As the United States continues to reel in the wake of a recession that seems mostly of Wall Street's own making, Barack Obama spoke to The Today Show on Monday and warned of more bank failures.
Obama's comments were in the second of two interviews he taped for NBC News, and Today Show host Matt Lauer, on Sunday. In the first interview, besides speaking about (what else) the economy, he also related information that it would be quite possible that many U.S. troops will return home by next year.
In Monday's interview, he noted that many banks have "not fully acknowledged all the losses that they're going to experience. Some banks won't make it."
He added, however, that consumers have nothing to fear, as long as the deposits they have made are with institutions and accounts that are FDIC insured.
President Obama may have been setting the stage for this week's Senate hearings on a stimulus package. Last week the House passed the $800 billion-plus package, but without a single GOP vote.
In Saturday's message to Americans, Obama pushed for Senate passage, noting that now is not the time for partisan politics, saying:
Americans know that our economic recovery will take years -- not months. But they will have little patience if we allow politics to get in the way of action, and our economy continues to slide.
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