Oh right. Pointing out every verbal stumble.

Oh right. Pointing out every verbal stumble.

Now just for fun, here it is, without YOUR interpolations, and with the verbal hiccups removed (which is what you do when you’re interested in the substance, and not the cheap shot.)

“I would say that if you look at the sources of this crisis, the United States certainly has some accounting to do with respect to a regulatory system that was inadequate to the massive changes that have taken place in the global financial system. I think what is also true is that here in Great Britain, here in continental Europe, around the world, we were seeing the same mismatch between the regulatory regimes that were in place and the highly integrated global capital markets that have emerged.

So at this point, I’m less interested in identifying blame than fixing the problem. I think we’ve taken some very aggressive steps in the United States to do so – not just responding to the immediate crisis, ensuring banks are adequately capitalised, dealing with the enormous drop-off in demand and contraction that has taken place – more importantly, for the long term, making sure that we’ve got a set of regulations that are up to the task. And that includes a number that will be discussed at this summit.

I think there’s a lot of convergence between all the parties involved about the need, for example, to focus not on the legal form that a particular financial product takes, or the institution it emerges from, but rather – what’s the risk involved? What’s the function of this product? And how do we regulate that adequately, much more effective coordination between countries so we can anticipate the risks that are involved there, dealing with the problem of derivatives markets, making sure we have set up systems that can reduce some of the risks there?

So, I actually think there’s enormous consensus that has emerged in terms of what we need to do now and I’m a great believer in looking forwards than looking backwards.”

Gosh. Somehow that doesn’t sound so dumb.

Most people would be happy about the fact that for a change you’ve got a President who’s not a complete doofus. It takes a special kinda guy to want to turn the current president into one – especially when he’s doing his best to deflect attention from his predecessor’s “management” management of the economy.

Now just for fun, here it is, without YOUR interpolations, and with the verbal hiccups removed (which is what you do when you’re interested in the substance, and not the cheap shot.)

“I would say that if you look at the sources of this crisis, the United States certainly has some accounting to do with respect to a regulatory system that was inadequate to the massive changes that have taken place in the global financial system. I think what is also true is that here in Great Britain, here in continental Europe, around the world, we were seeing the same mismatch between the regulatory regimes that were in place and the highly integrated global capital markets that have emerged.

So at this point, I’m less interested in identifying blame than fixing the problem. I think we’ve taken some very aggressive steps in the United States to do so – not just responding to the immediate crisis, ensuring banks are adequately capitalised, dealing with the enormous drop-off in demand and contraction that has taken place – more importantly, for the long term, making sure that we’ve got a set of regulations that are up to the task. And that includes a number that will be discussed at this summit.

I think there’s a lot of convergence between all the parties involved about the need, for example, to focus not on the legal form that a particular financial product takes, or the institution it emerges from, but rather – what’s the risk involved? What’s the function of this product? And how do we regulate that adequately, much more effective coordination between countries so we can anticipate the risks that are involved there, dealing with the problem of derivatives markets, making sure we have set up systems that can reduce some of the risks there?

So, I actually think there’s enormous consensus that has emerged in terms of what we need to do now and I’m a great believer in looking forwards than looking backwards.”

Gosh. Somehow that doesn’t sound so dumb.

Most people would be happy about the fact that for a change you’ve got a President who’s not a complete doofus. It takes a special kinda guy to want to turn the current president into one – especially when he’s doing his best to deflect attention from his predecessor’s “management” management of the economy.