Weekly Presidential Address: Good News from the Auto Industry; Financial Reform Still Necessary

In his Weekly Presidential Youtube-Radio Address, while trumpeting the suceess of the Auto bailouts, he President reiterates why the were necessary in the first place -- despite being extremely unpopular -- and explains, once again, why the financial reform bill is still so necessary.

From the White House website:

As the auto industry and financial markets begin to stabilize, the President says the governments emergency interventions can now wind down. He pledges that real reform, particularly on Wall Street, must now begin.

"In addition, Chrysler Financial has already fully repaid with interest the loans it received to support auto financing. And we are closing the books on the temporary program that helped parts suppliers weather this storm – returning this investment to the Treasury in full, with interest, as well. Finally, we are bringing to an end many of the emergency programs designed to stabilize the financial sector and restart lending so folks could finance cars and trucks – as well as homes and small businesses.

"On Friday, in fact, the Treasury Department informed Congress that this financial rescue – which was absolutely necessary to prevent an even worse economic disaster – will end up costing taxpayers a fraction of what was originally feared. This is a direct result of the careful management of the investments made by the American people so that we could recoup as many tax dollars as possible – and as quickly as possible.


"That’s why I went to New York City this week and addressed an audience that included leaders in the financial industry. And once again I called for reforms to hold Wall Street accountable and to protect consumers. These reforms would put an end – once and for all – to taxpayer bailouts. They would bring greater transparency to complex financial dealings. And they will empower ordinary consumers and shareholders in our financial system. Folks will get clearer and more concise information when they make financial decisions – instead of having to worry about deceptive fine print. And shareholders and pension holders will have a stronger voice in the boardrooms of companies in which they invest their savings.

Read the full transcript..

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