Obama Offers Promise For Economy, Banks
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On Tuesday night, President Barack Obama did what he does best - delivered a great speech.
Obama gave his first address to a joint session of Congress, and, as would be expected, much of the speech was centered around the economic crisis. Unlike recent fire and brimstone speeches, Obama talked about the hope and promise of the United States - I don't even think he said the 'Great Depression' once.
Obama gave a pretty straight-forward explanation of the banking crisis and emphasized how important the banks are, not for Wall Street but for Main Street. Obama explained that, no matter how effective the recently passed economic stimulus package is, any progress would be chocked-off without a fully functioning credit market which he said was the "life blood of the economy".
Pushing-back against the bank nationalization rhetoric, Obama indicated that his administration stands firmly behind the banking system in its current form. He suggested that they would do what is necessary to get the banks confident to lend even in a difficult time. This should play well for bank stocks including Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), JPMorgan (NYSE: JPM), and maybe even the Citigroup (NYSE: C).
To avoid future meltdowns, Obama said he will be asking Congress to move quickly on reform for the regulatory system with new, tough common sense rules.
The second half of the speech was more liberal-centric: healthcare blah,blah,blah; education blah,blah,blah; safety net blah,blah,blah.
Below is the video of the speech:
Obama gave his first address to a joint session of Congress, and, as would be expected, much of the speech was centered around the economic crisis. Unlike recent fire and brimstone speeches, Obama talked about the hope and promise of the United States - I don't even think he said the 'Great Depression' once.
Obama gave a pretty straight-forward explanation of the banking crisis and emphasized how important the banks are, not for Wall Street but for Main Street. Obama explained that, no matter how effective the recently passed economic stimulus package is, any progress would be chocked-off without a fully functioning credit market which he said was the "life blood of the economy".
Pushing-back against the bank nationalization rhetoric, Obama indicated that his administration stands firmly behind the banking system in its current form. He suggested that they would do what is necessary to get the banks confident to lend even in a difficult time. This should play well for bank stocks including Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), JPMorgan (NYSE: JPM), and maybe even the Citigroup (NYSE: C).
To avoid future meltdowns, Obama said he will be asking Congress to move quickly on reform for the regulatory system with new, tough common sense rules.
The second half of the speech was more liberal-centric: healthcare blah,blah,blah; education blah,blah,blah; safety net blah,blah,blah.
Below is the video of the speech:
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