12:48 PM
Obama Promises Economic Recovery, Hints At Market Reform in Inaugural Speech
In his inaugural speech today, just-sworn-in President Barack Obama promised to remake America and its economy. "Everywhere we look, there is work to be done," he said. "The state of the economy calls for action, bold and swift, and we will act — not only to create new jobs, but to lay a new foundation for growth."
He said his team would analyze existing government programs to assess whether they help "families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end."
About Wall Street specifically, he said, "Nor is the question before us whether the market is a force for good or ill," he said. "Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control — and that a nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our Gross Domestic Product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart — not out of charity, but because it is the surest route to our common good."