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March 25, 2009

Obama Defends AIG Response, Pushes Budget
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President Obama, meanwhile, appeared in the second White House news
conference of his presidency. Obama was asked about his slow response to
news of the AIG bonuses.

CNN Correspondent Ed Henry: “Why did you wait days to come out and
express that outrage? It seems like the action is coming out of New York
and the attorney general’s office. It took you days to come public with
Secretary Geithner and say, ‘Look, we’re outraged.’ Why did it take so
long?”

President Obama: “It took us a couple of days because I like to know
what I’m talking about before I speak.”

Meanwhile, Obama tempered his previous criticism of Wall Street, saying
executives shouldn’t be “demonized.”

President Obama: “Bankers and executives on Wall Street need to realize
that enriching themselves on the taxpayers’ dime is inexcusable, that
the days of outsized rewards and reckless speculation that puts us all
at risk have to be over. At the same time, the rest of us can’t afford
to demonize every investor or entrepreneur who seeks to make a profit.
That drive is what has always fueled our prosperity, and it is what will
ultimately get these banks lending and our economy moving once more.”

Obama focused his appearance on touting his $3.6 trillion budget as it
heads toward a House and Senate vote. Democratic leaders say they’ve cut
hundreds of millions of dollars in spending during committee talks. A
vote could come as early as next week. Obama meanwhile offered his first
comments on Russia and China’s proposal for a new global currency,
saying he’s against the idea.



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