He is right to an great extent but there is no other way president can save the country from further slump and manage the deficit. What government is doing is buying the debt of other companies and future it will sell same in small packages including real estate assets.
No doubt it is a crisis created by wall street, but whole country including govt is responsible for the mess as they were part of these vicious greed cycle by not taking action when smoke started before turning into inferno.America cannot let its financial institutions and banks to collapse it will create ripple effect on whole worlds economy and dollar as international currency.
Hope they will catch up with the fraudsters and clean up the stable to bring back the confidence into finanical market.