Barack Obama Speaks to Wall Street: "normalcy cannot lead to complacency"

Here are some highlights from President Obama's speech:

*"...when this administration walked through the door in January, the situation remained urgent"

*"[T]his administration... moved quickly on all fronts, initializing a financial stability plan to rescue the system from the crisis and restart lending for all those affected by the crisis

*"I will never be satisfied while people are out of work and our financial system is weakened, we can be confident that the storms of the past two years are beginning to break."

*"...the growing stability resulting from these interventions means we are beginning to return to normalcy. But what I want to emphasize is this: normalcy cannot lead to complacency."

*"Unfortunately, there are some in the financial industry who are misreading this moment."

*"[H]ear my words...We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses."

*"...we need strong rules of the road to guard against the kind of systemic risks we have seen."

*"History cannot be allowed to repeat itself."

*"... we are proposing the most ambitious overhaul of the financial [regulatory] system since the Great Depression. But I want to emphasize that these reforms are rooted in a simple principle: we ought to set clear rules of the road that promote transparency and accountability."

*"...we’re proposing new rules to protect consumers and a new Consumer Financial Protection Agency to enforce those rules."

*"...we’ve got to close the loopholes that were at the heart of the crisis."

*"Finally, we need to close the gaps that exist not just within this country but among countries. The United States is leading a coordinated response to promote recovery and to restore prosperity among both the world’s largest economies and the world’s fastest growing economies."

*"A healthy economy in the 21st Century also depends upon our ability to buy and sell goods in markets across the globe. And make no mistake, this administration is committed to pursuing expanded trade and new trade agreements."

*"There will be those who argue we should do less or nothing at all. But to them I’d say only this: do you believe that the absence of sound regulation one year ago was good for the financial system? Do you believe the resulting decline in markets and wealth and employment was good for the economy? Or the American people?"

*"I’ve always been a strong believer in the power of the free market."

*"...what took place one year ago was not merely a failure of regulation or legislation; it was not merely a failure of oversight or foresight. It was a failure of responsibility that allowed Washington to become a place where problems – including structural problems in our financial system – were ignored rather than solved."

*"... many of the firms that are now returning to prosperity owe a debt to the American people."

*"It is neither right nor responsible after you’ve recovered with the help of your government to shirk your obligation to the goal of wider recovery, a more stable system, and a more broadly shared prosperity."

*"...I want to urge you to demonstrate that you take this obligation to heart."

*"When my administration came through the door, we not only faced a financial crisis and costly recession, we also found waiting a trillion-dollar deficit. Yes, we have had to take extraordinary action in the wake of an extraordinary economic crisis. But I am committed to putting this nation on a sound and secure fiscal footing."

*"Common-sense rules of the road do not hinder the markets but make them stronger. Indeed, they are essential to ensuring that our markets function, and function fairly and freely."

*"One year ago, we saw in stark relief how markets can err; how a lack of common-sense rules can lead to excess and abuse; how close we can come to the brink. One year later, it is incumbent on us to put in place those reforms that will prevent this kind of crisis from ever happening again; that reflect the painful but important lessons we’ve learned; and that will help us move from a period of recklessness and crisis to one of responsibility and prosperity. That is what we must do. And I’m confident that is what we will do."