Obama To Give Financial Crisis Speech Monday

WASHINGTON — President Barack Obama is delivering a speech on Wall Street Monday, exactly one year after the Lehman Brothers investment bank collapsed, precipitating the financial crisis felt around the world.

The White House said Thursday that Obama will discuss steps the administration has taken to ease the crisis, its commitment to reduce government involvement in the financial sector and actions the U.S. and other countries must take to keep it from happening again.

The speech is scheduled for Federal Hall in New York.

It was unclear whether Obama would announce any new policies in the speech.

The financial crisis struck in the waning days of the Bush administration, which enacted a $700 billion financial industry bailout to stem the tide. Obama began to play cleanup upon taking office. His administration has proposed an overhaul of the financial system that includes giving the Federal Reserve authority to regulate large financial companies and creating a new consumer protection agency to make and enforce rules for financial products.

On Thursday, citing emerging financial sector stability, Treasury Secretary Timothy Geithner said a number of government rescue efforts in place since the crisis began no longer are needed and that banks will repay $50 billion in rescue funds over the next 18 months.

Geithner said conditions have improved in the banking industry and that his department was stepping down emergency support programs that were put in place after Lehman Brothers collapsed in the largest bankruptcy in U.S. history.

Comments

[Paramendra Bhagat]

"........g­iving the Federal Reserve authority to regulate large financial companies and creating a new consumer protection agency to make and enforce rules for financial products..­......."

[katieandtom]

gotta give it to him, he knows that keeping his face out there will promote his agenda - healthcare. ill bet he will have another speech the following week and one the next week. smart move on his part.

[Lest We Forget]

All our troubles are over!

Obama makes campaign speeches Result: Elected President
Obama makes speech in Cairo Result: Whole world loves USA
Obama makes speech to Congress Result: Healthcare Bill sure to pass
Obama makes speech on financial crisis Result: Happy times are here again!

[john88]

Happy times with 10 + trillion in debt, 10+ % unemployment, 2 wars and healthcare? we can't even deliver the mail on budget...

[viper234]

The President will give a speech to the Wall Street crowd because the Wall Street has done splendidly: The financial sector got a direct infusion of taxpayer dollars to keep them afloat under the guise of firms being "too big to fail" or that not giving them the money would bring down the economy. Many economists disagree, but the Fed is packed with economists who will say whatever is needed to give the financial sector what it wants. So now there's the speech about how the economy has been "pulled back from the abyss." And don't worry about the sinking dollar or those unemployment numbers or that "jobless recovery" thing. Jobs mean nothing; they are just a "lagging indicactor­." It doesn't matter that without jobs, foreclosures will continue to soar, US private debt will stay in the trillions, bankruptcies will climb, and credit card debt swell. Those who've been working for 13 years have only gotten around 38% of what they made in their 401ks back, and if you started contributions to your 401k in 1998, the year all employees were allowed to participate in their companies' programs and 2009 is your retirement year, you're not feeling so great. Will the President mention the threat of a double dip recession that could send the markets down to re-test some nasty lows? I doubt it. He'll be busy hinting about the possibility of raising interest rates to save the dollar from slowly being dumped on the world market.

[respectingothers]

I loved Wednesday's speech and can't wait for the next one. I am filled with optimism that the good guys will win!.....w­henever he speaks to us.

all the vitriolic spewing of nonsensical gibberish on the news lately creates a longing within me for the inspirational words of my POTUS

[larry278]

Pres Obama will give us frog flatulence(sp?), not words. Expect his talk to be worse then his recent speech to the 111th Congress, sans the heckeling of Rep Joe Wilson.

[Okieborn]

We know it is Bush's fault !!
Mr. President explain why the money handed over to the big banks is gone and to no avail !!!

[Blufftonian]

ANOTHER speech?

ahahahahahaha!

[beckpod1]

Dear Mr. President,
The drama queens have been let loose...wa­tch out for shoe throwing..­.I wouldn't put it pass them.
EX-President Bush earned his low ratings and contempt..­...he earned them...BIG TIME!
Keep being a great example of how a leader is supposed to lead.....
I'm not a Dem or a Repub...I'­m an issue person...a­nd you're the best we've got!

[vbwr1]

TO ALL OF YOU: The president got more done in a few months than Bush did in years. You don't think before you open your big mouth. What have the republicans done since the president took office?

Cash for Clunkers Extension

Signed: Thursday, August 6, 2009

Family Smoking Prevention and Tobacco Control Act

Signed: Monday, June 22, 2009

Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009

Signed: Friday, May 22, 2009

Weapons Systems Acquisition Reform Act

Signed: Friday, May 22, 2009

Helping Families Save Their Homes Act

Signed: Wednesday, May 20, 2009

Fraud Enforcement and Recovery Act

Signed: Wednesday, May 20, 2009

Edward M. Kennedy Serve America Act

Signed: Wednesday, April 21, 2009

Omnibus Public Lands Management Act

Signed: Monday, March 30, 2009

Small Business Act Temporary Extension

Signed: Friday, March 20, 2009

American Recovery and Reinvestment Act

Signed: Tuesday, February 17, 2009

DTV Delay Act

Signed: Wednesday, February 11, 2009

Children’s Health Insurance Reauthorization Act

Signed: Wednesday, February 4, 2009

Lilly Ledbetter Fair Pay Act

[Gretel1or2]

People don't want to know the truth...th­ey would rather get their info from the tabloid media.

[PlaceboStudman]

I hope Obama is a bit more honest about the financial crisis than he has been on insurance-­but-you-al­l-call-it-­health care reform. Obama needs to lay the smack down and tell people that they didn't listen to his calls for Personal Responsibility and got themselves into this mess, and only they can get themself out of this mess. The financial crisis is only going to be solved when people stop being so scared of spending money, and actually realize that you have to sacrifice a little if you want to gain a little.

At least most of you will probably have the opportunity to make back some of the losses you took. For many of us, it won't be that easy because we will be losing our very life while all of you bicker over how low you can get the government to provide your viagra and rogaine

[Dbos]

right on.

[Gretel1or2]

How has he not be honest on health care reform?

[TN60]

I want him to go back to Congress and up the stimulus money and put every living American who wants to work back to work. I want him to out do FDR on the jobs and manufacturing of products. I want him to out do Teddy Roosevelt on busting up the big trusts (and insurers) and the too be to fail Wall St. banks.

I want him to use every one who is out of work to build thousands of health clinics in the next 2 years, staff them with nurse practioners, interns and yes, import doctors with good credintials if need be, until we can graduate enough of American family doctors. That would take the burden off the hospitals and my biggest hope is to see every health insurer in the US go out of business in the next few years.

[Lest We Forget]

Teddy Roosevelt busted Trusts,
Obama rewards them with untold Billions of bailout money.

[My-Two-Cents]

It’s getting to where I believe should a huge asteroid suddenly be discovered heading for us the headline would be “Obama to give speech on killer asteroid”. And it would likely do us as much good as the other speeches he's given to date.

[FeloniusMonk]

Tell us what positive came out of eight years of "action" from the Bu$h administration.

[My-Two-Cents]

None (at least that I can recall), and I wouldn’t expect any more of good will come from inaction.

[FORLOMC]

Your two cents are not worth a penny. You obviously spend most of your time on a different plant from earth.

[My-Two-Cents]

Really, what makes you believe that?

[hewuzright]

You gotta wonder about the amount of $#$ and air time he has spent. People are getting bored and tired. His speech the other night was very pivitol, this one is prob more campaign stuff.

[My-Two-Cents]

That’s really what I was getting at; perhaps the sarcasm was in bad taste. But it’s been a big week for speeches, and the more of them he does, the less impact they seem to have (at least on me). Maybe there is something to be said for too much of a good thing.

[Prakosh]

I would feel better if I didn't think that Goldman Sachs has an inside track in this administration just like they had an inside track in the Clinton administration and an inside track in the Bush administration. Who runs this country is it Democrats, Republicans or Wall Street? Or is it just run by unbridled greed???

[jordan327]

So he can tell everybody that it's bush's fault again?

[FORLOMC]

IT IS. Bush still hasn't finished reading "My Pet Goat" which he continued to read while the country was under attach.

[kbkw54]

Another speech. Wow. How can Obama talk so much. You would think his throat would hurt.
Enough talk Mr President. Let's see some action. !!! The time for talk has ended. Americans want the jobs you promised.

[Gretel1or2]

I'm sorry that you have the attention span of the 2 month old and can only comprehend media sound bites, and not informative speeches.

[TN60]

Just turn your TV off like I do. I enjoy and educated President speaking and I will listen to this one. He is out selling Health Reform. I know of no better use of his time, right now. Especially since he seems able to walk and chew gum at the same time.