Obama admits that he and everyone else in Washington "hated" the bank bailout, but claims that it was necessary. Laying into the banking industry and Wall Street, which are popular bad guys right now, got Obama a standing ovation from the room.
Points on the economy -
Tax cuts: Obama reminds the public that he cut taxes but the comment got stonewalled by the republicans while democrats applauded.
Recovery Act (Stimulus Bill): Obama calls the stimulus bill a success claiming that it saved jobs and created new "green jobs," and that because of the bill the economy is growing again.
Jobs: Obama acknowledges that job growth has lagged behind the economy and called for a new jobs bill.
Obama also proposed taking the $30 billion repaid by banks and invest it in helping community banks lend to small businesses.
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