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.
I'm a bit mythed to say the least. Does this character, Obama, actually believe things are getting better? Is that really what he he said?
I love these cry babies against the President. They cheered and burned Dixie Chic CD's when they spoke out against this crisis that little Bush was just starting. They said it was un American and un Patriotic to protest unjust wars that Bush started. He could do no wrong. Now look at what Obama has to try and clean up. This mess had hit the fan before he took office and that's a fact. To say he made it worse is a laughable lie. If he had not acted this country would be just like Russia right now. Have your tea parties. Eat crow with your tea too. Fact is you would not complain if it only effected people you consider beneath you. Bush and all of his mismanagement and deregulation has made everyone small unless you were one of his goons.
He knows this because ACORN and the unions told him. They have lots and lots of our hard earned tax money to spend now, so they are safe. They just need one more little favor, the forced unionization of health care workers that is contained in the HR3200, the obamacare bill he keeps lying about. The most corrupt administraton in history. All of the others took years to reach this level of corruption. With Obama it took less than 6 months.
8 years of stupidity cannot be overcome in 9 months, but the signs are there that durable goods orders are up, the cash for clunker worked, 95% of workers got a tax cut beginning in April, and the financial institutions are in a position to start returning taxpayer money. It goes to show that republican and democratic economists, who agree with the steps that have been taken by Obama, are a lot smarter than the right wingnuts who disagree with everything our president does.
If this guy isn't a salesman then I don't know who is. He's turned the oval office into a sales & marketing office. We don't need a salesman, we need a leader.
We are still with you, Obama. The people who helped you get where you are now are still here. We have not fallen into an apathetic slumber. I am sure you can hear a chorus of dissonance that will grow even louder. Just remember, nothing can stand in the way of millions of voices who have demanded change. You are doing a good job. You are doing exactly what we the people want you to do. Keep going, Keep trying, Be encouraged and we will do the same.
We believe in you and each other!
Let's be correct, taxpayers HAVE NOT LENT trillions of dollars to the banks and financial institutions, but rather Obama and Congress of lent trillions of TAXPAYERS DOLLARS. Who is kidding who? Also, I thought that this money would be repayed. How naive of me.
If the President and his friends in Congress actually did something constructive it would help. Instead THEY want to continue to spend money WE don't have for healthcare, cap and trade, student loans, and other liberal social agenda's. The second round of bank failures is coming as commercial loans default and all the government can do is print or borrow money. The storm coming from all this spending will be a hurricane compared to the current thunderstorms.
...and all's well with the domestic automobile industry!
except GM and Chrysler both went bankrupt. Other than that...
Is this clown for real?
Yeah, sure things are a tiny bit better Barry. You stole from my children and grandchildren and borrowed billions from China to even have the ability to stand where you are and say something that dishonest. When inflation goes through the roof and the economy double dips into recession again next year we will see what you have to say then. Thanks for continuing Bush's legacy of destroying the country.
Good job Mr President. I shudder to think where we would be without you. Unemployment at 25%, all the banks in failure, no promise of re-newed regulation and supervision of the problems that caused this mess. Just more and more tax breaks for the wealthy which they stock away in foreign banks. The other side had thier change for almost a decade and look where they took us. Keep up the good work.
I keep hearing all the "down with corporations" banter from the left wing idiots. If it were not for the corporations you ignorant dweebs, there would be no jobs. DUH. Do you liberals not have enough sense to make your own way without the government taking care of every aspect of your lives?
What storms were there two years ago, that he speaks of? Was it the storm of unqualified home buyers rushing to Fannie Mae because Chris Dodd and Barney Frank rebuked Bush's request for tighter lending rules not looser.
Watch this, just as Republicans always will, they cry about Obama's reforms now.
In 2-3 years when the economy is stable again, these obstructionists will claim that it was the Republicans who stood against Obama that fixed the problem, never once admitting that this whole mess began with 6 years of unchallenged Republican rule.
This country deserves to fail. The stupidity is embarrassing! Shame on all of you morons who are so selfish and fight against all americans having health care and hating our president no matter what he says or does. Europeans and Canadians are so right about how stupid americans are!
You cannot have your cake and eat it too. American's need to realize that we cannot spend our way out of this. I know having close ties with an Economic figure. You have to let it run it's course. All congress is doing is delaying the downfall. When the bottom does fallout, it will be worse than if we would have just rode it out. Many business will fail, many more people will be without jobs, congress will be safe, they are always the first to be paid.
well if the PREZ is saying it....it MUST be true!!!!
i guess he thinks that if he keeps saying things are okay all the idiots that believe every word he says as gospel will being to spread the Great Word of OBAMA-ism!!!
Still awful stormy where I live. Pray tell, whats changed. Nothing.
Our Cogress makes the laws.
They are the ones owned by the Financial and Insurance companies.
Vote the crooks out on both sides. If they vote against what is best for people, get rid of them.
Thank you President Obama for being the intelligent and progressive thinker you are and forgive those who are not.
Oh, the storm has just begun. See 9/12 protests.
Within a few months the foreclosure debacle is going to explode as the commercial real estate market collapses. We are no where near the end of this mess, and even when things do start to improve most economists project that it will be a jobless recovery. We're still in for a rough couple of years.
Dear God, can the far-right be more ignorant? They keep crying..... "the sky is falling!" One comment claims that we will have "10% inflation!" Really?
The GOP has a long history of fear-mongering:
During the 40's, 50's & 60's they cried "the communists or socialist are coming!!!!"
In the 2004 campaign, it was "the terrorists are coming!!!!"
Now they are back to their old message, "the socialists are coming!!!"
GOP= fear, hate, lies and division, and no new ideas nor solutions!
Had President Obama derailed the Bail-Out that President Bush had supported and signed into law....... our Nation would be in its Second Great Depression!
Why don't you far-right-folks read some history or economics and learn for yourselves about the bullet we dodged?