Dirtybirdn@tion Posted March 23, 2009 Share Posted March 23, 2009 President Barack Obama said he believes the global financial system remains at risk of implosion with the failure of Citigroup or AIG, touching off “an even more destructive recession and potentially depression.”His remarks came in a “60 Minutes” interview in which he was pressed by an incredulous Steve Kroft for laughing and chuckling several times while discussing the perilous state of the world’s economy.“You're sitting here. And you're— you are laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he's sitting there just making jokes about money—’ How do you deal with— I mean: explain. . .” Kroft asks at one point.“Are you punch-drunk?” Kroft says.“No, no. There's gotta be a little gallows humor to get you through the day,” Obama says, with a laugh.The interview is Obama’s most detailed explanation yet of his view of the world economic crisis, and he makes clear that he’s afraid the nation hasn’t seen the worst of it – even invoking the possibility of a “depression” if a series of financial institutions collapse all at once.He is quick to add that he’s “optimistic about that not happening. Because I think we did learn lessons from the Great Depression.”But Obama also makes clear in the interview that he believes Wall Street’s high-risk, high-reward culture was a main cause of the economic meltdown. He takes aim at traders and executives in extremely personal terms – calling them ironically at one point “the best and the brightest” – and says that even today, those same executives don’t get just how much their recklessness contributed to a recession that he says deteriorated more quickly than he expected.“I mean there were a whole bunch of folks who, on paper, if you looked at quarterly reports, were wildly successful, selling derivatives that turned out to be. . .completely worthless,” Obama says, with a chuckle.“Gosh, I don't think it's me being anti-Wall Street just to point out that the best and the brightest— didn't do too well on that front, and that— you know, maybe the incentive structures that have been set up— have not produced the kinds of long term growth that— that I think everybody's looking for.”He also said he doesn’t think Wall Street has gotten his message yet, and that he must do a better job conveying it to them:“One of the things that I have to do is to communicate to Wall Street that, given the current crisis that we're in, they can't expect help from taxpayers but they enjoy all the benefits that they enjoyed before the crisis happened,” Obama said. “You get a sense that, in some institutions that has not sunk in. That you can't go back to the old way of doing business, certainly not on the taxpayers' dime.”Yet he stops short of endorsing legislation moving through Congress to tax nearly all the bonuses of executives at AIG — and clearly signaled his desire for changes in the legislation.He says it’s important not to “govern out of anger.” And asked if the measure was constitutional, the former law professor said: “Well, I think that— as a general proposition, you don't want to be passing laws that are just targeting a handful of individuals…And as a general proposition, I think you certainly don't want to use the tax code—is to punish people.”“So let's see if there are ways of doing this that are both legal, that are constitutional that uphold our basic principles of fairness, but don't hamper us from getting the banking system back on track,” Obama said. “That's why we're going to have to take a look at this legislation carefully.”And in fact, Obama this week will be turning to some of those very same Wall Street executives for help in bailing out banks and other financial institutions whose “toxic assets” are stopping up the global market for credit. He’s quick to add that he needs to do a better job conveying to them his belief in the market, and desire for it to succeed.“Part of my job is to communicate to them, "Look, I believe in the market. I believe in financial innovation. And I believe in success." I want them to do well,” Obama said.He also acknowledges that the recession has grown more serious more quickly than he expected, particularly regarding job losses. But he expresses hope that that quick decline might also make for a quicker-than-expected turnaround.“There’s a potential silver lining, which may be that things are so accelerated now, the modern economy is so intertwined and wired, that things happen really fast. . . but things may recover faster than they have in the past,” Obama said.And he defended his embattled Treasury Secretary Timothy Geithner, telling Kroft that he wouldn’t accept his resignation if he tried to quit. Obama said jokingly that he’d respond: “Sorry Buddy, you've still got the job.”The economy dominates the interview, which also ranges on topics such as his upcoming Afghanistan policy review and even his daughter’s new swing set at the White House.On Afghanistan, Obama said he is looking for a “comprehensive strategy” that stresses diplomacy that includes engagement with neighboring Pakistan. While Obama is studying requests from the military for more troops, he warned that, “there's gotta be an exit strategy. There-- there's gotta be a sense that this is not perpetual drift.”He said Afghanistan is a more complex problem than Iraq. “Iraq was actually easier than Afghanistan. It's easier terrain,” Obama told Kroft. “You've got a-- much better educated population, infrastructure to build off of. You don't have some of the same destabilizing border-- issues that you have between Afghanistan and Pakistan. And so this is going to be a tough nut to crack. But-- it is not acceptable for us to simply sit back and let safe havens of terrorists plan and plot.”For all the challenges, Obama said, “the complexities of Afghanistan-- are matched, maybe even dwarfed, by the complexities of the economic situation.”Obama also used the interview to criticize former Vice President **** Cheney’s criticism of Obama’s decision to close Guantanamo Bay prison, where terror suspects are held. Since leaving office, Cheney has been an outspoken critic of Obama over the war on terror, saying Obama was taking steps to “raise the risk to the American people of another attack.”“How many terrorists have actually been brought to justice under the philosophy that is being promoted by Vice President Cheney?” Obama asked. “It hasn't made us safer. What it has been is a great advertisement for anti-American sentiment.”Link Quote Link to comment Share on other sites More sharing options...
the evil emperor Posted March 23, 2009 Share Posted March 23, 2009 I thought Obama was awesome.Smooth, articulate, and in complete command of the issues.What a refreshing change from our previous administration. Quote Link to comment Share on other sites More sharing options...
Dirtybirdn@tion Posted March 23, 2009 Author Share Posted March 23, 2009 I thought Obama was awesome.Smooth, articulate, and in complete command of the issues.What a refreshing change from our previous administration. Quote Link to comment Share on other sites More sharing options...
FaIconfansince80 Posted March 23, 2009 Share Posted March 23, 2009 I thought Obama was awesome.Smooth, articulate, and in complete command of the issues.What a refreshing change from our previous administration. Who gives a **** if we are all out digging potatoes and fighting over toilet paper. At least the man gives a helluva speech. Quote Link to comment Share on other sites More sharing options...
The Great American Posted March 23, 2009 Share Posted March 23, 2009 I thought Obama was awesome.Smooth, articulate, and in complete command of the issues.What a refreshing change from our previous administration. Quote Link to comment Share on other sites More sharing options...
bad newz birds Posted March 23, 2009 Share Posted March 23, 2009 I thought Obama was awesome.Smooth, articulate, and in complete command of the issues.What a refreshing change from our previous administration. I thought I've seen you somewhere before Evil E :blink: Quote Link to comment Share on other sites More sharing options...
Cism ™© Posted March 23, 2009 Share Posted March 23, 2009 My fave part was the ultimate sonning he put on that failure Richard Cheney Quote Link to comment Share on other sites More sharing options...
durrdbyrd Posted March 23, 2009 Share Posted March 23, 2009 My fave part was the ultimate sonning he put on that failure Richard CheneyYour screen name Quote Link to comment Share on other sites More sharing options...
Swami57 Posted March 23, 2009 Share Posted March 23, 2009 I thought Obama was awesome.Smooth, articulate, and in complete command of the issues.What a refreshing change from our previous administration. QFT although I'm not surprised to see Politico trying to put negative spin on the interview. We're lucky we got it right last November. I can't think of anyone else who possesses the unique combination of qualities needed to get us through this mess. Quote Link to comment Share on other sites More sharing options...
durrdbyrd Posted March 23, 2009 Share Posted March 23, 2009 It's nice to know that command of the English language is still all it takes to satisfy some of you. Quote Link to comment Share on other sites More sharing options...
bad newz birds Posted March 23, 2009 Share Posted March 23, 2009 QFT although I'm not surprised to see Politico trying to put negative spin on the interview. We're lucky we got it right last November. I can't think of anyone else who possesses the unique combination of qualities needed to get us through this mess.Swami, What about $1 trillion tax cut for all Americans, put $400 a month back in your pocket? What if the Federal Government was to spend money on us? I bet you and I could find a better way to spend $800 a month! Whats wrong with giving tax payers a tax break? A major tax break! Quote Link to comment Share on other sites More sharing options...
terryowens__ Posted March 23, 2009 Share Posted March 23, 2009 Swami, What about $1 trillion tax cut for all Americans, put $400 a month back in your pocket? What if the Federal Government was to spend money on us? I bet you and I could find a better way to spend $800 a month! Whats wrong with giving tax payers a tax break? A major tax break!What's wrong with 4% mortgages and oil under $100/barrel? Quote Link to comment Share on other sites More sharing options...
Same Ol Falcons Posted March 23, 2009 Share Posted March 23, 2009 What's wrong with 4% mortgages and oil under $100/barrel?Oil has been being traded for under $50/barrel for a while now Quote Link to comment Share on other sites More sharing options...
terryowens__ Posted March 23, 2009 Share Posted March 23, 2009 Oil has been being traded for under $50/barrel for a while nowExactly.I just finished 60M online.Terrific interview. Fantastic interview.His biggest flaw may be that he really doesn't have enough of the good help around him?? I don't know but what's his name, the reporter with eyes that look like a snake brought that point up.It's a must see for all Americans. Quote Link to comment Share on other sites More sharing options...
logic Posted March 23, 2009 Share Posted March 23, 2009 My fave part was the ultimate sonning he put on that failure Richard CheneyThis. Quote Link to comment Share on other sites More sharing options...
silentbob1272 Posted March 23, 2009 Share Posted March 23, 2009 QFT although I'm not surprised to see Politico trying to put negative spin on the interview. We're lucky we got it right last November. I can't think of anyone else who possesses the unique combination of qualities needed to get us through this mess.Sorry, seeing you gargling Obama's nuts in such a manner had an effect on me. Quote Link to comment Share on other sites More sharing options...
octoslash Posted March 23, 2009 Share Posted March 23, 2009 AMERICAN POLITICS Quote Link to comment Share on other sites More sharing options...
Shaud Snitch Snitchmond Posted March 23, 2009 Share Posted March 23, 2009 It's nice to know that command of the English language is still all it takes to satisfy some of you.That shouldn't surprise you. Remember half of TATF was happy because Joey Harrington was giving Press Conferences instead of Michael Vick. -_- Quote Link to comment Share on other sites More sharing options...
Swami57 Posted March 23, 2009 Share Posted March 23, 2009 Swami, What about $1 trillion tax cut for all Americans, put $400 a month back in your pocket? What if the Federal Government was to spend money on us? I bet you and I could find a better way to spend $800 a month! Whats wrong with giving tax payers a tax break? A major tax break!Sounds great but highly impractical. If you'll give him a chance, I for one believe Obama's policies will lead to prosperity for ALL Americans, not just the privileged and wealthy.. Quote Link to comment Share on other sites More sharing options...
robbyb03 Posted March 23, 2009 Share Posted March 23, 2009 Sounds great but highly impractical. If you'll give him a chance, I for one believe Obama's policies will lead to prosperity for ALL Americans, not just the privileged and wealthy..I think you need to put down the Kool Aid right now... Only 3% of millionaires in the United States inherited their money... Doesn't seem like these people were "privileged." It sounds like they busted their *** to become financially successful. Quote Link to comment Share on other sites More sharing options...
Swami57 Posted March 23, 2009 Share Posted March 23, 2009 Sorry, seeing you gargling Obama's nuts in such a manner had an effect on me.C'mon Bob. If you watched the interview you can't tell me that you don't like the guy. You can't tell me that he's just a smooth talker and doesn't have command of the issues either. He knows what he's talking about. Somewhere inside you there has to be a little spark that hopes he's for real. It's been so long since we've seen good leadership in this country you're just having a hard time recognizing it. Now if you'll excuse me, Obama's nuts feel a little dry. Quote Link to comment Share on other sites More sharing options...
octoslash Posted March 23, 2009 Share Posted March 23, 2009 You can't end poverty by giving people money---PJ O'Rourke Quote Link to comment Share on other sites More sharing options...
Swami57 Posted March 23, 2009 Share Posted March 23, 2009 I think you need to put down the Kool Aid right now... Only 3% of millionaires in the United States inherited their money... Doesn't seem like these people were "privileged." It sounds like they busted their *** to become financially successful.Quite right but many of the rest raped our 401ks to get theirs. A fact that Obama shared in his interview was that 15 years ago the average CEO pay was 20 times that of a teacher. Today it's 200. The new class of corporate millionaires in this country are no better than common thieves. Quote Link to comment Share on other sites More sharing options...
alfred e. neuman Posted March 23, 2009 Share Posted March 23, 2009 You can't end poverty by giving people money---PJ O'RourkeMaybe not on the puny scale other administrations have tried it. But we're talking $10 trillion of new debt to flood people with. Quote Link to comment Share on other sites More sharing options...
octoslash Posted March 23, 2009 Share Posted March 23, 2009 Quite right but many of the rest raped our 401ks to get theirs. A fact that Obama shared in his interview was that 15 years ago the average CEO pay was 20 times that of a teacher. Today it's 200. The new class of corporate millionaires in this country are no better than common thieves.Judging by the hopeless state of government education, that '200' should be '2000'.There is such a thing as merit and compensation in this country. Or....there once was.Maybe not on the puny scale other administrations have tried it. But we're talking $10 trillion of new debt to flood people with.Touche' Quote Link to comment Share on other sites More sharing options...
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