March 27th, 2009
05:01 PM ET
5 years ago

Obama Week 10: Rescue gains steam

 The Obama administration's tenth week in office was a busy one.
The Obama administration's tenth week in office was a busy one.

NEW YORK (CNNMoney.com) - The Obama administration's tenth week in office was a busy one. Treasury Secretary Tim Geithner unveiled the next phase of the bank bailout. Congress took up the president's budget. And the government outlined a plan to overhaul regulation of the financial system.

The administration's efforts, along with some faint signs that economic conditions are stabilizing, helped improve the sentiment on Wall Street. Stocks posted strong gains for the week despite a selloff on Friday.

It was also a busy week on Capitol Hill.

Committees in the House and Senate largely supported Obama's priorities for the 2010 budget, with certain caveats, in the early stages of what is expected to be a months-long debate.

Lawmakers also heard testimony from Geithner on how the administration hopes to prevent future meltdowns by increasing oversight of the financial markets and preventing companies from growing too big to fail.

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Filed under: President Obama • Tim Geithner
soundoff (18 Responses)
  1. Mississippi Mike

    "The administration's efforts, along with some faint signs that economic conditions are stabilizing, helped improve the sentiment on Wall Street."

    Remember when Obama said he didn't follow every gyration of the market? He is now, only because the gyration is slightly upward.

    March 27, 2009 05:21 pm at 5:21 pm |
  2. It's running out of steam.....

    Obama is over his head when it comes to business and economics--
    having never run anything in his life, he is starting to appear worn at the edges....

    Don't his ears remind you of someone who went around saying:
    "What, me worry?"

    March 27, 2009 05:25 pm at 5:25 pm |
  3. bk

    All Obama has done is spend our money and money we don't have. Change what a crock.

    March 27, 2009 05:27 pm at 5:27 pm |
  4. republicans hate america

    this recession is showing signs of bottoming out. Obamas hard work and diligence to do the right thing is starting to show. the rush limbaugh party knows this and hopes for some catastrophic terrorist attack because they know their hope of this countries failure can not happen when we have a smart man in the white house.

    March 27, 2009 05:28 pm at 5:28 pm |
  5. The Broker.

    The Archives? In just a couple of hundred years. America? Oh! Yeh you mean the ilusion that was around, for about 75yrs.. NAh! The were just a small-blip, on an Ocean of Real Energy.

    March 27, 2009 05:31 pm at 5:31 pm |
  6. MaryanneAZ

    Clear the tracks, the Obama Express is on the move and seriously gaining momentum! We are so blessed as a Nation to have someone of President Obama's wisdom, strength and character who is willing to lead this Nation and take all of our scrutiny, hysterics and criticism in stride.

    March 27, 2009 05:40 pm at 5:40 pm |
  7. The lonely Libertarian of Liverpool NY

    Oh yes things are better my employer only let 84 people go this week.

    March 27, 2009 05:42 pm at 5:42 pm |
  8. Al, California

    So good we got Obama in charge. The country may be saved after destructive last eight years (and careless last almost 30 years).

    New regulations must make sure that when economy is running, GOP crooks will not be able to rob the country again.

    March 27, 2009 05:46 pm at 5:46 pm |
  9. tyree

    Whats up with all of the negativity? I guess i'll take Bill Gates and Warren Buffetts support and confidence in the Presidents team has a good sign, considering they have alot to lose.... as opposed to the broke pessimist and nay-sayers.

    March 27, 2009 05:54 pm at 5:54 pm |
  10. Shawn

    Keep up the good work Mr. President!

    The people are with you.

    March 27, 2009 05:58 pm at 5:58 pm |
  11. jonnierae

    Obama has given the Treasury the power, like the FDIC, to take over these dangerously failed institutions if necessary. This is major in terms of regulation. Obama wants to save capitalism. Avoid Nationalization of the banks, if possible. This is a good idea. I hope it works. Nationalization is an absolute last resort. I think he has been thoughtful, methodical and forward-looking in laying out his plans. We won't know until 2010 whether our economy has begun to heal. Up to now, I believe he is on the right track and he is inspiring confidence.

    March 27, 2009 05:59 pm at 5:59 pm |
  12. Bill

    President Obama takes his job seriously.........

    Our constitution too!!

    March 27, 2009 06:14 pm at 6:14 pm |
  13. thank

    One can't say "gain" if that person spent $10 and got back only $2 or $3. How many billions dollars of taxpayers have been spent? Where has the money gone? It would be better to use taxpayers' money effectively and widely.
    The House of Speaker used her trademark quote "...not given him a blank check" many times during former administration. I haven't heard that quote recently even though many "blank checks" have been given to the new administrations. Americans will be better if people on the Hill and tin he White House work for their country, not for their own party.

    March 27, 2009 06:26 pm at 6:26 pm |
  14. Lady K

    Why do people think that the stimulus package was going to change things immediately after it was signed. Do you people have any idea how to efficiently distribute money to millions of people? This is not a direct deposit check! He has to meet with governors, mayors, school boards, and others. The stimulus will be distributed until 2011. So, just chill out, visit recovery.gov, and stop complaining about not having a quick fix.

    March 27, 2009 06:27 pm at 6:27 pm |
  15. To RUSH and JINDAL: I do not want the levees in Louisiana or Florida to fail, just the policies of the Corp. of Engineers building them!!!

    Not to worry President Obama all the whiners did not vote for you.

    Your popularity is at 62% and those of us who voted for you, you are doing exactly what 53% of the voters elected you to accomplish.

    So, keep it up, you are doing great!

    March 27, 2009 06:36 pm at 6:36 pm |
  16. Overshortsighted

    We dont need more oversight we just need guys like Dodd and Frank not to fall asleep at the wheel again. As far as Giethner goes I wouldnt let him be a dog catcher let alone the Treasury Secretary. If he cant handle his own taxes how can he help fix the nation"s financial problems.

    March 27, 2009 06:36 pm at 6:36 pm |
  17. Lynn

    Mississippi Mike: Where in the article does it state that PRESIDENT Obama stated anything in the article?? These are the words and opinions of Ben Rooney the author of the article doing a critique as he does every week.

    Actually, at yesterday's townhall meeting the PRESIDENT specifically stated that there will continue to be ups and downs. Same old uninformed bs from the same tired crew!!

    March 27, 2009 06:38 pm at 6:38 pm |
  18. Larry

    We have not even started going down the dumper yet.

    March 27, 2009 06:48 pm at 6:48 pm |