Obama touts stimulus to California fans
COSTA MESA, Calif. -- President Obama received a thunderous welcome Wednesday at a town-hall-style gathering, where he touted his economic stimulus program in one of the states hit hardest by the economic recession.
Making his first visit to California since becoming president, Obama spoke to several thousand people with tickets who braved long waits in a hot sun before being admitted to a crowded building at the Orange County fairgrounds south of Los Angeles.
Many lined up overnight Monday for the free tickets Tuesday.
Shedding his suit jacket and rolling up his sleeves, Obama fielded questions from the crowd about illegal immigration, economic recovery and whether he plans to run for re-election for a second term. Obama didn't commit to running again but said, "I would rather be a great president taking on tough issues for four years than a mediocre president for eight years."
Obama also voiced frustration at the actions of bankers and others who issued loans and mortgages that carried high risks, then swapped securities among themselves without having the money to cover potential losses.
"There was no serious regulation to say hold on, stop, wait a minute, you guys are getting way overextended and putting the economy at risk," Obama said.
Obama's audience was overwhelmingly supportive and enthusiastic. At one point, a man interrupted Obama, shouting, "We love you, Obama!" The president replied, "I love you back."
The president's two-day trip takes him into areas hard hit by mortgage foreclosures and unemployment. The unemployment rate in California is more than 10%. Obama holds another town-hall session in downtown Los Angeles today.
He said the stimulus legislation he signed into law will create or save 396,000 jobs in California and 3.5 million across the country over the next two years.
Obama didn't wait to be asked about bonuses at taxpayer-backed AIG, an insurance corporation. Addressing it in opening remarks, he underscored his outrage and said he takes responsibility for the controversy even if he didn't create it.
