Obama Says Failing to Act Could Lead to a ‘Catastrophe’

Posted by Kendall Harmon

President Obama took his case for his $800 billion economic recovery package to the American people on Monday, as the Senate cleared the way for passage of the bill and the White House prepared for its next major hurdle: selling Congress and the public on a fresh plan to bail out the nation’s banks.

Warning that a failure to act “could turn a crisis into a catastrophe,” Mr. Obama used his presidential platform — a prime-time news conference, the first of his presidency, in the grand setting of the White House East Room — to address head on the concerns about his approach, which has by and large failed to win the Republican support he sought.

“The plan is not perfect,” Mr. Obama said in an eight-minute speech before taking reporters’ questions. “No plan is. I can’t tell you for sure that everything in this plan will work exactly as we hope, but I can tell you with complete confidence that a failure to act will only deepen this crisis.”

The news conference was the centerpiece of an intense and highly orchestrated campaign by the administration to wrest control of the stimulus debate from Republicans and reframe it on Mr. Obama’s terms.

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Filed under: * Culture-WatchMedia* Economics, PoliticsEconomyThe 2009 Obama Administration Bank Bailout PlanThe Banking System/SectorThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--The Fiscal Stimulus Package of 2009The U.S. GovernmentThe National DeficitTreasury Secretary Timothy GeithnerPolitics in GeneralOffice of the PresidentPresident Barack Obama

7 Comments
Posted February 10, 2009 at 6:34 am

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The URL for this article is http://www.kendallharmon.net/t19/index.php/t19/article/20265/



1. William P. Sulik wrote:

A far cry from “The only thing we have to fear, is fear itself…”

“Let the reader, where we are equally confident, stride on with me; where we are equally puzzled, pause to investigate with me; where he finds himself in error, come to my side; where he finds me erring, call me to his side. So that we may keep to the path, in love, as we fare on toward Him, ‘whose face is ever to be sought.’”

—Augustine of Hippo, The Trinity 1.5

February 10, 8:49 am | [comment link]
2. Sick & Tired of Nuance wrote:

The CBO says the bailout will actually hurt the country!

February 10, 12:21 pm | [comment link]
3. Rick in Louisiana wrote:

We must get beyond the politics of fear to the politics of… catastrophe?!?

February 10, 1:10 pm | [comment link]
4. Don R wrote:

He could also have told us with equal confidence that the wrong action will also deepen the crisis—and perpetuate it, too.

February 10, 1:11 pm | [comment link]
5. palagious wrote:

#1.  My exact thoughts.  “Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering.”

February 10, 2:15 pm | [comment link]
6. hippocamper wrote:

#2, you are correct, and this has not been publicized much at all.  Plug in ‘cbo obama stimulus’ on google news to see the full stories.

February 10, 10:26 pm | [comment link]
7. Cennydd wrote:

I think I’m gonna buy some of those shares that have hit bottom, and then sell them when the time is right.  Y’know, buy low and sell high when the market rises?  Optimistic, am I?  Maybe…...but who knows?  This recession isn’t going to last forever.

February 11, 1:15 am | [comment link]


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