Fact Checking Obama's Press Conference

The following are two examples of dishonesty from Obama's Tuesday night press conference as pointed out by the Associated Press:

THE CLAIM: "We will recover from this recession. But it will take time, it will take patience, and it will take an understanding that when we all work together, when each of us looks beyond our own short-term interests to the wider set of obligations we have to each other, that's when we succeed."

THE FACTS: The nonpartisan Congressional Budget Office last week predicted that the Obama budget would produce deficits averaging nearly $1 trillion over the next decade.

It also appears that Obama needs a course in capitalism 101. Capitalism is about individual and competing interests, which is the engine of creativity. It is what has allowed for the great power of wealth creation in our country. In contrast, it was Karl Marx who spoke of the "socialized man." Obama tells us that we need to ignore our own individual interests and focus on "the wider set of obligations we have to each other." Or as Karl Marx famously put it in the “Critique of the Gotha Program,” communist society would “inscribe on its banner: From each according to his ability, to each according to his need!”
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THE CLAIM: Obama repeated his assertion that his housing bailout will help "stabilize the housing market and help responsible homeowners stay in their homes."

THE FACTS: Even officials in his administration, many supporters of the plan in Congress and the Federal Reserve chairman have said some of the bailout money is bound to go to those who acted irresponsibly. Fed Chairman Ben Bernanke has said it's important for the nation to go ahead with the plan even though it means assistance will go to some who should have known better than to get in over their heads. Sheila Bair, head of the Federal Deposit Insurance Corp., made a similar point when she said it's "simply impractical" to examine every delinquent loan and weed out those taken by people who overstated their income or assets to get a mortgage they couldn't afford.