Obama: Bailing Out the Banks "Was Necessary," but "I Hated It"


In President Obama's first State of the Union address, he tried to capture the public's anger toward Wall Street while defending his decision to bail it out. He argued that while his rescue of the banks wasn't popular, it was necessary. As a palliative, he suggested that $30 billion of the repaid TARP money be given to community banks to lend to small businesses. And he pushed for a bill that reduces the risk in the financial system to prevent a recurrence of the financial crisis.