Obama promised 2,500,000 million jobs…
But so far his record “stimulus” package has only created 30,083.
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Lashing out at the “reckless speculation” and “shortsightedness” he said were behind the 2008-2009 financial crisis, Obama expressed frustration at criticism he has taken over the unpopular $700 billion bailout of the financial industry.
Obama told a Democratic party fund-raiser that his administration backed the bailout program, begun in the Bush administration, because it was necessary to prevent a financial collapse that could have devastated the economy.
“We also know we should never again have to face potential calamity because of reckless speculation … and shortsightedness and self-interestedness from a few,” Obama said. “So if there are members of the financial industry in the audience today, I would ask that you join us in passing what are necessary reforms.”
The remarks were the latest in a series from Obama and his aides urging the financial industry to get behind a package of proposals under consideration in Congress that would tighten rules for derivatives trading and other activities while establishing a new consumer watchdog for financial products.