At the White House, President Obama weighed in on the Occupy Wall Street protests for the first time. Speaking at a news conference, Obama said he understands the protesters’ “frustration,” but ultimately believes in the financial sector.

President Obama: “I think it expresses the frustrations that the American people feel, that we had the biggest financial crisis since the Great Depression, 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. So, yes, I think people are frustrated, and the protesters are giving voice to a more broad-based frustration about how our financial system works. Now, keep in mind, I have said before, and I will continue to repeat, we have to have a strong, effective financial sector in order for us to grow.”