8:09 EST: The first question was a good one, and I don’t think the President answered it to the point of satisfying me. The question was essentially why we should give such broad economic powers to Geithner and the President’s administration. Obama’s answer focused on the lack of such mechanisms, and he stated that their inability to get things done has only exacerbated the problem. UPDATE: According to what I’m reading elsewhere, maybe I didn’t hear the question right. I thought the reporter was asking why the Treas. Sec. should be given further powers when all these financial institutions were collapsing. I thought the question was aimed at why further powers were needed and the President’s justification for seeking such a broad increase. Perhaps the AP reporter was looking for an answer relating to the banking bailout and didn’t think out her question? Josh Marshall at TPM seems to think that the question was “why, if it’s been so hard and unwieldy keeping banks and non-bank financial institutions on life-support, we should try to set up a system of taking them over and shutting it down.” I was just getting started and might have caught the question differently, based also on the context of Obama’s answer.

8:13 EST: The second question was kind of dumb. But I think that is because it was poorly phrased. I think the better question is why the President has not specifically targeted certain Americans and asked them to sacrifice for the health of the nation. The reporter’s question made it sound like he was asking why the President hasn’t asked anything of the majority of Americans.

8:18 EST: Will the President sign a budget that does not have middle class tax cuts? The President is confident that wont be the case. He wants to see health care, energy reform and education in whatever budget he signs.

8:19 EST: Our debt will increase around $10 trillion in the next ten years. The question was whether the Obama budget will burden America’s children with a huge burden, which is something Obama did not want to do. So isn’t this the exact burden Obama wanted to avoid? His response was basically right on point in my opinion. President Obama’s administration inherited a huge deficit. You can’t spend $10 billion a month in Iraq, fight two wars, and over-spend for 8 years and not have huge debt.

The question of why after six years, our debt will rise up and up almost seemed to shake Obama. His answer seemed to be ‘well we have to look later when the time comes, because our financial situation will be different than it is now.’

8:26 EST: Is Mexico a national security threat? Will Obama send troops and agents to the border to protect us from the Mexicans? AYE CARAMBA! Obama: ‘We got your back. Don’t trip. Border communities will be a-ight!’

8:28 EST: The question relates to veterans benefits and the budget. Obama stresses the importance of what our veterans have done, and that this is the last word on that. As for the procurement system, it does NOT work according to Obama and many others. Although these systems can be a drain on financial resources and aren’t performing right, Obama admitted that making any changes would be tough due to lobbyists, and the politics behind procurement. Stresses that it is important to acknowledge the TRUE costs of the Iraq and Afghanistant wars.

8:32 EST: Back to the AIG issue and our debt. Question is whether he is worried the next President would be inheriting a huge debt just like Obama did. Kind of a circular question. The financial system is fucked up. So Obama thinks that revising health care costs is a MAJOR factor in resolving the budgetary crisis. The keyword I just heard was “invest in preventive care.” That is very important and look for TLL to run a piece in the future on health care.

Follow up question: Why did it take a few days before the President stated his outrage? Answer: ‘I want to know what I’m talking about before I speak.’ STFU! Haha.

8:36 EST: Question on China’s recent remarks regarding the global economic situation. Obama thinks the dollar to be strong right now, and he attempts to reinforce the view that in the world economy, the dollar is still very strong, and there should be no changes in the way the US leads the globe. President Obama does NOT believe in the need for a global currency. THANK GOD! Screw the Amero or any other combination universal currency.

8:40 EST: Falling behind! Argh.

8:43 EST: Charities are wrong to think that higher taxes on the wealthier americans will have a negative impact on charitable giving. I tend to agree here. The rich have not been affected that badly, so they can still afford to give. I think it falls upon the normal citizens to simply give in other ways, besides just giving money.

8:44 EST: Re the homeless in America. This is an important question and a very important issue. More and more Americans that were well off in the past have fallen on such hard times, that the number of families living in motels and other temporary housing has increased dramatically. Do a google search and you will find stories out there of families living in 2 bed motels, eating twice a day. It is horrible and I hope Obama is sincere in his desire to help these folks. His catering to Wall Street forces me to be cautious on this one.

8:48 EST: Stem Cell research question. The question is getting at how much Obama had to wrestle with the decision to support embryonic stem cell research. Was this question a slight jab at liberal and democratic morality? Hmm. On this question, Obama seems a bit weak and has less to say. But this would be a tricky question for any liberal/Democrat to answer when you are constantly walking on political land mines. He should just say (with confidence) that the pro’s outweigh the cons. His tone sounds more somber, but I wonder if this is just a wierd way of trying to sound like he really has a difficult decision backing embryonic stem cell research. Science can help cure fatal and debilitating diseases! Just say that we want to help people! Remember, ethics doesn’t just lie on the side of not messing with stem cells, but also in the ethics of helping our sick and ailing.

8:52 EST: International question relating to the 2-state solution of Israel and Palestine. Obama says the 2 state solution is critical to resolving the conflict, and that he needs the parties to acknowledge that reality. And he’s right. It is a reality that has to be accepted before any progress can be made. But the thing is, neither side is completely rational (more like both sides are pretty crazy). So on this point, I do agree with President Obama. “Inheriting very naughty problems.” Haha a funny sounding sentence there.

And so that’s it folks. Nothing on the newly announced banking bail-outs. Maybe later? Oh well. Check back later to get a full recap of our thoughts on the President’s 2nd Primetime News Conference! Stay up!

-TLL