April 22nd, 2010
12:22 PM ET

Obama: Recovery must reach Main Street

[Updated at 12:03 p.m.] President Obama said Thursday the financial crisis that led to the U.S. recession was caused by a "failure of responsibility - from Wall Street to Washington."

[Posted at 11:58 a.m.] President Obama said Thursday that the nation's economic recovery will not be satisfactory until the progress felt so far on Wall Street reaches Main Street.

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Filed under: Barack Obama • Economy
soundoff (5 Responses)
  1. Chris W.

    I am dubious of any of Obama's initiatives. This sounds like a bait and switch to me, especially in light of the fact that Obama sponsored stimulous monies to the big banks and corporations to shore them up and has done very little to help struggling small business owners and private homeowners stay afloat. If his words were consistent with his actions as a President, I might find his statements more credible.

    April 22, 2010 at 12:41 pm | Report abuse |
  2. A Chambers

    What I like best about Obama is his leadership. He relentlessly keeps doing the right things for America despite the witless naysayers. Tax cuts, health reform, turning around the economy, nuclear summits,...he just keeps going – He's the Energizer Bunny of Presidents.

    April 22, 2010 at 12:50 pm | Report abuse |
  3. Jack D. @ Chris W

    It would be great if you learned to spell Chris. Also, Obama's trying to fix 8 years worth of Republican lunacy so it might take a while. If the big banks went under then the whole country goes under, so of course they get priority. Economics 101. But hey you can't spell and want magic from the president of a country 13 Trillion dollars in debt thanks to Bush.... jackass

    April 22, 2010 at 12:52 pm | Report abuse |
  4. mike

    It is plain that since the repeal of Sarbains/hocksly (SP) that wall street bankers have expanded into very risky territory. This is something that Congress and the administration must act to protect us from. the Senate committee wrote 90% of this bill in a bi-partisan manner then the Republicans stuck their heads in the sand and refused to participate in writing teeth into the bill.
    Meanwhile the big banks continue to make obscene profits....
    I depend on the democrats and Obama to tighten up on these loopholes. If not them who?, certainly not the Republicans they are the ones who got us in this mess.

    April 22, 2010 at 1:03 pm | Report abuse |
  5. Jarred A @ Jack D

    Jack, how about you stick to the discussion at hand instead of resorting to petty insults. Just shows you can't argue with substance so you have to act like a child. Although, it is blatantly obvious that you don't have a leg to stand on in this discussion any how. You resort to the typical "blame Bush" mentality that most liberals resort to when their precious Obama is criticized. What you fail to realize, due to your own ignorance of economics, is that Obama is merely continuing what Bush started. He is not fixing a single thing. What Obama is doing is akin to trying to put out a fire by throwing gasoline on it. Spend Spend Spend. Bush spent on a war, Obama on bailouts. Now we have a bill in the Senate to give these jokes of politicians power to give up to 4 trillion dollars in bailouts at their whim. You think this money can just continue being made out of thin air like this. Neither the Democrats or Republicans seem to know the first thing about fiscal responsibility. Quit riding with the status quo and take a good hard look at who you support, you'll see that both sides are the same, they're just wearing different titles.

    Big banks can fail without the country falling. You think it's never happened before? It has, and this country was fine. But I have a feeling I'm wasting my breath. Logic seems to escape most people who live under the delusion that those in Washington actually care about the middle and lower class. They just keep printing money, furthering the destruction of our currency, which is basically stealing money right from under your nose (devaluing our dollar). Read up on Austrian economics and the dangers of central banks, and then you'll see how screwed we really are.

    April 27, 2010 at 6:19 pm | Report abuse |