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I know that for many Americans watching right now, the state of our economy is a concern that rises above all others. And rightly so. If you haven't been personally affected by this recession, you probably know someone who has - a friend; a neighbor; a member of your family. You don't need to hear another list of statistics to know that our economy is in crisis, because you live it every day. It's the worry you wake up with and the source of sleepless nights. It's the job you thought you'd retire from but now have lost; the business you built your dreams upon that's now hanging by a thread; the college acceptance letter your child had to put back in the envelope. The impact of this recession is real, and it is everywhere.
market. People bought homes they knew they couldn't afford
even as we make hard choices to bring our deficit down.
I want to speak plainly and candidly about this issue tonight, because every American should know that it directly affects you and your family's well-being. You should also know that the money you've deposited in banks across the country is safe; your insurance is secure; and you can rely on the continued operation of our financial system. That is not the source of concern.
The concern is that if we do not re-start lending in this country, our recovery will be choked off before it even begins.
You see, the flow of credit is the lifeblood of our economy.
I understand that on any given day, Wall Street may be more comforted by an approach that gives banks bail-outs with no strings attached, and that holds nobody accountable for their reckless decisions. But such an approach won't solve the problem. And our goal is to quicken the day when we re-start lending to the American people and American business and end this crisis once and for all.
I intend to hold these banks fully accountable for the assistance they receive, and this time, they will have to clearly demonstrate how taxpayer dollars result in more lending for the American taxpayer. This time, 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
So 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.
But I also know that in a time of crisis, we cannot afford to govern out of anger, or yield to the politics of the moment. My job our job - is to solve the problem. Our job is to govern with a sense of responsibility. I will not spend a single penny for the purpose of rewarding a single Wall Street executive, but I will do whatever it takes to help the small business that can't pay its workers or the family that has saved and still can't get a mortgage.
That's what this is about. It's not about helping banks - it's about helping people. Because when credit is available again, that young family can finally buy a new home.
Originally posted by pavil
Originally posted by links234
Obama is center right. He's alienated his "base" in an effort to appease the Tea Party libertarians and the republican party. It never occured to him that they had no intention of working with him in the first place, if it did, he never showed it.
What?? President Obama is NOT center right, he is just slightly right of the extreme left, which pisses progressives off to no end. Still no where close to being even center, let alone center right. That you think he is center right of the political spectrum shows the denial the OP talks about.
Originally posted by Oldnslo
Originally posted by Beavers
reply to post by simone50m
im pretty sure every administration since JFK has been 'bush administration'
Right on with that statement. It's so true, it went right over the OP's head.
It actually started with the Eisenhower Administration when in the 1940's, Prescott Bush advertized in the Los Angeles Times seeking a "malleable" individual to be prepped for politics. Richard Nixon answered the ad. Press got his golfing buddy, Ike, to run for President, with Nixon as his VP and the rest is history. JFK got in the way and was removed.
From his very beginnings, and the continued attempts to establish his past, the current President smells like a CIA-Bush baby to me.
All front, no experience, a dubious past, with skeletons in the closet. Just what TPTB want in a Chief Executive.
the bankers that rule this country.
Originally posted by beezzer
Originally posted by woodwardjnr
Nice rant, but maybe you should stay away from those left wing forums and stick to ATS where you can bash the left till your hearts content.
Shut UP! woodwardjnr!!!!!
I kid. Please, just kidding.
I also visit the left-wing forums from time to time. It's like gathering intel before a raid.
Originally posted by HauntWok
reply to post by simone50m
Well it was a true statement right? If you buy something you know you can't afford, you can't really blame the people who sell it to you.
However, the sub-prime mortgage crisis didn't involve people who knew they couldn't afford the homes they bought, it was predatory lenders who told these people they COULD afford these homes.
That doesn't absolve the purchasers for not reading or understanding the contracts they were signing, it was just that they were to lazy or dumb to understand what they were getting into.
The POTUS didn't say let them eat cake, he said basically, well you made your bed now we all got to lay in it.
As far as dumb I like to lay that on the educational system. Americans pay thousands of $ each year to their local schools and yet they graduate millions ever year that only know enough about finace to sign their names to contract. And thats what most education is for...to produce citizens that are easy to exploit in any number of areas.