Obama to Banks "Say You're Sorry. And Say It Like You Mean It."

During an interview with PBS on Monday, President Barack Obama discussed the status of the economy, while taking a shot at unrepentant banks:

Well, here's what happened. You had a Wall Street that took excessive risks, acted irresponsibly and almost dragged the entire economy into a depression…The problem that I've seen, at least, is you don't get a sense that folks on Wall Street feel any remorse for taking all these risks. You don't get a sense that there's been a change of culture and behavior as a consequence of what has happened. And that's why the financial regulatory reform proposals that we put forward are so important.

So the real reason behind TARP is revealed: Wall Street needed an attitude adjustment. And until bankers are sufficiently sorry, the sentence is "regulatory reforms."

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