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.
The storms are beginning to clear, are you kidding me? Last week a list of 300 some odd banks that are anticipated to fail was put out by our Federal Government. 85 of those banks were already determined insolvent and allowed to go bankrupt with the CEO's and investors getting their money out prior to liquidation. What does our Government do in the dark of night, print 390 billion dollars to keep the others alive. There is a price that will be due for this economic foolishness and it wont be Obama and his dupes paying for it, it will be the people of the United States.
Go Mr. President!!! Your unwavering ability to multi-task, and your focus was exactly what this country needed during these most difficult and trying economic, and social times. We appreciate you taking the high road amidst all the bs swirling around you, and the lack of support from the right and the erratic left. Stay the course. We pray for you and your success, which in turn will be the success of our country.
"Storms are beginning to break" ??? Gimme a break. More hyperbole from the talker - how about those 5,000,000 new jobs you promised -Don't talk to us in generalities, or hyperbole, or abstracts – just the facts man, just the facts. where are the jobs? when are our retirment savings accounts gonna get back to where they were? C mon give us the meat, not the salad
What a clown this guy is.....NOTHING he has done to date has helped out the economy and, in fact, the damage he has caused will be felt for years.
Get off the wealth redistribution crap would you? It has been being redistributed from the middle class to the top 5% for the last 30 years. And stop blaming Obama for the failures of unregulated greed. Get a clue.
Why dont you have Barney Frank and Chris Dodd fix the mortgage industry that they took advantage of and ruined.
They made the laws and they let forced banks to allow bad loans from people that could not afford a house.
Tell them to change the laws back and the banks will fix themselves.
Stop taxing us.
Cut the money you gave to acorn and Recall the stimulus package.
The economy will fix itself if you change the laws back.
Additionally, Sir, please disregard the share-a-tooth crowd calling you a Socialist and a Nazi. They've been schooled as to the true definitions of these terms, yet it is their way of demonizing you to the ignorant, and the ungrateful. Carry on Mr. President, and shake them off like so much dust. Nothing you do will please or appease those that feel that a man of your color, and with your name should not be our head of state.
What storms are clearing.
Unemployment is up.
NO new job growth.
This idiot made things worse he did not fix anything.
He ruined the car companies.
He signed off on TARP which President Bush should have never agreed to.
Barack has NO idea what he is doing.
He has never run anything.
He is just a man with a nice Hugo Chavez Socialist Plan...
All of it is so true. I hope dearly that we can reform the system to a degree that we can prevent the Bush years abuse from repeating again. In the end, it does wall street and the banks little good if we have a system in place that leads to bankrupts. We bailed them out this time, but there is no promise that we will again. Next time a hard core republican might be in office and let them all fail because of the ideology of it all, and not care if it sank our Country, and then the world. It is for not only the counties welfare but for theirs that we have real reform in place.
STOP THE CORPORATE TAKE-OVER OF THIS WORLD! No more free trading us into oblivian! No more Wall Street bailouts! Let them reap what they sow! Stop allowing bubbles to turn to busts AND make them all pay us back! If they benefit from the Commons, they need to pay for it and stop externalizing costs to us, the taxpaying public. No to the Supreme Court allowing corporations the right to unrestricted access in our Election processes. They all are already citizens and get their right to vote once already. Peace
Unfortunatly I don't think Obama sees the second front of storms comming up in the horizon.
Many economists fear the results of high inflation that will come with the recovery along with continued high unemployment and the effects of the curshing deficits will result in a brief weak recovery followed by a double dip recession. And that does not factor in the economy crushing cap and trade bill if it should get passed.
Mr. President: Stay the course job well done
What Obama is refusing to look at is the next wave of about 1000 BANKs that are about to go UNDER due to this administrations screwup in handling the finacial crisis.
To date Pres Obama's promises have yet to come about. Our economy is still reeling with the Government continuing to spend billions of dollars it doesnt have and driving our country to bankruptcy.
The Democrats had a chance to deliver and probably solidify their majority in Congress for years to come. But with Pelosi and Reed at the helm and Barney Franks and Chris Dodd closely following I question when we are going to make a turn.
If the Democrats dont quit accusing these people at townhall meetings and those that marched on Washington to protest spending policies there is no doubt Republicans will win a lot of seats in the next election.
Take back America! Vote them out in 2010! Vote him out in 2012!
Well, you throw a couple of trillion dollars at a problem, and you can expect "something" to happen. Of course, when inflation hits 10% right before the mid-term elections in 2010, Barry might be a little less eager to claim credit.
Mr. President – STOP supporting the corporations that have a strangle hold on this country. Even though they gave you lots of campaign money, you don't have to be their lap-dog.
Thank you President Obama for being rational in an irrational time for America.
The majority of Americans support you Mr. President. The complainers here are lazy and/or incompetent, otherwise they'd have something constructive to do with their time.
I am pretty sure we already voted THEM out in 2008.
ACORN is Obama's "baby." He was their lawyer before he was president. Call the white house. Tell Obama enough is enough. Tell him we want ACORN shutdown! ACORN is part of the "storm." This "storm" appears to have broken, but Obama has not uttered a word about it. Enough said?
Quit using so called crisises as an excuse to take over the banking, auto, and healthcare industries. All the problems in these sectors could have been addressed without government taking an ownership position in them.
So far the president's policies amount to little more than a grab for increased federal power at the expense of the free market and even our personal liberty. Do something that will actually help improve the economy and bring down unemployment.
The reason the president's poll numbers are tanking is pretty simple – it's the economy stupid!!!!
I love how the right is trYing to rewrite history and blame the financial collapse on Obama.
I wouldn't worry so much about inflation. The government has the tools in place to stop inflation. What's harder to stop is a deflationary spiral which is what we were just in.
NO!!! NO!!!! NO!!!! The repubs don't want to hear this they rather you fail even if the country is destroyed
You won't be so enthusiastic about this guy when you discover you MUST (by law) give your hard-earned money (assuming you are lucky enough to have a job) to fat, greedy insurance execs and then still pay for health care (assuming you have any money left) because of the huge deductable.