The President is a doomer? Say it ain't so!

[GliderGuider]

More banks likely to fail, Obama warns
President: Financial system ‘very vulnerable,’ with full losses still unknown

Mismanagement by the nation’s lending institutions was so extreme that the losses sustained by banks still cannot be calculated and more are likely to fail, President Barack Obama warned.

In an interview airing Monday on NBC’s TODAY show, Obama said the nation’s banks were in “very vulnerable positions” because of the reckless risk-taking that led to the meltdown of the financial services sector late last year. The situation he inherited 13 days ago is so bad that “it is likely that the banks have not fully acknowledged all the losses that they’re going to experience,” Obama said in the interview, which was conducted Sunday at the White House.

Stressing that ordinary Americans’ deposits, which are insured by the federal government, would be safeguarded, the president said banks were “going to have to wring out some of these bad assets.”

Is this what they call "Speaking truth from power"?

[MADem]

1. Well, what's he supposed to say? Forget your troubles, come on, get happy?

Recovery is "just around the corner?"

Obviously, he's seen the data. More banks ARE likely to fail, and acknowledging that isn't "dooming," it's being honest.

I'm not worried. I don't have assets beyond FDIC levels in banks, anyway!

[Nicholas D Wolfwood]

2. It's only possible NOT to be a doomer if you're McCain and think it's just psychological. (nt)

[notesdev]

3. I've been saying that a while

the bailouts are being given out to offset the losses that come from bringing things back on the books... but this is one hole that's too deep to fill, these guys in the finance sector screwed the pooch with calculated precision. Making good on all their bets could cost more than the entire accumulated wealth of the human race to date.

[GliderGuider]

4. "Calculated precision" -- exactly!

The more I find out about what's been going on, the more I think this endgame was well organized. It doesn't seem to just have been heedless greed. If you haven't already seen this site http://www.deepcapture.com give it a read. Calculated precision indeed.

[dixiegrrrrl]

5. Totally correct. wished more people in understood that.

[sendero]

6. While Obama..

.. has been more truthful about this mess than any other politician I know of, he can't possibly tell the TRUTH because it would panic the nation.

Yes, things really are that bad. We are in UNCHARTED WATERS as we speak. Nobody knows how bad it is going to get because, well, we just don't know.

But anyone who thinks we'll be pulling out of this "recession" in 12 months is a moron.