Invoking some of the populist fervor that propelled him to the presidency, President Obama today defended his economic agenda and vowed to continue fighting for "meaningful health insurance reforms" and his banking reform proposals.
Speaking at a town hall in Lorain, Ohio, Obama addressed some of the steps his administration has taken, many of which have drawn heat, including the $787 stimulus package and the Troubled Asset Relief Program (TARP).
"I knew it would be unpopular, and rightly so," Obama said of the program to save banks. "But I also knew that we had to do it because if they went down, your local banks would have gone down. And if the financial system went down, it would have taken the entire economy and millions more families and businesses with it. ... We would have been looking at a second Great Depression."
The president vowed to push forward in his fight against Wall Street.
"It's going to be a fight. You watch. I guarantee you when we start on financial regulatory reform, trying to change the rules to prevent what has caused so much heartache all across the country, there are people who are going to say ... It's another example of Obama being big government," the president said. "No, I just want to have some rules in place so that when these guys make dumb decisions, you don't end up having to foot the bill. That's pretty straightforward. I don't mind having that fight."
He also acknowledged the hurdles in one of his top domestic agendas, health care.
"We've gotten pretty far down the road, but I have to admit, we've run into a bit of a buzz saw this week," he said, as the audience laughed.
"I understand why, after the Massachusetts election, people in Washington were all in a tizzy, trying to figure out what this means for health reform, Republicans and Democrats, what does it mean for Obama? ... That's what they do," he added. "This is not about me. This is about you. I didn't take this up to boost my poll numbers. You know the way to boost your poll numbers is not do anything."
The president vowed to keep moving forward despite the challenges he is facing. In fact, he used the word "fight" 20 times in his speech.
"I'm going to keep on fighting for real, meaningful health insurance reform," he told the audience.
"There are things that have to get done. This is our best chance to do it. We can't keep on putting this off," the president said toward the end of the event.
This is not the first time the president has visited Lorain, Ohio. Two years ago, Obama was in this struggling small town and toured National Gypsum Co., a drywall factory that had operated seven days a week.
At the time, Obama pushed a jobs package that "must be done in a responsible way, without adding to the already obscene debt that has grown by $4 trillion under George Bush."
But within two months of his visit, word came that the factory would close indefinitely. With job figures, the president's approval rating in Ohio has also plummeted, from 8.8 percent when he was inaugurated a year ago to almost 11 percent last month.
"He was very, very upbeat, very optimistic about a lot of things that needed to be addressed," Dave Beetler, an operations manager at the factory, said of Obama's visit almost two years ago.