Bold Obama Vows America Will Recover (Sputtering Economy: "I Refuse to Let That Happen")

[Hissyspit]

Source: AFP

Bold Obama vows America will recover

by Stephen Collinson – 25 mins ago

WASHINGTON, (AFP) – President Barack Obama vowed that America would emerge from its economic torment stronger than ever, but declared a "day of reckoning" for a reckless get-rich-quick age of profligate spending. In his debut address to a joint session of Congress, Obama demanded national sacrifice and responsibility in a calculated show of confidence, meant to steady a shaken nation and revive its moribund economy.

"Tonight, I want every American to know this: We will rebuild, we will recover, and the United States of America will emerge stronger than before," Obama said, after sparking riotous cheers from lawmakers.
In a blizzard of proposals, programs and reforms, the president demanded an overhaul of financial regulation and warned he may need more than the 700 billion dollars already earmarked to save the debt-riddled finance industry.

He announced the formation of a government lending plan to thaw frozen credit markets and fund auto and home purchases. He called on Congress to immediately overhaul healthcare and to send him a bill forming a cap-and-trade system to combat global warming.

- snip -

Making history as the first black president to address Congress, Obama warned the price for recovery would be a new economy in which people spent within their means, and ditched a chase for easy wealth and quick profits. In a sharp critique of former president George W. Bush, and even his Democratic predecessor Bill Clinton, Obama warned Americans had for too long been prizing short term materialism over over long-term security. "We failed to look beyond the next payment, the next quarter, or the next election," Obama said. "All the while, critical debates and difficult decisions were put off for some other time on some other day -- well that day of reckoning has arrived, and the time to take charge of our future is here."

Read more: http://news.yahoo.com/s/afp/20090225/ts_alt_afp/uspoliticsobamaspeech_20090225025801

---

"Still, this plan will require significant resources from the federal government – and yes, probably more than we’ve already set aside. But while the cost of action will be great, I can assure you that the cost of inaction will be far greater, for it could result in an economy that sputters along for not months or years, but perhaps a decade. That would be worse for our deficit, worse for business, worse for you, and worse for the next generation. And I refuse to let that happen."

http://news.yahoo.com/s/ap/obama_speech

AP: Obama says US will survive 'day of reckoning'

By JENNIFER LOVEN, AP White House Correspondent – 1 min ago

WASHINGTON – President Barack Obama promised a nation shuddering in economic crisis Tuesday night that he would lead it from a dire "day of reckoning" to a brighter future, summoning politicians and public alike to shoulder responsibility for hard choices and shared sacrifice. "The time to take charge of our future is here," Obama declared, delivering his first address to a joint session of Congress.

Offering words of reassurance to an anxious nation, he declared, "Tonight I want every American to know this: We will rebuild, we will recover, and the United States of America will emerge stronger than before."
"We are a nation that has seen promise and peril," he said. "Now we must be that nation again."

Cheered robustly as he entered the House chamber, Obama grinned, shook hands and kissed lawmakers and stopped for a lengthy embrace with Supreme Court Justice Ruth Bader Ginsburg, back on the bench only this week after surgery for pancreatic cancer.

To deal with the current crisis, deepening each day, the president said more money will be needed to rescue troubled banks beyond the $700 billion already committed last year. He said he knows that bailout billions for banks are unpopular — "I promise you, I get it," he said — but he also insisted that was the only way to get credit moving again to households and businesses, the lifeblood of the American economy.

[geckosfeet]

1. Why give it to the banks? Give it to the American people. $10k for every

person in every household. You want to see spending? Give it to the people.

[Hissyspit]

2. He addresses that. Text of speech:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8222763

[Left Coast2020]

3. Beautiful to hear someone who can speak clearly.

[iandhr]

4. I was thinking the same thing

[ladywnch]

7. the speech is amazing! a great read

[tclambert]

5. He's got the ambition to be a great President.

He's not just trying to be another forgettable one. Now, can he deliver?

I haven't heard a Presidential speech this good in a long time. I really think he gets it. He spoke about real issues, important issues, and never veered off into steroids in baseball, or other inanities.

[Baby Snooks]

6. The Obama we elected...

It was encouraging to see and hear the man we elected as president - he has been "MIA" since he took the oath of office.

[biopowertoday]

8. It takes a bit to get your feet wet-so to speak. But I think he

will do fine and I do hope he does.

[Aristus]

9. It's time for this again: