Obama Tackles Economy, Lending in Speech to Congress
Wednesday, February 25, 2009 : PermalinkNew York (HedgeCo.Net) – Obama used his time in front of Congress last night to present a “blueprint for our future,” with a specialized focus on health care, education and energy. But there was plenty of time for talk on the financial crisis, saying we have come to a “reckoning” after years of poor decision making and lax regulation.
"A surplus became an excuse to transfer wealth to the wealthy instead of an opportunity to invest in our future," the President said. “People bought homes they knew they couldn’t afford from banks and lenders who pushed those bad loans anyway. And all the while, critical debates and difficult decisions were put off for some other time on some other day."
Obama added, “I know how unpopular it is to be seen as helping banks right now, especially when everyone is suffering in part from their bad decisions. I promise you, I get it."
Obama said while he is in favor of lending a hand to large banks when needed, those institutions will be held accountable for how that money is spent. He also said he plans on launching new lending programs that will provide funding for college, small business and car loans.
Touching on the anger regarding CEO payouts and bonuses, Obama put to rest any further issues saying, “CEOs won’t be able to use taxpayer money to pad their paychecks or buy fancy drapes or disappear on a private jet. Those days are over."
Obama also tried to restore confidence in the U.S. banking system by assuring the public that their money is safe in our financial institutions. To those same banks he said, “if we do not re-start lending in this country, our recovery will be choked off before it even begins."
Prior to his speech today, Gallup reported that Obama’s approval rating had dipped below 60 percent for the first time since the company started tracking it on January 21st. Gallup stated that his average approval rating was 64 percent, with most of the current decline coming from the Republicans.
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and www.hedgefundemployment.com
Tags: approval rating, bad decisions, banking system, car loans, ceos, critical debates, difficult decisions, drapes, financial-institutions, focus on health, gallup, health care education, hedgeco, lending a hand, paychecks, perc, poor decision, private jet, taxpayer money
trackback from your site.