When Barack Obama delivered his speech on financial reform at Cooper Union College, just a short distance from Wall Street, last week, it brought back memories of another event that took place at Cooper Union 150 years ago, and transformed American history!
The Cooper Union speech of Abraham Lincoln in 1860 transformed the one term Congressman, from a dozen years earlier, into a prominent candidate for the Republican nomination for President.
Historian Harold Holzer, a leading Lincoln scholar, wrote a very significant book on this precise topic in 2004. Lincoln came across at Cooper Union as very reasonable and rational as a candidate.
In the same way, Obama came across at Cooper Union as reasonable and rational in his call on Wall Street to stop fighting necessary financial reform, so that never again will the stock market and banking crisis of 2008 ever happen again!
This week, the Senate considers a financial reform package which is essential, and if it is opposed by the Republican party, it will be obvious who is to be held responsible in the future for a repeat of the disaster of two years ago! Fortunately, as we get closer to that moment, it seems as if many Republicans realize that they cannot afford to appear as if they are in bed with Wall Street.
The Cooper Union speech of Barack Obama is calling on Wall Street to cooperate in appropriate regulation, and we shall see this week whether it worked. But Obama at Cooper Union certainly evoked thoughts of Lincoln, and not for the first time! 🙂