ABC News: Obama: No 'Easy Out' for Wall Street
PRESIDENT OBAMA:Well, you know, Wall Street I think is hoping for an easy out on this thing and there is no easy out. Essentially what you've got are a set a banks that have not been as transparent as we need to be in terms of what their books look like. And we're gonna have to hold out the Band-aid a little bit and go ahead and just be clear about some of the losses that have been made because until we do that, we're not going to be able to attract private capital into the marketplace. And so, you know, I think that you have two choices in this situation: you can prolong the agony and shareholders will be happy until they're not happy, and that could be a year from now or two years from now, or in the case of Japan, eight years later. Or you can just go ahead and acknowledge that yeah, there's, there's a lot of work that has to be done to put these banks back on a firmer footing.
PRESIDENT OBAMA:Well, you know, Wall Street I think is hoping for an easy out on this thing and there is no easy out. Essentially what you've got are a set a banks that have not been as transparent as we need to be in terms of what their books look like.
And we're gonna have to hold out the Band-aid a little bit and go ahead and just be clear about some of the losses that have been made because until we do that, we're not going to be able to attract private capital into the marketplace. And so, you know, I think that you have two choices in this situation: you can prolong the agony and shareholders will be happy until they're not happy, and that could be a year from now or two years from now, or in the case of Japan, eight years later.
Or you can just go ahead and acknowledge that yeah, there's, there's a lot of work that has to be done to put these banks back on a firmer footing.
"Today we have established the Civilian Energy Bank, to finance near-term renewable energy security. We will syndicate project finance to the sick banks, in the hope we can turn their balance sheets around. But if not, the CEB, will go forward with the peaceful equivalent of the warfare footing of WWII, and fund putting people to work on their children's sustainable future.
We will begin by funding service technician programs in community colleges across the windy plains, in addition to the existing portfolios of quality developers."
In reaction, Wall St was down 7%, which didn't account for the people partying in the streets. "Life shrinks or expands in proportion to one's courage." - Anaïs Nin
