Video (31min 55sec): Barack Obama in Espanola, New Mexico. Barack Obama addresses a crowd of 9,500 at a rally in northwest New Mexico, speaking frankly about the economic problems we're facing.
"I want to begin by saying a few more words about the turmoil in our financial markets. We are in the midst of the most serious financial crisis in a generation. Perhaps the worst since the great depression. Three of America's five largest investment banks have failed or been sold off in distress.
Our housing market is in shambles. Monday brought the worst losses on Wall Street since the day after September eleventh. And the Fed has had to take unprecedented action to prevent the failure of one of the largest insurance companies in the world (AIG) from causing an even larger crisis.
Now, just this morning we learned that the Fed had to act with central banks around the world to maintain the functioning of our financial system. Everywhere you look the financial news is troubling.
"But here's the thing for so many of you here in Northern New Mexico and so many Americans, this isn't really news at all, because you've been going through hardships for a lot longer than Wall Street has..."
