Obama on the Economy

POSTED: Friday, January 22, 2010 - 9:32am

UPDATED: Thursday, June 3, 2010 - 11:59pm

Heading to Ohio today, President Obama turns his attention to jobs.

Unemployment there tops the national average and mayors are looking to Washington for help.

Mike Coleman, the Mayor of Columbus, Ohio said, “The President and this administration is committed to working with all of us to bring back our regions, to put people back to work."

Look for the President to strike the populist tone behind his latest crackdown on big banks.

"Never again will the American taxpayer be held hostage by a bank that is "too big to fail," said President Obama.

His proposal would limit how big banks can get and how they use federally insured deposits to make risky bets.

Investors didn't like it one bit, selling off bank shares as critics warned of dampening the recovery.

Jarett Selberg of Concept Capitals said, "You know, uncertainty is never good for the banks, and what's bad for the banks generally is bad for the economy."

The White House said the proposal was long planned, not a response to Republican Scott Brown's Senate win and his appeal to independents.

The ranking Republican on banking sounded skeptical.

Alabama Senator Richard Shelby said, "If we mix politics with banking too much we're gonna have trouble with our economy."

Sources say the President overrode the objections of his top economic advisers to do it.