Global Independent Analytics

Obama slams Trump for promising to roll back Wall Street reforms

"How it is that somebody would propose that we weaken regulations on Wall Street? Have we really forgotten what just happened eight years ago?"

Fox News reporting: President Barack Obama criticized Donald Trump's proposal to weaken Wall Street reforms and shared his own economic record on Wednesday during a trip to a city he visited three weeks into his presidency that has recovered from its recession lows.

President’s words in Elkhart, Indiana, hinted on the way his likely to take on the campaign trail this fall against the likely Republican presidential nominee.

Though not mentioning Trump by name, Obama harangued the mogul’s policy proposals, particularly his promise to dismantle most of the U.S. Dodd-Frank financial regulations.

"How it is that somebody would propose that we weaken regulations on Wall Street? Have we really forgotten what just happened eight years ago?" Obama said, sounding exasperated.

"The notion that you would vote for anybody who would now allow them to go back to doing the same stuff that almost broke our economy’s back makes no sense. I don’t care whether you are a Republican, or a Democrat or an independent, why would you do that?"

President chose Elkhart to specifically highlight the success of his policies in the face of Republican opposition. His trip to the city in early 2009 came in the middle of a fight for the U.S. Congress to pass a roughly $800 billion economic stimulus package.

Back then Elkhart had an unemployment rate as high as 19.6 percent, which is a stark contrast with today’s 4 percent.

However, Indiana's Republican Governor Mike Pence said the city had recovered despite Obama's policies, not because of them.

"I believe the people of Elkhart ... have brought our economy back in spite of the burdens that higher taxes, mandates and increasing regulations from Washington, D.C. have placed on them," he wrote in an opinion piece published in "The Elkhart Truth."

By Stefan Paraber for GIA

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