How Obama is selling the stimulus

Obama gave a big-speech today promoting his stimulus plan. It was short on detail—there’s much Congressional horse-trading to come—but there were two passages that stood out. The first was Obama’s diagnosis of what has caused this economic collapse:

“This crisis did not happen solely by some accident of history or normal turn of the business cycle, and we won’t get out of it by simply waiting for a better day to come, or relying on the worn-out dogmas of the past.  We arrived at this point due to an era of profound irresponsibility that stretched from corporate boardrooms to the halls of power in Washington, DC.  For years, too many Wall Street executives made imprudent and dangerous decisions, seeking profits with too little regard for risk, too little regulatory scrutiny, and too little accountability.  Banks made loans without concern for whether borrowers could repay them, and some borrowers took advantage of cheap credit to take on debt they couldn’t afford.