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&lt;p&gt;Today in New York at Cooper Union&#39;s Great Hall, President Obama addressed a group of 700 people (including Goldman Sachs CEO Lloyd We Didn&#39;t Do It Blankfein and COO Gary Ice Cream Cohn), speaking about the urgent need for financial regulatory reform.&lt;/p&gt;&lt;p&gt;&lt;img class=&quot;embeddedObject&quot; src=&quot;https://content.screencast.com/users/dloos/folders/Jing/media/566a5924-46ad-4d9b-a4bf-1b743ec23073/00000056.png&quot; border=&quot;0&quot; alt=&quot;&quot; width=&quot;187&quot; height=&quot;214&quot; align=&quot;left&quot; /&gt;&lt;/p&gt;&lt;p&gt;As expected, Obama castigated the risk taking and big-bonus-paying practices of Wall Street while nodding to the problems suffered on Main Street (such as millions of jobs lost and countless homeowners foreclosed upon).&lt;/p&gt;&lt;p&gt;Attempting to rally folks behind his administration&#39;s reform bill, Obama said, &quot;A free market was never meant to be a free license to take whatever you can get, however you can get it.&quot; And commenting on the need for derivative regulation, he said, &quot;Many practices were so opaque and complex that few within these companies—let alone those charged with oversight—were fully aware of the massive wagers being made.&quot;&lt;/p&gt;&lt;p&gt;He also noted that he &quot;was encouraged to see a Republican Senator join with Democrats this week in moving forward on this issue. For without action, we&#39;ll continue to see what amounts to highly-leveraged, loosely-monitored gambling in our financial system, putting taxpayers and the economy in jeopardy.&quot;&lt;/p&gt;&lt;p&gt;Remember, Barack only needs one Republican to cross party lines to get the Dodd bill to pass the Senate. And thanks to the SEC&#39;s case against Goldman (which is looking less and less like it will go to trial) I bet you four Paulson-packaged mortgage securities that he does.&lt;/p&gt;&lt;p&gt;Meanwhile, Joe the VP talks about something less important than Wall Street: earth.&lt;/p&gt;

Derek Loosvelt

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