Remarks of President Barack Obama
As Prepared for Delivery
Weekly Address
January 16, 2010

Over the past two years, more than seven million Americans have lost their jobs. Countless¹ businesses have been forced to shut their doors.  Few families have escaped the pain of this terrible recession.  Rarely does a day go by that I do not hear from folks人们 who are hurting.  That is why we have pushed so hard to rebuild this economy.

But even as we work tirelessly to dig our way out of this hole, it is important that we address what led us into such a deep mess in the first place.  Much of the turmoil²混乱，骚动 of this recession was caused by the irresponsibility of banks and financial institutions on Wall Street.  These financial firms took huge, reckless鲁莽的 risks in pursuit of寻求，追求 short-term profits and soaring bonuses.  They gambled with borrowed money, without enough oversight³ or regard for the consequences.  And when they lost, they lost big.  Little more than a year ago, many of the largest and oldest financial firms in the world teetered on the brink⁴ of collapse⁵, overwhelmed by the consequences of their irresponsible decisions.  This financial crisis nearly pulled the entire economy into a second Great Depression.

As a result, the American people – struggling in their own right – were placed in a deeply unfair and unsatisfying position.  Even though these financial firms were largely facing a crisis of their own creation, their failure could have led to an even greater calamity⁶不幸事件，灾难 for the country.  That is why the previous administration started a program – the Troubled Asset Relief Program, or TARP – to provide these financial institutions with funds to survive the turmoil they helped unleash⁷不受约束.  It was a distasteful令人不快的 but necessary thing to do.

Many originally feared that most of the $700 billion in TARP money would be lost.  But when my administration came into office, we put in place rigorous严格的，严厉的 rules for accountability and transparency, which cut the cost of the bailout紧急救助，跳伞 dramatically.  We have now recovered most of the money we provided to the banks.  That’s good news, but as far as I’m concerned, it’s not good enough.  We want the taxpayers’ money back, and we’re going to collect every dime⁹.

That is why, this week, I proposed a new fee on major financial firms to compensate¹⁰ the American people for the extraordinary assistance they provided to the financial industry.  And the fee would be in place until the American taxpayer⁸ is made whole. Only the largest financial firms with more than $50 billion in assets will be affected¹¹, not community banks.  And the bigger the firm – and the more debt it holds – the larger the fee.  Because we are not only going to recover our money and help close our deficits¹²; we are going to attack some of the banking¹³ practices that led to the crisis.

That’s important.  The fact is, financial firms play an essential role in our economy.  They provide capital and credit to families purchasing homes, students attending college, businesses looking to start up or expand.  This is critical to our recovery.  That is why our goal with this fee – and with the common-sense financial reforms we seek – is not to punish the financial industry.  Our goal is to prevent the abuse and excess that nearly led to its collapse.  Our goal is to promote fair dealings while punishing those who game the system; to encourage sustained growth while discouraging the speculative投机的，推测的 bubbles that inevitably¹⁵ burst.  Ultimately, that is in the shared interest of the financial industry and the American people.

Of course, I would like the banks to embrace this sense of mutual¹⁶ responsibility.  So far, though, they have ferociously¹⁷残忍地，野蛮地 fought financial reform.  The industry has even joined forces with the opposition¹⁸ party to launch a massive lobbying游说 campaign against common-sense rules to protect consumers and prevent another crisis.

Now, like clockwork顺利地，极有规律性和准确性地, the banks and politicians who curry¹⁹ their favor are already trying to stop this fee from going into effect.  The very same firms reaping billions of dollars in profits, and reportedly handing out more money in bonuses and compensation than ever before in history, are now pleading poverty.  It’s a sight to see.

Those who oppose this fee say the banks can’t afford to pay back the American people without passing on the costs to their shareholders²⁰ and customers.  But that’s hard to believe when there are reports that Wall Street is going to hand out more money in bonuses and compensation just this year than the cost of this fee over the next ten years.  If the big financial firms can afford massive bonuses, they can afford to pay back the American people.#p#分页标题#e#

Those who oppose this fee have also had the audacity厚颜无耻，大胆 to suggest that it is somehow unfair. That because these firms have already returned what they borrowed directly, their obligation is fulfilled. But this willfully ignores the fact that the entire industry benefited not only from the bailout, but from the assistance extended to AIG and homeowners, and from the many unprecedented²²空前的 emergency actions taken by the Federal Reserve, the FDIC, and others to prevent a financial collapse.  And it ignores a far greater unfairness: sticking the American taxpayer with the bill.

That is unacceptable to me, and to the American people.  We’re not going to let Wall Street take the money and run.  We’re going to pass this fee into law.  And I’m going to continue to work with Congress on common-sense financial reforms to protect people and the economy from the kind of costly²³ and painful crisis we’ve just been through.  Because after a very tough two years, after a crisis that has caused so much havoc²⁴大破坏，浩劫, if there is one lesson that we can learn, it’s this: we cannot return to business as usual.

Thank you very much.