Last Nights New Conference

Last night, President Obama spoke to US nation for about 8 minutes and then took questions from the scripted press core for another 50 minutes. Again I walked away from a press conference wondering if he really told us what he is planning on doing. He did talk and answer questions but I still don't understand what the Health Care Plan is, whether he really knows how much he is planning on spending or if he realizes that he can not cut the deficit in his first term. I did enjoy the fact that he said that he will do it in his "first term" which implied to me that he is planning on being the President for another term whether we like it or not. I am actually thinking that that is the new trend, 2 term presidents!! Please also note that he said, " I don't see a need for a Global Currency!" The Fox reporter asked him this very quickly and did not say it in to the mic.
So to me point. I read an article today in the NY Times which is here: http://www.nytimes.com/2009/03/25/business/economy/25web-bailout.html?hpw
Something interesting on this is that Geithner is pushing to take control of insurance companies that are falling apart. Personally I really do not know why this is other then one of the problems is AIG was the fact that they insured mortgages that banks then sold to other financial institutes like Fannie Mae so when the mortgage defaulted, AIG would pay the bank back. I do wonder if all of this buying up of banks is just a way to cover up what the government has allowed the banks to get away with. Obama said last night that if they had more control over AIG, that this situation with the bonuses would not have happened which acts as a reason as to why we need to control insurance companies. Here are some important quotes from this article, "“It is precisely because of the lack of this authority that the A.I.G. situation has gotten worse,” Mr. Obama said, predicting that “there is going to be strong support from the American people and from Congress to provide that authority.”...The federal government has long had the power to take over and close banks and other deposit-taking institutions whose deposits are insured by the government and subject to detailed regulation.
But the Obama administration and the Fed would extend that authority to insurance companies like A.I.G., investment banks, hedge funds, private equity firms and any other kind of financial institution considered “systemically” important. That would let the government for the first time take control of private equity firms like Carlyle or industrial finance giants like GE Capital should they falter." Sphere: Related Content