President Obama's Rough Week: Jobs, Wall Street, Health Care Loom Over White House
President Will Address Unemployment in Visit to Ohio Today
Jan. 22, 2010— -- It may very well be one of the roughest weeks of the Obama presidency.
Amid disappointing jobs figures, speculation that Federal Reserve Chairman Ben Bernanke may not be reconfirmed and Democrats' losing Ted Kennedy's Senate seat in Massachusetts to Republican Scott Brown, President Obama has faced his share of bad news this week.
Obama addressed the issue of jobs today in Lorain, Ohio, which he last visited two years ago.
Ken Sauvey, who worked there as a bulldozer operator for 34 years, has been looking for another job since then.
"There is none out there, for especially my age," Sauvey, 55, said. "And that's why the younger generation will probably get the jobs before a man my age would be able to get a job."
The president talked about the pressures U.S. families are facing and their difficult fight. Obama said he will not let bumps in the road deter him and that he will continue to fight against big banks and for health care overhaul.
The president's trip is part of his White House to Main Street tour to connect with Americans.
"You still hear in the news today, you know, little hopes and hints of the recovery. But, personally ... until we see people back to work, we just don't quite see a recovery," said Dave Beetler, an operations manager who is one of only two out of the original 70 still employed at the plant.
"He was very, very upbeat, very optimistic about a lot of things that needed to be addressed," Beetler recalled of Obama's visit two years ago. "And you still hear in the news today, you know, little hopes and hints of the recovery. But personally, on my level, and looking through the city, we don't quite see that yet. Until we see people back to work, we just don't quite see a recovery."
The president addressed the issue of health care and admit that "we've run into a bit of a buzz saw along the way." But he said he will continue to fight for "meaningful health insurance reforms."
The president said that he will push Congress to take steps to boost job growth in the United States.
Today's town hall meeting is part of the president's populist push to reconnect with Americans. Obama invoked that side Thursday when he proposed new regulations to limit the risky behaviors taken by big banks insured by U.S. taxpayers. The announcement, said New York Times business reporter Andrew Ross Sorkin, took Wall Street by surprise.
"Most of the CEOs and executives I spoke to had no idea this was coming and were shell shocked," Sorkin said on "Good Morning America" today.
"It's a game changer. ... It's truly one step from removing the casinos on Wall Street."
By preventing commercial banks from running risky hedge funds and private equity firms, the president said he was protecting taxpayers.
"Never again will the American taxpayer be held hostage by a bank that is 'too big to fail,'" the president vowed, suggesting ways to limit the size and scope of financial institutions.
But Treasury Secretary Tim Geithner privately expressed concern that the proposal would hurt the ability of U.S. banks to compete globally, according to sources.
"It needs to be done right," a source close to Geithner said. "How it gets implemented and how it gets defined is absolutely critical. We don't want to disrupt the ability of banks to lend."
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