Focusing on LT/ST goals ~ Obama: Banks Will Get Enough Money To Operate

re Obama: Banks Will Get Enough Money To Operate

e.g. The Madoff case is ultimately a regulatory failure as it should have been prevented years ago, but the system lets it to continue because of deregulation loopholes during the last decades. Energy and housing bubble/crash issue is another example. Market speculators hype prices because of lack of regulatory control, the manipulation went overboard to the point where we are facing the financial crisis. Obama is addressing ST and LT crisis management and LT planning.
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Obama: Banks Will Get Enough Money To Operate 12 Mar 2009 | 04:52 PM ET

President Barack Obama said Thursday the true status of bank balance sheets was not known, and he would act decisively to make sure major banks have enough money to operate.

Obama said some of the country's largest banks are holding toxic assets, which are dragging down balance sheets and contributing to the slowdown in lending.

"The weakened condition of some of our largest banks has implications for the entire system," he told corporate business leaders at the Business Roundtable in Washington, D.C.

"Critical to that solution is an honest and forthright assessment of the true status of bank balance sheets, something that we've not yet had."

The speech was part of President Obama's defense of the administration's economic blueprint Thursday. He said that delay on health care, energy and education would make "recovery more fragile and our future less secure."

Obama said he was a "strong believer in the power of the free market" and that he believed "that jobs are best created not by government, but by businesses and entrepreneurs like you who are willing to take a risk on a good idea."

But Obama also said that there have been times when "the free market has fallen out of balance and that "at these moments, government has stepped in not to supplant private enterprise, but to catalyze it - to create the conditions for thousands of entrepreneurs and new businesses to adapt and to thrive."