Obama Talks TIME’s Wall Street Cover Story on ABC’s This Week



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U.S.
President Barack Obama told George Stephanopoulos on on ABC’s This
Week
 on Sunday that while he believes “the banking system works,”
America isn’t “near where we need to be” in terms of
an economic
recovery.

Marking the
fifth anniversary of the collapse of Lehman Brothers this weekend, Stephanopoulos
questioned Obama about his views on financial reform, citing TIME’s latest cover: “I’m looking at the
cover of TIME Magazine this week.  It says, “How Wall Street Won.”  And we’ve got
polls showing that, you know, two thirds of the country still think we’re going
in the wrong direction, think the economy is no more secure.  What do you
say to those Americans who think Wall Street is winning but they’re not?” Obama
replied:

Obama
explained that his policies are designed to better prepare the banking system
for economic distress but that there is still a long way to go.

In a blog posted on the U.S. Treasury Department’s website
on Friday, Deputy Assistant Secretary for Public Affairs Anthony Coley
responded to TIME Assistant Managing Editor Rana Foroohar’s cover story,
agreeing that there is “still more to do to protect taxpayers, consumers and
our financial system” in order to contend the economy is no longer at risk, but
that calling financial reform a “myth” — as Foroohar did in her cover story —
is “wrong”. Foroohar’s response to the Treasury Department’s criticism can be
found here.

Read more: Time

 

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