong rules of the road to guard against the kind of systemic risks we have seen. And we have a responsibility to write and enforce these rules to protect consumers of financial products, taxpayers, and our economy as a whole. Yes, they must be developed in a way that does not stifle innovation and enterprise. And we want to work with the financial industry to achieve that end. But the old ways that led to this crisis cannot stand. And to the extent that some have so readily returned to them underscores the need for change and change now. History cannot be allowed to repeat itself. Instead, we are calling on the financial industry to join us in a constructive effort to update the rules and regulatory structure to meet the challenges of this new century. That is what my administration seeks to do. We have sought ideas and input from industry leaders, policy experts, academics, consumer advocates, and the broader public. And we've worked closely with leaders in the Senate and House, including Senators Chris Dodd and Richard Shelby, and Congressman Barney Frank, who are now working to pass regulatory reform through Congress. Taken together, we are proposing the most ambitious overhaul of the financial system since the Great Depression. But I want to emphasize that these reforms are rooted in a simple principle: we ought to set clear rules of the road that promote transparency and accountability. That's how we'll make certain that markets foster responsibility, not recklessness, and reward those who compete honestly and vigorously within the system, instead of those who try to game the system. 3

Protecting consumersFirst, we're proposing new rules to protect consumers and a new ConsumerFinancial Protection Agency to enforce those rules. This crisis was not just theresult of decisions made by the mightiest of financial firms. It was also the resultof decisions made by ordinary Americans to open credit cards and take on mortgages.And whilethereweremanywho took outloans theyknewthey couldn'tafford,therewere also millions of Americans who signed contracts they didn't fully understandoffered by lenders who didn't always tell the truth.This is in part because there is no single agency charged with making sure itdoesn't happen. That is what we'll change. The Consumer Financial Protection Agencywill havethepowerto ensurethat consumersget information that is clear and concise,and to prevent the worstkinds of abuses.Consumers shouldn't have toworry aboutloan contracts designed to be unintelligible, hidden fees attached to theirmortgages, and financial penalties -whether through a credit card or debit card- that appear without warning on their statements. And responsible lenders,including community banks, doing the right thing shouldn't have to worry aboutruinous competition from unregulated competitors.Now there are those who are suggesting that somehow this will restrict thechoices available to consumers. Nothing could be further from the truth. The lackof clear rules in thepast meant we had innovation of thewrong kind:thefirmthatcould make its products look best by doing the best job of hiding the real costswon. For example, we had "teaser" rates on credit cards and mortgages that luredpeople in and then surprised them with big rate increases. By setting ground rules,we'll increase the kind of competition that actually provides people better andgreater choices, as companies compete to offer the best product, not the one that'smost complex or confusing.Second, we've got to close the loopholes that were at the heart of the crisis.Where there were gaps in the rules, regulators lacked the authority to take action.Where there were overlaps, regulators often lacked accountability for inaction.These weaknesses in oversight engendered systematic, and systemic, abuse.Underexistingrules,somecompaniescanactuallyshopfortheregulatorof theirchoice-and others,like hedge funds, can operate outside of the regulatory systemaltogether. We've seen the development of financial instruments, like derivativesand creditdefault swaps, withoutanyone examining the risks or regulating all ofthe players. And we've seen lenders profit by providing loans to borrowers who theyknew would never repay, because the lender offloaded the loan and the consequencesto someone else. Those who refuse to game the system are at a disadvantage.4

Protecting consumers First, we're proposing new rules to protect consumers and a new Consumer Financial Protection Agency to enforce those rules. This crisis was not just the result of decisions made by the mightiest of financial firms. It was also the result of decisions made by ordinary Americans to open credit cards and take on mortgages. And while there were many who took out loans they knew they couldn't afford, there were also millions of Americans who signed contracts they didn't fully understand offered by lenders who didn't always tell the truth. This is in part because there is no single agency charged with making sure it doesn't happen. That is what we'll change. The Consumer Financial Protection Agency will have the power to ensure that consumers get information that is clear and concise, and to prevent the worst kinds of abuses. Consumers shouldn't have to worry about loan contracts designed to be unintelligible, hidden fees attached to their mortgages, and financial penalties - whether through a credit card or debit card - that appear without warning on their statements. And responsible lenders, including community banks, doing the right thing shouldn't have to worry about ruinous competition from unregulated competitors. Now there are those who are suggesting that somehow this will restrict the choices available to consumers. Nothing could be further from the truth. The lack of clear rules in the past meant we had innovation of the wrong kind: the firm that could make its products look best by doing the best job of hiding the real costs won. For example, we had "teaser" rates on credit cards and mortgages that lured people in and then surprised them with big rate increases. By setting ground rules, we'll increase the kind of competition that actually provides people better and greater choices, as companies compete to offer the best product, not the one that's most complex or confusing. Second, we've got to close the loopholes that were at the heart of the crisis. Where there were gaps in the rules, regulators lacked the authority to take action. Where there were overlaps, regulators often lacked accountability for inaction. These weaknesses in oversight engendered systematic, and systemic, abuse. Under existing rules, some companies can actually shop for the regulator of their choice - and others, like hedge funds, can operate outside of the regulatory system altogether. We've seen the development of financial instruments, like derivatives and credit default swaps, without anyone examining the risks or regulating all of the players. And we've seen lenders profit by providing loans to borrowers who they knew would never repay, because the lender offloaded the loan and the consequences to someone else. Those who refuse to game the system are at a disadvantage. 4

Now, one of themain reasons this crisis could takeplace is that many agenciesand regulators were responsible for oversight of individual financial firms andtheir subsidiaries, but no one was responsible for protecting thewhole system. Inother words, regulators were charged with seeing the trees, but not the forest.Andeven then, some firms that posed a"systemic risk"were not regulated as stronglyas others, exploiting loopholes in the system to take on greater risk with lessscrutiny. As a result, the failure of one firm threatened the viability of many othersWe were facing one of the largest financial crises in history and those responsiblefor oversight were caught off guard and without the authority to act.That swhywe'llcreate clear accountabilityand responsibilityforregulatinglarge financial firms that pose a systemic risk. While holding theFederal Reservefully accountable for regulation of the largest, most interconnected firms, we'llcreatean oversight council to bring together regulators fromacross markets to shareinformation, to identify gaps in regulation, and to tackle issues that don't fitneatly into an organizational chart. We'il also require these financial firms tomeet stronger capital and liquidity requirements and observe greater constraintson their risky behavior. That's one of the lessons of the past year. The only wayto avoid a crisis of this magnitude is to ensure that large firms can't take risksthat threaten our entire financial system, and to make sure they have the resourcesto weather even the worst of economic storms.Even as we'veproposed safeguards tomakethefailureof large and interconnectedfirms less likely,we've also proposed creating what's called"resolution authorityin the event that such a failure happens and poses a threat to the stability of thefinancial system. This is intended to put an end to the idea that some firms are"too big to fail."For a market to function, those who invest and lend in that marketmust believe that their money is actually at risk. And the system as a whole isn'tsafe until it is safe from the failure of any individual institution.If a bank approaches insolvency,we have aprocess through the FDIC that protectsdepositors and maintains confidencein the banking system. This process was createdduring the Great Depression when thefailure of one bank led toruns on otherbanks,which in turn threatened the banking system. And it works. Yet we don't have anykind of process in place to contain the failure of a Lehman Brothers or AIG or anyof the largest and most interconnected financial firms in our country.That's why, when this crisis began, crucial decisions about what would happento some of the world's biggest companies-companies employing tens of thousandsof people and holding trillions of dollars in assets - took place in hurrieddiscussions in the middle of the night. And that' s why we've had to rely on taxpayerdollars. The only resolution authority we currently have that would prevent a5

Now, one of the main reasons this crisis could take place is that many agencies and regulators were responsible for oversight of individual financial firms and their subsidiaries, but no one was responsible for protecting the whole system. In other words, regulators were charged with seeing the trees, but not the forest. And even then, some firms that posed a "systemic risk" were not regulated as strongly as others, exploiting loopholes in the system to take on greater risk with less scrutiny. As a result, the failure of one firm threatened the viability of many others. We were facing one of the largest financial crises in history and those responsible for oversight were caught off guard and without the authority to act. That's why we'll create clear accountability and responsibility for regulating large financial firms that pose a systemic risk. While holding the Federal Reserve fully accountable for regulation of the largest, most interconnected firms, we'll create an oversight council to bring together regulators from across markets to share information, to identify gaps in regulation, and to tackle issues that don't fit neatly into an organizational chart. We'll also require these financial firms to meet stronger capital and liquidity requirements and observe greater constraints on their risky behavior. That's one of the lessons of the past year. The only way to avoid a crisis of this magnitude is to ensure that large firms can't take risks that threaten our entire financial system, and to make sure they have the resources to weather even the worst of economic storms. Even as we've proposed safeguards to make the failure of large and interconnected firms less likely, we've also proposed creating what's called "resolution authority" in the event that such a failure happens and poses a threat to the stability of the financial system. This is intended to put an end to the idea that some firms are "too big to fail." For a market to function, those who invest and lend in that market must believe that their money is actually at risk. And the system as a whole isn't safe until it is safe from the failure of any individual institution. If a bank approaches insolvency, we have a process through the FDIC that protects depositors and maintains confidence in the banking system. This process was created during the Great Depression when the failure of one bank led to runs on other banks, which in turn threatened the banking system. And it works. Yet we don't have any kind of process in place to contain the failure of a Lehman Brothers or AIG or any of the largest and most interconnected financial firms in our country. That's why, when this crisis began, crucial decisions about what would happen to some of the world's biggest companies - companies employing tens of thousands of people and holding trillions of dollars in assets - took place in hurried discussions in the middle of the night. And that's why we've had to rely on taxpayer dollars. The only resolution authority we currently have that would prevent a 5

financial meltdown involved tapping the Federal Reserve or the federal treasury.With somuchat stake,weshould notbeforced to choosebetweenallowinga companyto fall into a rapid and chaotic dissolution that threatens the economy and innocentpeople, or forcing taxpayers to foot the bill. Our plan would put the cost of a firm'sfailure on thosewho own its stock and loaned itmoney.And if taxpayers ever haveto step in again to prevent a second Great Depression, the financial industry willhave to pay the taxpayer back-every cent.Finally, we need to close the gaps that exist not just within this country butamong countries. The United States is leading a coordinated response to promoterecovery and to restore prosperity among both the world's largest economies and theworld's fastest growing economies. At a summit in London in April, leaders agreedto work together in an unprecedented way to spur global demand but also to addressthe underlying problems that caused such a deep and lasting global recession. Thiswork will continue next week inPittsburgh whenI convenethe G2o,which hasprovento be an effective forum for coordinating policies among key developed and emergingeconomies and one that I see taking on an important role in the future.Essential to this effort is reforming what's broken in the global financialsystem -a system that links economies and spreads both rewards and risks. For weknow that abuses in financial markets anywhere can have an impact everywhere; andjust as gaps in domestic regulation lead to a race to the bottom, so too do gapsin regulation around the world. Instead, we need a global race to the top, includingstronger capital standards, as I've called for today. As the United States isaggressively reforming our regulatory system, we will be working to ensure that therest of the world does the same.NewtradeagreementsA healthy economy in the 2lst Century also depends upon our ability to buy andsell goods in markets across the globe. And make no mistake, this administrationis committed to pursuing expanded tradeand new trade agreements.It is absolutelyessential to our economic future.But no trading system will work if we fail toenforce our trade agreements. So when, as happened this weekend, we invokeprovisionsof existingagreements,wedosonottobeprovocativeortopromoteself-defeatingprotectionism. We do so because enforcing trade agreements is part and parcel ofmaintaining an open and free trading system.And justaswehavetoliveupto ourresponsibilities ontrade,wehavetoliveup to our responsibilities on financial reform as well.I haveurged leaders inCongress to pass regulatory reform this year and both Congressman Frank and SenatorDodd, who are leading this effort, have made it clear that that's what they intendto do.Now there will be thosewho defend the statusquo.There will be thosewho6

financial meltdown involved tapping the Federal Reserve or the federal treasury. With so much at stake, we should not be forced to choose between allowing a company to fall into a rapid and chaotic dissolution that threatens the economy and innocent people, or forcing taxpayers to foot the bill. Our plan would put the cost of a firm's failure on those who own its stock and loaned it money. And if taxpayers ever have to step in again to prevent a second Great Depression, the financial industry will have to pay the taxpayer back - every cent. Finally, we need to close the gaps that exist not just within this country but among countries. The United States is leading a coordinated response to promote recovery and to restore prosperity among both the world's largest economies and the world's fastest growing economies. At a summit in London in April, leaders agreed to work together in an unprecedented way to spur global demand but also to address the underlying problems that caused such a deep and lasting global recession. This work will continue next week in Pittsburgh when I convene the G20, which has proven to be an effective forum for coordinating policies among key developed and emerging economies and one that I see taking on an important role in the future. Essential to this effort is reforming what's broken in the global financial system - a system that links economies and spreads both rewards and risks. For we know that abuses in financial markets anywhere can have an impact everywhere; and just as gaps in domestic regulation lead to a race to the bottom, so too do gaps in regulation around the world. Instead, we need a global race to the top, including stronger capital standards, as I've called for today. As the United States is aggressively reforming our regulatory system, we will be working to ensure that the rest of the world does the same. New trade agreements A healthy economy in the 21st Century also depends upon our ability to buy and sell goods in markets across the globe. And make no mistake, this administration is committed to pursuing expanded trade and new trade agreements. It is absolutely essential to our economic future. But no trading system will work if we fail to enforce our trade agreements. So when, as happened this weekend, we invoke provisions of existing agreements, we do so not to be provocative or to promote self-defeating protectionism. We do so because enforcing trade agreements is part and parcel of maintaining an open and free trading system. And just as we have to live up to our responsibilities on trade, we have to live up to our responsibilities on financial reform as well. I have urged leaders in Congress to pass regulatory reform this year and both Congressman Frank and Senator Dodd, who are leading this effort, have made it clear that that's what they intend to do. Now there will be those who defend the status quo. There will be those who 6

argue we should do less or nothing at all.But to them I'd say only this:doyoubelieve that the absence of sound regulation one year ago was good for the financialsystem?Do you believe the resulting decline in markets and wealth and employmentwasgoodfortheeconomy?OrtheAmericanpeople?I've always been a strong believer in the power of the freemarket.I believethat jobs are best created not by government,but by businesses and entrepreneurswilling to take a risk on a good idea. I believe that the role of government is notto disparage wealth, but to expand its reach; not to stifle markets, but to providethegroundrulesandlevelplayingfieldthathelpstomakethemmorevibrant-andthatwill allowustobettertap the creativeand innovativepotential of ourpeople.For we know that it is the dynamism of our people that has been the source of America'sprogressand prosperitySo I certainly did not run for President tobail out banks or intervene in thecapital markets. But it is important to note that the very absence of common-senseregulations able to keep up with a fast-paced financial sector is what created theneed for that extraordinary intervention. The lack of sensible rules of the road,so often opposed by thosewho claim to speak for the free market, led to a rescuefar more intrusive than anything any of us, Democrat or Republican, progressive orconservative, would have proposed or predicted.At the same time, what we must do now goes beyond just these reforms. For whattook place one year ago was not merely afailure of regulation or legislation:itwas not merely a failure of oversight or foresight. It was a failure of responsibilitythat allowed Washington to become aplace where problems- including structuralproblems in our financial system-were ignored rather than solved. It was afailureof responsibility that led homebuyers and derivative traders alike to take recklessrisks they couldn't afford. It was a collective failure of responsibility inWashington, on Wall Street, and across America that led to thenear-collapse of ourfinancial system oneyear ago.Restoring a willingness to take responsibility- even when it is hard - is atthe heart of what we must do. Here on Wall Street, you have a responsibility. Thereforms I'velaid outwill pass and these changes will becomelaw.But one of themost important ways to rebuild the system stronger than before is to rebuild truststronger than before - and you do not have to wait for a new law to do that. Youdon't have to wait to use plain language in your dealings with consumers. You don'thave to wait toput the 2009 bonuses of your senior executives up for a shareholdervote. You don't have to wait for a law to overhaul your pay system so that folksare rewarded for long-term performance instead of short-term gains.7

argue we should do less or nothing at all. But to them I'd say only this: do you believe that the absence of sound regulation one year ago was good for the financial system? Do you believe the resulting decline in markets and wealth and employment was good for the economy? Or the American people? I've always been a strong believer in the power of the free market. I believe that jobs are best created not by government, but by businesses and entrepreneurs willing to take a risk on a good idea. I believe that the role of government is not to disparage wealth, but to expand its reach; not to stifle markets, but to provide the ground rules and level playing field that helps to make them more vibrant - and that will allow us to better tap the creative and innovative potential of our people. For we know that it is the dynamism of our people that has been the source of America's progress and prosperity. So I certainly did not run for President to bail out banks or intervene in the capital markets. But it is important to note that the very absence of common-sense regulations able to keep up with a fast-paced financial sector is what created the need for that extraordinary intervention. The lack of sensible rules of the road, so often opposed by those who claim to speak for the free market, led to a rescue far more intrusive than anything any of us, Democrat or Republican, progressive or conservative, would have proposed or predicted. At the same time, what we must do now goes beyond just these reforms. For what took place one year ago was not merely a failure of regulation or legislation; it was not merely a failure of oversight or foresight. It was a failure of responsibility that allowed Washington to become a place where problems - including structural problems in our financial system - were ignored rather than solved. It was a failure of responsibility that led homebuyers and derivative traders alike to take reckless risks they couldn't afford. It was a collective failure of responsibility in Washington, on Wall Street, and across America that led to the near-collapse of our financial system one year ago. Restoring a willingness to take responsibility - even when it is hard - is at the heart of what we must do. Here on Wall Street, you have a responsibility. The reforms I've laid out will pass and these changes will become law. But one of the most important ways to rebuild the system stronger than before is to rebuild trust stronger than before - and you do not have to wait for a new law to do that. You don't have to wait to use plain language in your dealings with consumers. You don't have to wait to put the 2009 bonuses of your senior executives up for a shareholder vote. You don't have to wait for a law to overhaul your pay system so that folks are rewarded for long-term performance instead of short-term gains. 7

Thefact is,manyof thefirms that arenowreturningtoprosperity owe adebtto the American people.Though they were not the cause of the crisis, Americantaxpayers through their government took extraordinary action to stabilize thefinancial industry.They shouldered the burden of the bailout and they are stillbearing theburden of thefallout-in lost jobs,lost homesand lost opportunities.It is neither right nor responsible after you've recovered with the help of yourgovernment to shirk your obligation to the goal of wider recovery, a more stablesystem,and amore broadly sharedprosperity.So I want to urge you to demonstrate that you take this obligation to heart.To put greater effort into helping families who need their mortgages modified undermy administration's homeownership plan. To help small business owners whodesperately need loans and who are bearing the brunt of the decline in availablecredit.Tohelp communities that wouldbenefitfrom thefinancingyou could provide,or the community development institutions you could support. To come up with creativeapproaches to improve financial education and to bring banking to those who liveand work entirely outside the banking system.And,of course,to embrace seriousfinancial reform,notfightitJust as we are asking the private sector to think about the long term, Washingtonmust as well. when my administration came through the door, we not only faced afinancial crisis and costly recession, we also found waiting a trillion-dollardeficit.Yes, we have had to take extraordinary action in the wake of an extraordinaryeconomic crisis. But I am committed to putting this nation on a sound and securefiscal footing. That's why we're pushing to restore pay-as-you-go rules, becauseI will not go along with the old Washington ways which said it was OK to pass spendingbills and tax cuts without a plan to pay for it. That's why we're cutting programsthat don't work or are out of date. And that's why I've insisted that health insurancereform not add a dimeto the deficit,now or in the future.Thereare those who would suggest that we must choose between markets unfetteredby even the most modest of regulations - and markets weighed down by onerousregulations that suppress the spirit of enterprise and innovation. But if there isone lesson we can learn from the last year, it is that this is a false choice.Common-sense rules of the road do not hinder the markets but make them stronger.Indeed, theyare essential to ensuring that our markets function, and functionfairlyand freely.One year ago, we saw in stark relief how markets can err; how a lack ofcommon-sense rules can lead to excess and abuse; how close we can come to the brink.Oneyearlater,itis incumbent onustoputinplacethosereformsthatwill preventthiskind of crisis from ever happening again; that reflect the painful but important8

The fact is, many of the firms that are now returning to prosperity owe a debt to the American people. Though they were not the cause of the crisis, American taxpayers through their government took extraordinary action to stabilize the financial industry. They shouldered the burden of the bailout and they are still bearing the burden of the fallout - in lost jobs, lost homes and lost opportunities. It is neither right nor responsible after you've recovered with the help of your government to shirk your obligation to the goal of wider recovery, a more stable system, and a more broadly shared prosperity. So I want to urge you to demonstrate that you take this obligation to heart. To put greater effort into helping families who need their mortgages modified under my administration's homeownership plan. To help small business owners who desperately need loans and who are bearing the brunt of the decline in available credit. To help communities that would benefit from the financing you could provide, or the community development institutions you could support. To come up with creative approaches to improve financial education and to bring banking to those who live and work entirely outside the banking system. And, of course, to embrace serious financial reform, not fight it. Just as we are asking the private sector to think about the long term, Washington must as well. When my administration came through the door, we not only faced a financial crisis and costly recession, we also found waiting a trillion-dollar deficit. Yes, we have had to take extraordinary action in the wake of an extraordinary economic crisis. But I am committed to putting this nation on a sound and secure fiscal footing. That's why we're pushing to restore pay-as-you-go rules, because I will not go along with the old Washington ways which said it was OK to pass spending bills and tax cuts without a plan to pay for it. That's why we're cutting programs that don't work or are out of date. And that's why I've insisted that health insurance reform not add a dime to the deficit, now or in the future. There are those who would suggest that we must choose between markets unfettered by even the most modest of regulations - and markets weighed down by onerous regulations that suppress the spirit of enterprise and innovation. But if there is one lesson we can learn from the last year, it is that this is a false choice. Common-sense rules of the road do not hinder the markets but make them stronger. Indeed, they are essential to ensuring that our markets function, and function fairly and freely. One year ago, we saw in stark relief how markets can err; how a lack of common-sense rules can lead to excess and abuse; how close we can come to the brink. One year later, it is incumbent on us to put in place those reforms that will prevent this kind of crisis from ever happening again; that reflect the painful but important 8

lessons we'velearned:and thatwill help usmovefromaperiod of recklessness andcrisis to one of responsibility and prosperity.That is what we must do.And I'mconfident that is what wewill do.Thank you.杭相关报道：金融危机一周年一一奥巴马演讲相关新闻汇总美国总统奥巴马14日在纽约重申其金融改革计划原则，并呼吁国会尽快批准该计划。在金融危机发生一周年之际，奥巴马来到位于纽约华尔街的联邦大厅，再次阐述金融监管改革的三项原则，即保护消费者、堵住金融系统和监管系统的漏洞、强化国际合作。奥巴马表示，目前没有理由可以让人因为金融市场的稳定而自满，他还警告华尔街停止不负责任的冒险行为。奥巴马呼吁国会在今年内批准其金融监管改革计划。他还强调政府干预资本市场的必要性，但同时强调自己仍然是自由市场力量的坚定信仰者。去年9月15日，美国第四大投资银行雷曼兄弟宣布破产从而引发大萧条以来最严重的全球金融危机。-新华网：《金融危机一周年奥巴马呼吁改革》美国总统奥巴马在雷曼兄弟申请破产一周年之际发表讲话，强调自己看到了高风险商业行为的新迹象，正是这种行为一年前触发了全球性金融危机。他也警告华尔街，政府不会再出手推出救援措施。奥巴马要求金融业不要反对监管改革，并且再次要求国会在年底前通过立法，对金融体系给予较严厉的管制，他也严厉地警告华尔街，不要再次变成不计后果和不受制约的金融巨人。9

lessons we've learned; and that will help us move from a period of recklessness and crisis to one of responsibility and prosperity. That is what we must do. And I'm confident that is what we will do. Thank you. 相关报道：金融危机一周年-奥巴马演讲相关新闻汇总 美国总统奥巴马 14 日在纽约重申其金融改革计划原则，并呼吁国会尽快批准该计划。 在金融危机发生一周年之际，奥巴马来到位于纽约华尔街的联邦大厅，再次阐述金融监 管改革的三项原则，即保护消费者、堵住金融系统和监管系统的漏洞、强化国际合作。 奥巴马表示，目前没有理由可以让人因为金融市场的稳定而自满，他还警告华尔街停止 不负责任的冒险行为。 奥巴马呼吁国会在今年内批准其金融监管改革计划。他还强调政府干预资本市场的必要 性，但同时强调自己仍然是自由市场力量的坚定信仰者。 去年 9 月 15 日，美国第四大投资银行雷曼兄弟宣布破产从而引发大萧条以来最严重的 全球金融危机。 -新华网：《金融危机一周年 奥巴马呼吁改 革》 美国总统奥巴马在雷曼兄弟申请破产一周年之际发表讲话，强调自己看到了高风险商业 行为的新迹象，正是这种行为一年前触发了全球性金融危机。他也警告华尔街，政府不会再 出手推出救援措施。 奥巴马要求金融业不要反对监管改革，并且再次要求国会在年底前通过立法，对金融体 系给予较严厉的管制，他也严厉地警告华尔街，不要再次变成不计后果和不受制约的金融巨 人。 9

他对金融业发出强硬警告信息”听好我的话：我们不能再回到金融危机中那种行为，过着不计后果和过度不受制约的日子，太多的问题都是因为要快速赚大钱和对花红的膨胀性贪欲引起的。”奥巴马强调，美国比以往任何时候都需要一套新的规则制度，来防止市场危机再度出现。他呼吁金融业者负起责任，避免重蹈覆辙，并继续支持政府改革金融市场条例的目标。他也强调国际社会须协调金融业监管机制。奥巴马政府接下来面对的大挑战是如何稳妥地减少对工业和金融业的参与。奥巴马告诉美国民众，他决定要防止去年秋天几乎造成全球金融系统崩溃的那次危机重演，还说要从几个主要的前线领域的问题下手。这包括制定新的规则来保护消费者、设立新的消费者金融保护局来执行这些规则、堵住”处于金融危机核心”的那些规则方面的漏洞和重叠部分，因为这些问题造成关键当局”没有权利去采取行动。”他说，美国要集中于刺激全球的需求，但也要处理引起如此深度和如此长时间全球衰退的潜在问题。他说，虽然现在焦点集中在医改，但新的金融监管条例仍会在今年底之前订立。国会委员会已开始对新监管条例举行听证会及草拟法案，预料法案最早将于下个月提呈给众议院。美国总统奥巴马在华尔街联邦大厅发表金融政策声明时，也为他决定对进口中国轮胎实施惩罚性关税的政策辩护。他强调，他决定采取这项行动，因为必须执行贸易协定，以便贸易体制得以运作，而他并非要作出挑鲜的行动，也不是要推动保护主义。他说：“我们根据现有协定的条例采取行动，我们这么做，不是要挑鲜或推动自损的保护主义。我们这么做，是要执行贸易协定，因为执行协定是维护公开与自由贸易体制的一部分。"一-联合早报：《金融危机一周年奥巴马发出严厉警告政府不再出手救援华尔街》在14日将近半小时的讲演中，奥巴马告诚华尔街警惕因为经济复苏带来的自满情绪。奥巴马说，相反，我们呼吁金融业以建设性努力，以更新的金融业监管机制，迎接新世纪的挑战。奥巴马称这是政府要做的事情，他并敦促金融业界加入政府重塑金融监管体制的努力。奥巴马警告金融业者说，不幸的是，金融行业中有些人此刻正存在着误读倾向，他们没有从雷曼兄弟的破产和经济危机中吸取教训，而是选择了忽视这些问题，他们这样做不但会置自己于风险，还会将整个国家都”拖下水”。10

他对金融业发出强硬警告信息"听好我的话：我们不能再回到金融危机中那种行为，过 着不计后果和过度不受制约的日子，太多的问题都是因为要快速赚大钱和对花红的膨胀性贪 欲引起的。" 奥巴马强调，美国比以往任何时候都需要一套新的规则制度，来防止市场危机再度出现。 他呼吁金融业者负起责任，避免重蹈覆辙，并继续支持政府改革金融市场条例的目标。 他也强调国际社会须协调金融业监管机制。 奥巴马政府接下来面对的大挑战是如何稳妥地减少对工业和金融业的参与。 奥巴马告诉美国民众，他决定要防止去年秋天几乎造成全球金融系统崩溃的那次危机重 演，还说要从几个主要的前线领域的问题下手。这包括制定新的规则来保护消费者、设立新 的消费者金融保护局来执行这些规则、堵住"处于金融危机核心 "的那些规则方面的漏洞和 重叠部分，因为这些问题造成关键当局"没有权利去采取行动。" 他说，美国要集中于"刺激全球的需求，但也要处理引起如此深度和如此长时间全球衰 退的潜在问题。" 他说，虽然现在焦点集中在医改，但新的金融监管条例仍会在今年底之前订立。国会委 员会已开始对新监管条例举行听证会及草拟法案，预料法案最早将于下个月提呈给众议院。 美国总统奥巴马在华尔街联邦大厅发表金融政策声明时，也为他决定对进口中国轮胎实 施惩罚性关税的政策辩护。 他强调，他决定采取这项行动，因为必须执行贸易协定，以便贸易体制得以运作，而他 并非要作出挑衅的行动，也不是要推动保护主义。 他说："我们根据现有协定的条例采取行动，我们这么做，不是要挑衅或推动自损的保 护主义。我们这么做，是要执行贸易协定，因为执行协定是维护公开与自由贸易体制的一部 分。" -联合早报：《金融危机一周年 奥巴马发出严厉警告 政府不 再出手救援华尔街》 在 14 日将近半小时的讲演中，奥巴马告诫华尔街警惕因为经济复苏带来的自满情绪。 奥巴马说，相反，我们呼吁金融业以建设性努力，以更新的金融业监管机制，迎接新世纪的 挑战。奥巴马称这是政府要做的事情，他并敦促金融业界加入政府重塑金融监管体制的努力。 奥巴马警告金融业者说，不幸的是，金融行业中有些人此刻正存在着误读倾向，他们没 有从雷曼兄弟的破产和经济危机中吸取教训，而是选择了忽视这些问题，他们这样做不但会 置自己于风险，还会将整个国家都"拖下水"。 10