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.
Reminds me of:
"Prosperity is just around the corner!"
When our economy goes into a W recession in the next couple of months, this will be the quote used by the GOP in 2010.
See republiCONs...when you act fast, and not wait around like you wanted, the ecomony can be fixed even faster than anticipated!!! You should thank Prez. Obama, but since you are whiners, you will find something to cry about!!!
Mayor Bloomberg (NYC) who is supposed to be Republican but sitting on the fence leaning towards being an Independent is using stimulus money to overhaul Penn Station, the largest passenger hub in North America.
Amtrak will eventually shift their NYC terminal to a new site. Ground has not yet been broken but when it does, many more jobs will be created not only for construction workers but just think of the trickle down to banks, contractors, finance personnel, etc.
Rome was not built in a day, and neither will the rebirth of of the USA (remember what is happening to the country did not overnight). It took many years of mismanagement, greed and warmongering to bring us to almost sudden death. All that President Obama promised us cannot be achieved in the eight months of his tenure. Not even Houdini could pull off that trick, so be patient!
Keep up the great work, President Obama. The WSJ also reported the success of his policies helping bring America out of this recession. Although we still have much work to do, let's keep heading in the right direction.
I will continue to pray for positive progression and our president.
God Bless the USA!
I really doubt that his policies are prudent. I don't think they can or will work. I am, however, not an economist. I hope that they do work for all of our benefit, I just don't see how that will happen. But, given my limited scope, perhaps I am wrong.
If we are seeing signs or "the breaking of the storm", I don't think passing cap and trade is a good idea at this time. Neither is adding the cost of this healthcare reform (which no one can put a finger on since there is no REAL plan yet published).
I think he would be wise, if indeed we are recovering, to leave well enough alone until things stabilize.
My humble $0.02
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......................................
WEALTH REDISTRIBUTION=SOCIALISM=AMERICA'S DEMISE.
All you BHO supporters who expected a government check in the mail shortly after you voted this socialist into office must be wondering now where your checks are. Well, guess what! Your gravy train is off the tracks. Check the polls! Oh ya, I know, the polls mean nothing if they say BHO's numbers are dropping and they mean everything if they say the opposite. "One and Done" and this is coming from a lifelong Democrat! No more of "the workers" money for bailouts. Game over-you lose!
I find it amazing that one year after the collapse, and less than a year into the President Obama Administration, that everyone expects the problems to be magically cleaned up.
Through almost 30 years of Reagan economic ‘policy’, with its ballooning deficits and exorbitant spending, along with deregulation and ‘laissez-faire’ experiments, the spot that we are in did not occur overnight. To those that complain that it is the Democrats’ fault, I say fair enough. But I ask, when you had control of the executive and legislatures, why didn’t you fix it?
This is not Bush’s fault, or Clinton’s fault, this is a fault of all of us believing a washed up actor’s spending spree in the early 80s would somehow put us on the path to success. I know the GOP loves President Reagan, but I would not name a rest stop after that goon. The corporate rape of the United States began when Reagan was sworn in and they got their final pay out last year.
Meanwhile..., out here in the real world. 570,000 Americans file for unemployment, this week.
I'm already scathed BObama ! I have credit cards that they hiked interest rates on to outlandish percentages and on those cards that had fixed rates till payoff, they have hiked minimum payments on those. I can't imagine where my next several months payments will come from. All this in the name of repaying the money we leant them back to us ?
My only bill where the payment decreased this year is Insurance. And now you want to go monkey around with the Insurance Industry too ?
No thank you Sir !
Obama failed on his promise to create "4 milion jobs by the end of summer"...
AGAIN I SAY CRITICIZE ALL YOU WANT:But it dont matter who the President is or who you wanted it to be they couldnt have done any better, If no bailouts woulnt have taken place i wonder who would have been screaming then. And just in case some of you have gotten amensia the bailouts started with G. Bush and im not trying to criticize anyone but they had to do what they had to do. And as for as the jobs progress all the economist i heard said the jobs will take some time so instead of some of you COMPLAING you need to get som positive thinking in mind and stop putting your country down by putting your President down no matter who he is. Thats why he is the President and not you.
Yes President they are ,ACORN is about to be brought down if you don't put a stop to it, They need to be investigated ,And no more tax payers money going to these people .
If you saved for a rainy day.
Yes – the storms have BROKE and the sun is shining through!!! REPUBLI-CAN'Ts be aware of the fact that you are fighting a LOST CAUSE by not trying to work with our President!!!
Yes we can!!!
I'll be convinced the storms are beginning to break when I find a job, with either the same salary or a higher salary, to replace one I'm losing next year thanks to outsourcing.
I'm still waiting for the stock market to recover, remember it used to be around 14,000. And lets try getting the NASDAQ back to 5,000.
It's the "Calm Before the Storm". 10 Trillion in debt will forever make us poorer and unable to compete. How does anyone believe a word Obama, has to say. He speaks well...but they are all lies!
But what about corrupt ACORN? What about the massive march against government OVERSPENDING in DC Saturday?
Oh yeah, state-run CNN figures if they don't mention it, it will die quietly.
THE REVOLUTION WILL NOT BE TELEVISED!
Wow and wow indeed! What an array of all-pervasive comments posted for this piece of action by BHO! He is tryin' to do too many things at the same time to impress the citizens, but the sincere contrivances of his are provoking counter-productive responses mostly, from Repub.-oriented reactions.
The storms are breaking. We may not see it or feel it for a while, but it is breaking. We got into a real jam and handed this man a true mess. He has held his view with dignity and honor and put in place bold initatives reguardless of fanatical nut cases waving tea bags or yelling insults in the halls of congress.
It just might help us all if people sitting on the fence will join in on this and add your support. I for one am sick and tired of this recession.
Reforms of the financial system are very much needed. The reforms that FDR instituted helped pull our country out of the Great Depression and ushered in an unprecedented 40-year economic expansion.
We need to go back to the days of reasonable regulation. It is not only naive, but as we've seen, very dangerous to our and the world's economy, if we fail to do so.
"Obama: 'Storms are beginning to break'"
I agree. I can see the Democrats' pending 2010 midterm implosion, too.
Don't blame me. I voted for the American.
The biggest threat to our country is the number of ignorant people out there who don't think for themselves, never fact-check, and simply parrot whatever Limbaugh, Beck, Hannity, O'Reilly and Coulter say.
I'm thankful every day that we elected Barack Obama president; he is intelligent, thoughtful and patient. I have great confidence in him and his policies. The naysayers will be proven wrong, I am sure.
500 Billion in the hole and 4.7% unemployment under the Bush administrat8ion and it was the worst economy since Hoover. 10 trillion in the hole and a 9.7% unemployment under Obama and its all puppy dogs and rainbows.
And the main stream media wonder why they are irrelevant?
Change the laws and separate corporations with politicians!. Remember the republicans money game? socialism to the corporations and capitalism to the rest of the society! for the last 8 years this Nation was led by hyenas wearing sheeps skins!