September 14th, 2009
12:35 PM ET
5 years ago

Obama: 'Storms are beginning to break'

NEW YORK (CNNMoney.com) - The bailouts have largely stabilized the financial system, but regulatory reform is needed to prevent another similar crisis from happening again, said President Obama in a speech delivered Monday on Wall Street.

Marking the anniversary of the Lehman Brothers collapse, which set off a series of events that led to last fall's financial crisis, Obama talked about the state of the economy one year later.

"Although I will never be satisfied while people are out of work and our financial system is weakened, we can be confident that the storms of the past two years are beginning to break," said Obama. "In fact, while there continues to be a need for government involvement to stabilize the financial system, that necessity is waning."

Taxpayers have lent hundreds of billions of dollars to systemically significant financial institutions and trillions more in lending programs aimed at easing the tight grip on lending. Obama said bailout money is flowing back to taxpayers, but "that doesn't mean taxpayers will escape the worst financial crisis in decades unscathed," he said.

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Filed under: President Obama
soundoff (78 Responses)
  1. The Lonely Libertarian of Liverpool NY

    Look at CNNs poll today only 9% have seen recovery, 9% of the working taxpayers have seen recovery. And remember that all of these multi Trillion dollar bailouts were approved by both parties, our President was not alone in these decisions.
    The American public were against the bailouts everytime, knowing it would only benefit the wealthy.
    Beware of the double dip in 2011!

    September 14, 2009 02:38 pm at 2:38 pm |
  2. Just a Mom

    STOP! Just stop with all the lies. How gullable do you think we the American people are? And for the speaches, just record them all, put them on a loop, and stay home!

    September 14, 2009 02:39 pm at 2:39 pm |
  3. And on the third day

    And celestial choirs were singing his praises, give me a break you lying fraud of a coward in thief.

    What is the deal with this clown, actual facts just don't mean anything to him or is that the media let's him say any lie he wants and nobody (but the usual suspects) checks any of them out?

    I saved millions of jobs even though there is NO proof of it, you can uh, uh, h, uh, uh, uh trust me.

    He would NEVER lie………………………………..

    September 14, 2009 02:52 pm at 2:52 pm |
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