“For decades, too many of our institutions, from Washington to Wall Street, failed to adapt, or they adapted in ways that didn’t work for ordinary folks, for middle-class families, for those aspiring to get into the middle class."
“We had a philosophy that said if we cut taxes for the very wealthiest, and we gut environmental regulations, and we don’t enforce labor regulations, and somehow if we let Wall Street just write the rules, that somehow that was going to lead to prosperity, and instead, what it did was culminate in the worst financial crisis and the deepest recession since the Great Depression.”
Obama went on to reveal the details of his upcoming student loan initiative, which will allow up to 5.8 million struggling Americans consolidate and reduce interest rates on their government-backed and private student loans. The bill would essentially refinance all loans at a reduced government rate, which according to Administration officials equates to a reduction of approximately 0.5 percent. Also included with the initiative is a two-year student-loan payment cap for low-income borrowers that is expected to run from 2012 to 2014.
The Hill, Huffington Post, Washington Post
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