U.S. President Barack Obama held his second prime-time press conference since taking office Tuesday night, focusing largely on his rescue plan for Wall Street and his country's troubled economy.
In an opening statement outlining his economic strategy, he said the credit crisis "didn't happen overnight" but took "many years and many failures to lead us here."
"That's why we put in place a comprehensive strategy designed to attack this crisis on all fronts. It's a strategy to create jobs and help responsible homeowners, to restart lending, and to grow our economy over the long-term," Obama said.
"We're beginning to see signs of progress."
On Monday, after Secretary Treasury Secretary Timothy Geithner outlined his plan to buy back billions of dollars in toxic assets from banks, North American markets saw a strong surge. The Dow Jones industrial average rose nearly 500 points, although it sank 115 points on Tuesday.
"We will recover from this recession, but it will take time, it will take patience," said Obama.
The press conference followed a recent appearance by Obama on 60 Minutes, where he also spoke at length about his plans to boost the U.S. economy and to get credit flowing again, along with the public outcry over AIG's executive bonuses.
He also appeared on The Tonight Show with Jay Leno, and was told by the talk show host it was "one of the best nights of my life."
Recently, Democrats have sought to take their message beyond the White House press, speaking directly to Liberal media groups beyond the capital. According to Politico.com, it's part of a strategy to communicate directly with sympathetic audiences.
On Tuesday, Obama did not take questions from major U.S. newspapers like the New York Times, Washington Post and Wall Street Journal, instead calling on organizations like Stars and Stripes and ABC Radio. But he faced tough questions about his strategy to boost the U.S. economy, which has involved billions of dollars in massive spending efforts.
When asked if the spending would leave a structural deficit for the next generation, he said he was doing everything in his power to ensure the economy would be in good shape for his children.
He was also asked why he held off on commenting on the AIG bonuses while other politicians were quick to voice their anger. Obama's answer was short.
"I like to know what I'm talking about when I speak," he said.
Obama also softened his tone against AIG, saying not everyone who works on Wall Street should be painted with the same brush.
"Bankers and executives on Wall Street need to realize that enriching themselves on the taxpayers' dime is inexcusable, that the days of outsized rewards and reckless speculation that puts us all at risk have to be over," he said.
"At the same time, the rest of us can't afford to demonize every investor or entrepreneur who seeks to make a profit. That drive is what has always fueled our prosperity, and it is what will ultimately get these banks lending and our economy moving once more."
Obama also touched on remarks Geithner made earlier Tuesday about the need to take control of failing companies like AIG, in a similar way to how the Federal Deposit Insurance Corp. takes over banks.
"It is precisely because of the lack of this authority" that AIG's problems damaged the economy, Obama said.
With files from The Associated Press
