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President Obama won his first standing ovation of the night when he said that it was time to introduce a tax on the largest banks that were rescued by the government bailout
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If someone laughs and smiles, he said, “I know Wall Street is not enthusiastic about this idea, but if these companies can afford to dole out big bonuses again, they can provide a modest fee to reimburse the taxpayers who rescued them, their need
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In his first State of the Union Address, Obama also admitted that the bank bailout was not popular. It was, he said, it is necessary. It is a theme he repeated in the evening – that government intervention was necessary to prevent the economy from falling further.

With reference to when he took over, he said, “Our most pressing task when he took over was to stiffen the same banks that helped cause this crisis. It was not easy to do. And if there is one thing that has united Democrats and Republicans, it is that we all hated the bank bailout. I hated it. They hated it. It was as popular as rotfyllinger.

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