Obama sees 'glimmers of hope' - and new rules for Wall Street

In a decidedly upbeat address on the state of the economy, President Barack Obama today detailed his administration's economic strategy, taking credit for implementing a number of programs to create jobs and get credit flowing while acknowledging that much more still needs to be done before the recession is over. The President also indicated that a restructuring of the nation's financial system is necessary to maintain a healthy economy and that his administration would push Congress to devise a new regulatory structure for Wall Street by year's end.

As he addressed the nation from the campus of Georgetown University, Mr. Obama said the combination of initiatives by his administration -- including the passage of his Recovery Act, implementation of the bank recapitalization program, consumers taking advantage of incentives in the housing bill, his management of the auto industry crisis and agreements he worked on with leaders at the recent G20 Economic Summit in Europe -- have combined to slow the nation's economic decline and get credit markets moving again.