President Obama: I don't want to quell people's anger. People are right to be angry.

[chimpymustgo]

He is really giving a good performance today - saying all the right stuff. I have been VERY disheartened by his economic team's performance so far, but this is a VERY strong statement about straightening this mess out.

He's talking about regulations...never having this happen again. Smart regulations, oversight...these things are PRO-market!

Wow. I have been so depressed - this is a pick-me(us)-up.

And the mofo is taking questions!

[chimpymustgo]

1. Obama: "My interest is not in protecting banks. My interest is in protecting people."

[marketcrazy1]

2. well considering that we are actually EASING

accounting standards for INSOLVENT banks any talk about "regulation" is just so much hot air!! when we stop talking and start DOING i will be impressed....

[On the Road]

5. Right --

So your solution would be to tighten standards now, thus pushing banks into the insolvent category. That will help things.

[marketcrazy1]

6. these banks are already insolvent

accounting slight of hand is what got them into this mess in the first place and continuing this practice and indeed expanding it does not change reality and WILL lead to more extreme dislocation in the future. we are just kicking the can down the road.

[On the Road]

7. The Banks are Staying Afloat

because of large injections of government capital (mostly in the form of preferred stock). Of course it "changes reality."

Nobody knows how many people are going to pay their mortgages in the future, or how much the banks will lose on each foreclosed property.

Forcing the banks out of business by accounting changes is the best way to ensure that affected financial companies are forced out of business. Beyond that, it is the most effective way to trigger a crisis much bigger than the Sep 15 crisis.

[AndyA]

3. President Obama is taking questions...again?

Why, how very unpresidential of him! Why, you'd think he works for the people from the way he acts!

[chimpymustgo]

4. Such a stark contrast. Jeebus, he even EXPLAINED AIG!!!