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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