Obama: Wall Street Protests Resonate with Americans

(Newsroom America) -- President Barack Obama on Thursday said protesters involved in the "Occupy Wall Street" movement are resonating with Americans all over the country who are equally frustrated with some of the financial sector's business practices.

Thousands of protesters, many wearing union t-shirts, have descended on New York City's financial district. They have since been joined by labor leaders who say they will continue to lend manpower and other support to the movement, USA Today reported.

The protests have grown in size and scope over the past two weeks, and Obama's endorsement could signal a shift to a political movement of sorts.

"It expresses the frustrations that the American people feel that we had the biggest financial crisis since the Great Depression, huge collateral damage all throughout the country, all across Main Street," Obama told a news conference, referring to some Americans' angst regarding Wall Street practices.

"And yet you're still seeing some of the same folks who acted irresponsibly trying to fight efforts to crack down on abusive practices that got us into this problem in the first place," Obama said.

Still, the president said the nation must have a strong, solid financial sector to ensure economic growth, and that the financial reform measure he signed last year would ensure tougher regulation of the industry.

The protesters are mostly complaining about inequalities in employment and economic classes, the paper said, with much of their anger focused on Wall Street.

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