This is the only way to break out of the destructive cycle of financial irresponsibility and misery.
The revelations of its financial irresponsibility, which led the spiral into bailout, were akin to the country being caught "skinny-dipping" when the tide went out, he says.
Still, the one factor that really set PIGS on the road to financial ruin was fiscal irresponsibility.
But surely we can all agree that we have to ensure our economy is never again brought to its knees by outdated and inadequate financial rules or by the irresponsibility of the few.
But much of it was due to the irresponsibility of large financial institutions on Wall Street that gambled on risky loans and complex financial products, seeking short-term profits and big bonuses with little regard for long-term consequences.
WHITEHOUSE: Weekly Address: Learning from History to Reform Wall Street | The White House
Much of the turmoil of this recession was caused by the irresponsibility of banks and financial institutions on Wall Street.
WHITEHOUSE: Weekly Address: Getting Our Money Back from Wall Street
And then, after all that, the financial crisis hit because of the irresponsibility of some on Wall Street. (Applause.) And that made things a whole lot tougher.
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In light of the current financial crisis, it would be the height of irresponsibility to ignore a malignancy that pursues the destruction of our already weakened free market systems and financial institutions.
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And much of the turmoil was caused by irresponsibility on the part of banks and financial institutions.
WHITEHOUSE: The President Proposes Financial Crisis Responsibility Fee | The White House
The financial crisis was triggered by a bout of corporate social irresponsibility on a massive scale that has tarnished the reputations of even the bluest of blue-chip companies.
Financial reform will not guard against every instance of greed and irresponsibility on Wall Street.
When the dust settled, and this binge of irresponsibility was over, several of the world's oldest and largest financial institutions had collapsed, or were on the verge of doing so.
The chancellor alleged that the most serious breaches occurred in the two years prior to the financial crisis of 2008, and said the report "read like an epitaph to an age of irresponsibility".
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