Obama set to warn of another crisis without new financial reforms

President Barack Obama on Thursday will warn Wall Street that another financial crisis is certain unless financial regulatory reform is signed.

Obama, in a speech at New York City's Cooper Union, will ask Wall Street bankers opposed to reform to call off the lobbyists fighting legislation moving through Congress.

The president will harken back to a speech he gave at the same spot on the same issue during the presidential campaign, saying he takes "no satisfaction in noting that my comments have largely been borne out by the events that followed."

Obama blamed "a failure of responsibility," according to excerpts from the speech provided by the White House,  saying "it is essential that we learn the lessons of this crisis, so we don’t doom ourselves to repeat it." 

"And make no mistake, that is exactly what will happen if we allow this moment to pass – an outcome that is unacceptable to me and to the American people," Obama will say.

The president was set to outline the five key ideas he and Democrats are pressing for, and to repeat that he believes in the necessity of the free market.

"But a free market was never meant to be a free license to take whatever you can get, however you can get it," Obama will say.

The House has already approved a Wall Street reform bill, and Republicans and Democrats in the Senate appear close to a compromise.

"Both bills represent significant improvement on the flawed rules we have in place today, despite the furious efforts of industry lobbyists to shape them to their special interests," Obama wll say. "I am sure that many of those lobbyists work for some of you.  But I am here today because I want to urge you to join us, instead of fighting us in this effort."

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