Obama kickstarts his drive for regulatory reform on Wall Street

VIDEO - Not a single new law has been enacted to prevent a repeat, but the president will say the economy's better off.

Sep 14, 2009

One year ago today Lehman Brothers collapsed and the financial panic began.

Investors and homeowners saw wealth wiped out and two administrations stepped in with massive bailouts and aid.

President Obama today highlights what has changed and what hasn’t.

Not a single new law has been enacted to prevent a repeat, but the president will say the economy’s better off.

“To rescue the financial system, to ensure that our domestic auto industry didn’t go out of business, and to stimulate the economy. That certainly cost a lot of money, but it’s something that we had to do,” said White House Press Secretary Robert Gibbs.

Thousands of protesters came to Washington this weekend, angry over those steps and wary of the Obama health care plan.

“They’re spending too much money we don’t have,” said protestor Graham Blanton.

“We must stop this government take over of health care,” said South Carolina Senator Jim DeMint.

One adviser to the President said more people need change than oppose it.

“I don’t think we ought to be distracted by that. My message to them is, they’re wrong,” said Senior White House Advisor David Axelrod.

Senate Democrats this week unveil the only reform bill with GOP input. It offers no optional government insurance.

“It’s not on the table. And it won’t be. We’ll be using the co-op as an option at this point,” said Maine Senator Olympia Snowe.

Will Senator Snowe or any GOP Senators support it?

“We invite the Republicans to join us for this historic opportunity. If they do not, we are still going to go forward,” said Illinois Senator Dick Durbin.

Changes are being made still.