Opinion: Obama news conference: A warning about demonizing investors
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The first question President Obama fielded in his White House news conference -- which is taking place right now -- addressed a proposal that would give the federal government greater control over financial companies.
Why, he was asked, should the public support such a measure? Obama replied that a lack of federal authority was one reason the current economic mess was able to develop. AIG, he noted, is an insurance company, not a bank, so there was no entity, such as the Federal Deposit Insurance Corp., to swoop in and address it’s problems. OK, he didn’t say ‘swoop,’ but you get the idea.
The president also warned Americans, as he often does, that economic recovery will not be easy. There are no ‘quick fixes’ and no ‘silver bullets,’ he said.
Obama had another warning as well. Although he acknowledged his anger at the recent bonuses awarded to AIG officials, he said the country ‘cannot afford to demonize every investor who seeks to make a profit.’
So far all the questions from the press have been about the economy. Afghanistan anyone?
-- Steve Padilla
U.S. President Barack Obama speaks during a prime time news conference in the East Room of the White House March 24, 2009 in Washington, DC. Photo by Chip Somodevilla/Getty Images
