Obama Seeks To Tamp Down AIG Outrage

Though He Is “Angry As Anybody” Over Bonuses, President Says At News Conference It’s A Mistake To “Demonize” Investors

(CBS)  During a prime-time press conference Tuesday night, President Obama sought to tamp down on anger over the AIG bonuses even as he assured Americans that he is “as angry as anybody” about the situation.

“Bankers and executives on Wall Street need to realize that enriching themselves on the taxpayers' dime is inexcusable, that the days of outsized rewards and reckless speculation that puts us all at risk have to be over,” he said. “At the same time, the rest of us can't afford to demonize every investor or entrepreneur who seeks to make a profit. That drive is what has always fueled our prosperity, and it is what will ultimately get these banks lending and our economy moving once more.”

The president worked to move beyond the AIG scandal that dominated last week’s headlines during his second prime-time press conference. In opening remarks, he pushed his ambitious $3.6 billion budget proposal, arguing that it “lays the foundation for a secure and lasting prosperity.”

Investment in renewable energy, he said, will “lead to new jobs, new businesses, and less dependence on foreign oil,” while health care reform will reduce costs for businesses, the government and individuals.

The overall proposal, he said, will ensure “that we do not face another crisis like this 10 or 20 years from now.”

Mr. Obama also took on Republican critics who argue that his administration is spending too much in its budget and bailout efforts. In a statement released just before the news conference, the National Republican Senatorial Committee said his “massive budget proposal would increase our nation’s deficit to its highest level since World War II and burden our children and grandchildren under trillions of dollars in debt.”

“At the end of the day, the best way to bring our deficit down in the long run is not with a budget that continues the very same policies that have led to a narrow prosperity and massive debt,” the president said.

Reporters repeatedly pressed the president on spending during the news conference.

“Under your budget, the debt will increase $7 trillion over the next 10 years,” CBS News White House Correspondent Chip Reid said. “The Congressional Budget Office says $9.3 trillion. And today on Capitol Hill, some Republicans called your budget, with all the spending on health care, education and environment, the most irresponsible budget in American history. Isn't that kind of debt exactly what you were talking about when you said ‘passing on our problems to the next generation’?”

“First of all, I suspect that some of those Republican critics have a short memory, because, as I recall, I'm inheriting a $1.3 trillion deficit, annual deficit, from them,” responded Mr. Obama. “That would be point number one.”

He went on to say that “it is going to be an impossible task for us to balance our budget if we're not taking on rising health care costs, and it's going to be an impossible task to balance our budget or even approximate it if we are not boosting our growth rates."

Mr. Obama declined to say whether he would sign a budget that eliminates his middle-class tax cut after 2010, as some Senate Democrats have proposed.

The president’s prime-time appearance was the latest stop in a recent media blitz that has included interviews on CBS’ “60 Minutes” and “The Tonight Show.” The White House feels that the president, whose popularity remains high despite the uproar over the AIG bonuses, is its best salesman for the administration’s ambitious proposals.

"There are critics that suggest Mr. Obama is becoming overexposed with all of his high-profile events of late," said CBS News Political Director Steve Chaggaris. "But, this is a president whose approval numbers remain very strong and the obvious thinking is that he may as well take advantage of that." (Read more analysis from Chaggaris.)

The economy wasn’t the only topic that the president addressed Tuesday night, though it did dominate the discussion. He said the American people are sacrificing “left and right” during the economic crisis, arguing that “across the board people are making adjustments large and small to accommodate the fact that we're in very difficult times right now.” (Read more on the president's comments on sacrifice at the Hotsheet blog.)

“We will recover from this recession,” he said. “But it will take time, it will take patience, and it will take an understanding that when we all work together; when each of us looks beyond our own short-term interests to the wider set of obligations we have to each other - that’s when we succeed. That’s when we prosper. And that’s what is needed right now.”

The president was asked about the impact of his race and whether his time in office has been “a relatively color-blind time.” He said he is being judged by the quality of his work, not the color of his skin - which is “exactly the way I should be judged.” (Read more in Hotsheet.)

He also said he is “heartbroken” that any child in America lacks a home, adding that “the most important thing that I can do on their behalf is to make sure their parents have a job.”

The last question focused on the prospect for peace between Israel and the Palestinians; the president said that a two-state solution is “critical” and that “the status quo is unsustainable.” (Read more in Hotsheet.)

He cited the peace in Northern Ireland as evidence that “if you are persistent, then these problems can be dealt with.” He closed with comments on the “whole philosophy of persistence,” in which he said he is a “big believer.”

“…you look back four years from now, I think, hopefully, people will judge that body of work and say, ‘This is a big ocean liner. It's not a speedboat. It doesn't turn around immediately. But we're in a better place because of the decisions that we made,’" he said.

Below, watch CBS News chief political consultant Marc Ambinder grade Mr. Obama's performance:



Full Coverage Of Obama's Press Conference:

• By Topic: Budget | AIG Outrage | Tax Increases | Race | Mexican Drug Cartels | Israel | Funding For Veterans | Sacrifice


• Full Transcript


• Fact Check: Obama Having It Both Ways?


• Analysis: Press Conference Strategy | Philosophy Of Persistence | Grades From Marc Ambinder | Instant Reaction | Focus Group Weighs In | Reaction Around The Web, Readers


• Video:
  Recession To Recovery
  |
  Sacrifice
  |
  Budget
  |
  Stem Cells
  |
  Homeless Crisis

[jadejaguar61]

what is with the the poetry??? is there not a MB for this tripping...person to go relive her glory days... or must this MB...be her vehicle to lala land... my goodness there are MB...for this type of person to tripp on and others who are tripping to read this lame info... self indugent none sense...

[jadejaguar61]

Oboprah...again on tv? is he trying to get his porfolio ready for Hollywood when he is run of of office or what??/ this LAME BRAIN as the figure-head (president) of our country cant seem to get enough camera time...and he even lamer cabinet is doing all they can to brush up this stupid idiot on policies past present and for the future...but as with all idiots.... he is starting to sound like a broken and repetitive record that has been scratched beyound recognition.... To bad Oprah when choosing our next president for us...decided to front and back a man who is the equivalant to the old dumb blond joke...( I am not putting down blonds...just acknowledging that there have been jokes about blondes.... OBOPERA...having her lips surgically stiched to his azz hole.... must rue the day that she did not look more closely at what he has NEVER accoumplished... even to the fact that after running and being elected to the senate he no sooner got this postion before a well placed BJ.from Opera gave him ideas of being president..(intentionally not capping the P...as he will NEVER BE MY PRESIDENT!!WHAT an embarrasment this idiot is....) he is like most liberals...dems..... idiots that have read the party lines standards and keep repeating them to themselves and to the world...so they can cast their fishing net for other idiots who like to hear feel good speeches....and feel good about themselves and pat themselves on the back while all the while blaming everyone but themselves for the liberal policies that have been put into place to demolish America, so a one world goverment looks good..... I am just going to sit back and watch Oboperah...and the liberal democratic left wing nit wits shoot themselves in the foot.(to bad they dont all take a gun and shoot themselves in the mouth so we no longer have to watch them brainwash themselves and the other idiots being raised by parents who are idiots.. at least this way we could begin to have a real President voted on by their public record and not because Oprah picked him and the country decided to vote on color so we can feel good about it.... wow... I never thought the day would come when our president is voted in NOT because of their record but due to color... ohh... and the fact that Oprah...picked him and the idiot public voted because she slanted her viewing audience to one side.... may she and her azz lover rot in hell.. poor america hating Michelle who has hated america until it was time to vote for her husband now turns to loving america...wonder how she loves Oprah giving her husband a BJ...everytime she swoons and says his name... but then her and her pathectic husband love the lime light and no one can give it as good as Oprah.........

[SnowGirlCoveredinDirt]

It is time for me to bid you good night my poet. The stars twinkle in my eyes and dance throughout my mind, singing to my heart, calling to me for sleep. Dreams await me that can only be near as sweet as my time spent here this eve. I will awake and look foward to another standing of time when once again we meet to exchange most wonderous thoughts.

[SnowGirlCoveredinDirt]

But ofcourse the traffic is being halted for the princess of heart the snow girl effect.....
Posted by Thiefofhearts1 at 9:47 PM

mmmmmm :-) Perhaps

[SnowGirlCoveredinDirt]

If they ever tell my story ...Let them say I walked with the giants men rise and fall like the winter wheat but these names will never die ...Let them say I lived in the time of snowgirlcoveredindirt a tamer of the hearts ...Let them say I lived in the time of shazam....
Posted by Thiefofhearts1 at 9:43 PM

I will most certainly keep the story in my heart always.

[SnowGirlCoveredinDirt]

I find it amazing and a trifle eerie that not a soul has entered this article to post since we have been writing this evening. Its as if we are temporarily in a bubble. :-)

[SnowGirlCoveredinDirt]

....obviously then we lost back to the markets and now looking for the old glory days to return and that was the reason I came to these blogs that federal reserve stole my 10 million dollars....lololololThats honest to god the truth msay3and joe cool know about it ....smile
Posted by Thiefofhearts1 at 9:15 PM

That must have been difficult for you, I can only imagine as I have always been accustomed to very modest living. I wish you the best in once agin visiting the glory days :-)

Just to clarify, the poem I meant was the one written by a name I did not recognize and made specific reference to a snowgirl covered in dirt. It was a style different, yet somehow similar to what I've seen you write and what I've seen that I thought might be you. Just a bit convoluted there ;-)

[SnowGirlCoveredinDirt]

I am convinced that I not the master of my destiny its the hidden and mysteries forces of our solar system that effects everything that happen on earth...
Posted by Thiefofhearts1 at 8:52 PM :..

That is very true. I get a mere glimpse of a tiny portion of my destiny from time to time. A brief flash of knowing that is here and gone as brief as a breeze and as gentle as a butterfly's kiss. But it is enough for me to know that I have important work to do and it gives me hope.

[SnowGirlCoveredinDirt]

I am the one star that keeps burning, so brightly,
It is the last light, to fade into the rising sun
I'm with you
Whenever you tell, my story and I will never die....Remember
Posted by Thiefofhearts1 at 8:43 PM

That is lovely.

Did you write the poem on these boards that brought me to this username? It matters not if you didn't. It wouldn't change anything nor would I be disappointed. I'm just curious. My question does not require an answer if you choose not to.

[SnowGirlCoveredinDirt]

I read that as a child. I haven't revisited in many years, perhaps I should. I know I still have the book. I did read something recently because of a comment on these boards after you and I had been talking. It was a wonderful tale of Tristan and Isolte.

[SnowGirlCoveredinDirt]

The gift of beauty through words across space and time is rare and precious.

[SnowGirlCoveredinDirt]

Would you mind if
I expressed my gratitude For you for the time you've given me and
for the person you are....
Posted by Thiefofhearts1 at 8:17 PM

You flatter me. While your gratitude is appreciated, it is not necessary. You have given me poetry and time standing still :-)

[SnowGirlCoveredinDirt]

Hahahahahahlolololol
Thats hilarious "incurable" is it because we both were in the hospitality industry when we were teenagers.....lolol....Ha thats a surprise .....All these years don't they go by in a blink ..
Posted by Thiefofhearts1 at 8:01 PM

LOL. Yes, a blink and then some. But there are moments when time just stands still and its wonderous and magical. Feelings forgotten are suddely remembered and anything is possible :-)

[SnowGirlCoveredinDirt]

Well, you forget
your head, and you listen to your heart.Who knows?
Lightning could strike.......Yes?
Posted by Thiefofhearts1 at 7:36 PM :

Absolutely! :-) and yes, a bit cornball, but endearing to say the least. :-) You are an incurable romantic, as am I

[SnowGirlCoveredinDirt]

Wow what a wonderful surprise "snowgirlcoveredindirt"I have been searching all over the cbs blogs looking for you and you were no where to be found ...

But you have to try, 'cause
if you haven't tried, you haven't lived....Yes?
Posted by Thiefofhearts1 at 6:51 PM

I have peeked in from time to time, but you seemed to not be here or I kept missing you. Of course you may have been spending time as another.

And yes, if you no longer try, you no longer live.

[SnowGirlCoveredinDirt]

Thank you the lovely one ....It got me thinking .....
Posted by Thiefofhearts1 at 6:01 PM

Tis thoughts which brought me and thoughts will yield me cause to stay

[msmabuse]

Obama Seeks To Tamp Down AIG Outrage!

Here is an Idea- Quit lying about your involvement and dont change the constitution to get the money back!

Just an Idea!

[Ichabod09]

Thiefofhearts1 writes his own limmericks and is very creative......Ichabod, guess what...I live near Sleepy Hollow
Posted by Joe-NY-4 at 2:28 PM : Mar 25, 2009

Joe, before there was Sleepy Hollow Ichabod, there was an earlier Biblical reference to Ichabod. It was in reference to a time in which a once glorious and powerful nation lost the spirit of God. And since the current theme seems to be one of the continuity of time...there is nothing new under the sun.

As for the Thiefofhearts, even Jay Leno occasionally bombs.

[Ichabod09]

What is this while I was gone you digbat is asking for help to replace your oldie with moldie lithium batteries ....you are right about one thing that smashing of a fool like you with a tool is badly need here ...lolol....uncle bob go get a job selling corn on the cob don't be a slob you can always use a hand job from your uncle lou dobbs.....
Posted by Thiefofhearts1 at 12:28 PM : Mar 25, 2009

Let me guess, you crawled under the door of the bus terminal pay toilet in order to plagiarize this delightful little limerick. I'm sure your colleagues at Ripple alley shared quite a few chuckles with you over your brilliant wit-but then most readers will adjudicate me as being half-right.

[noloyalisti]

Yes the corrupt and greedy Congress are the ultimate problem. The buck stops with them. We the people allowed them to be bought and paid by the big corporations. All they have done since the disaster that was Reagan is to increase the power of these profit machines. They have done everything they can to take away the rights and power of We the People.

Well, it is time to torch and pitchfork back.