Peter King's Response to 'Obama's Street cred'

Politico
By Seung Min Kim
April 22, 2010

What do you want to hear from President Obama in his speech to Wall Street on Thursday?

I'll tell you what I don't want to hear. I don't want him to take cheap shots at Wall Street and banks. I would want him to show constructive reforms and not talk about bank taxes. And really just lay off the cheap shots. I'm with Mayor [Michael] Bloomberg on this. Financial services is the economic engine that drives New York, just like the auto industry in Michigan or the energy industry in Texas.

How should the president address the Goldman Sachs charges in his speech on Thursday, and are those charges a boost for his financial reform push?

It may get support from the public, but its very shortsighted. Again, certain specific reforms, let's consider them. But demonizing the industry, imposing taxes on them; its damaging to the country, damaging to the economy, damaging to New York.

The charges can cause people to focus on the fact that he received $1 million from Goldman Sachs. It raises real questions about his very close relationship with Goldman Sachs and why they invested their money in him.

The president said in a CNBC interview that it wasn't a big deal. So do you disagree?

I can see why the president wants to ignore it. I don't think the people will ignore it [Obama] should watch what he says.

What are the chances of bipartisanship on financial reform?

I would like to get a bipartisan bill but my concern is what's important for New York.

There was too much recklessness by Wall Street, certainly for the last 10 years or so but we don't want to go to demonizing the industry.

If the president and Democrats are willing to pull back from the cheap shots, we can see an opportunity.