Obama to Give Speech on Financial Crisis

Wall Street Address Comes One Year after Lehman Brothers Collapsed

(AP)  Last updated at 9:22 p.m. Eastern

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

The White House said Thursday that Obama will discuss what the administration has done to ease the crisis, its commitment to reduce government involvement in the financial sector and actions the United States 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 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 would include giving the Federal Reserve, the U.S. central bank, authority to regulate large financial companies. It also would create 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 banks will repay $50 billion in rescue funds during the next 18 months.

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

[pickaguitar1]

YES WE CAN!

[oiaf0831]

It's 9/11.

Obama is to blame for everything.

It is now his watch.

Will the Democrats keep to their own standards and start accepting the blame for everything, without giving even one bit of blame to the past administration?

Or will they become recession deniers, saying the recession is all in our minds, it's a mental recession, and we are all whiners?

%%%%%%%%%%%%%%%%%%%%%%%%%

What a racist whiner you are. You just can't stand to see your white power slipping away because now you have a black president.

And the recession is over, I just heard it on NPR. And even though unemployment is the highest in a quarter century and rising, it would have been even worse if Obama hadn't stopped the spiraling unemployment he inherited from the past administration. Economists say Obama's economic stimulus has stopped things from getting worse, even though only 20% of it has been paid out.

Imagine how much better things will get when the rest of it pays out.

If unemployment is getting worse at a slower pace, that means it won't be long before it stops and then starts getting better. It's just common sense.

Thank the Lord for intelligent leadership, at last!

[TurnAmericaAround]

Dude, not everything is a conspiracy. Get a grip. Also, we've been in Afghanistan for 8 years...still no end in sight. We WON WWI in half that time. If we wouldn't have spread ourselves so thing in Iraq, maybe we could have won this important war.

[r9119111]

Both democracy and free markets are for mature minds. People with immature and greedy minds interfere with progress. Let's move forward, Mr. President.

[r9119111]

If FOX News broke it, whatever it is may be false or even unfixable.

[r9119111]

A note to all reasonable legislators in Washington:

It is time to stop wasting time trying to include the Republicans in any meaningful discussion. They are Hollywooding everything and being disruptive on purpose. Ignore and isolate them if they won't cooperate in meaningful discussion. We simply must move on without them. Thank you.

[dronemonk]

"Corrupted by wealth and power, your government is like a restaurant with only one dish. They've got a set of Republican waiters on one side and a set of Democratic waiters on the other side. But no matter which set of waiters brings you the dish, the legislative grub is all prepared in the same Wall Street kitchen." - Huey Long

[ronaldr5-2009]

How about a speech on ACORN, Prostitution and tax evasion?
How about covering the REAL NEWS?
WHERE IS CBS, NBC, ABC, CNN?
ENOUGH of this!!
Over and Out -- for good!!

[hungry1968-16]

by socalsage September 10, 2009 7:43 PM EDT
Obama has proved himself a first class liar..




by Honorable_Sir September 10, 2009 11:11 PM EDT
socalsage, factcheck agrees with you. So do I.







And yet NEITHER of you can provide any of his alleged lies, with proof to back up the fact that they're lies.

[pensacola8-2009]

President Obama and President Bush both are extremely humble and dilligent on their work to lead Congress into providing solutions to the national economic crisis.

Most Americans don't understand that we nearly saw the end of capitalism...because if no stimulus or rescue occurred and banks and insurance were all allowed to fail and become nationalized, the end of capitalism would have loomed outside everyones front and back door of their residence complete with a launch of another economic depression.

The USA has resolved economic depressions and recessions by permitting the federal government to borrow and spend its' way out.

If the Republican wish "to make government so small you could drown it in a bathtub" was allowed to materialize, we would not see near the stability that exists today.

[Hulk-Smash]

DOW up another 80 points today. Banks repaying loans. Geithner scaling back programs. IT IS WORKING.

[rational_1]

Great - since we've only spent about 19% of that $787B stimulus package maybe we won't have to spend the rest. Ya, like that's going to happen.

[kevjustice]

If FOX NEWS is"fair and balanced" why do they repeat saying it so often?

[cbvill72]

MSN with Olbermann and Maddow and their coverage of this has passed BORDERLINE RIDICULOUS and entered into CHEERLEADER status. The hysterical part of it is that Liberals never thought there was a liberal media bias until FOX NEWS arrived.
FOX NEWS will actually interview liberals/democrats and have an adult discussion. Maddow and Oldermann will present their piece of news for the day, give their far left slant on it, blame a republican for it and then have a discussion with their "special guest" of the day. That guest is ultimately wearing a light blue or pink tie 95% of the time. Now wonder FOX NEWS consistently has higher ratings.

[pensacola8-2009]

You obviouisly love Fox, a closed mind, an angry heart and someone to blame but yourself, when something goes wrong.

Liberals took responsibility for their part in declaring war, their part of passing the bailout, their part of passing the stimulus packages and programs to help citizens of this nation. The Democrats are faithful to the citizens of this nation. Democrats know that standing under the bridge to freedom to hold it up while we pass across it is in the best interest of the nation, instead of allowing it to fail and strand millions who depend on it.

Oberman and Maddow are two of the most factual investigative reporters, who exist today. They sometimes go a little far to make a point, but they don't offend entire races, religions, or ethnicities as FoxNews routinely does.

Fox News keeps white protestant men angry at everyone. MSN keeps the rest of the country laughing at them. Without Rachael Maddow and Keith Oberman, this would be like communist Russia.

[cbvill72]

Yes...A speach on the financial crisis. Perhaps he could explain how Barney Frank was adamant 2 years ago that there was no oversight needed and that the major financial instituions like Fanny Mae and Freddie Mac were doing fine and were being managed properly.
Could we get a clarification on what Mr. Frank meant about the stability of those institutions?

[cbvill72]

I was glad to see that Obama is starting the ball rolling toward abandoning the public option. He needs to get more to the center and not cowtow to the far left of his party. The left wing liberals of his party are holding him back from creating a bipartisan bill that can actually work. They are no better than Limbaugh for that matter. Liberals never get tired of spending other people's money. The problem right now is that this country doesn't have any money to spend to propagate their SOCIALIST agenda.

[kevjustice]

Republican answer to everything: RED SCARE! RED SCARE!

[Hulk-Smash]

Stock market is going up steadily now. Job cuts are decreasing. Banks are more stable now and repaying money. You can argue with Obama all you want. But you can't argue with success.

[cbvill72]

"President Barack Obama has promised that his $787 billion stimulus plan will create or save 3.5 million jobs by the end of next year. But the economy has fared worse than the White House predicted when it pitched the jobs plan and officials have sought to beat back criticism that the results did not justify the huge combination of tax cuts, state aide and government spending."

That exerpt is from one of the headlines on THIS newsite. Maybe you better do a little research before you heap the accolades on the DEITY that walks on water according to MSNBC. Or you may want to clarify your definintion of "success".

[mkcs3]

I loved the speech. I was so proud of the way he called the people who are spreading hate and fear out on the carpet and directly addressed their deceit. That was wonderful. The speech was very bi-partisian. Even my Republic friends (although not far right Republicans) thought he offered solutions to most of the legitimate concerns of the Republicans. At least the concerns of the ones who actually want healthcare reform. However, I do think the quickest way to get healthcare reform is to revoke all health insurance coverage currently available to Congress and only give it back after they pass healthcare reform and all Americans have decent affordable healthcare. That ought to get them moving in a bi-partisian way.

[shurch4truth]

It makes the far right conservative republicans sick that Obama is doing well with the mess of an economy the republicans created....they can't sleep at night and would rather stop the improvements and let people suffer than see Obama do well......that's the bottom line.

[mkcs3]

I think you are right and many high profile Republicans have said they want nothing less then failure for the current Administration. Their interest is not served by helping fix the Country. Their interest is in getting their guy elected next time. It is about as Un-American as a person can get.

[underdogus09]

We're doomed folks!!THE FAT LADY HAS ENTERED THE BUILDING!!