BARACK OBAMA: "So today, my administration is proposing a sweeping overhaul of the financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression."
The current economic downturn grew out of a culture of irresponsible lending and borrowing and "a failure of the entire system," he said. He says a new system is needed to meet the speed and complexity of a twenty-first century global economy.
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