Discuss as:

Obama lays some blame on Wall Street

From NBC/NJ's Mike Memoli

WASHINGTON -- After a week spent shoring up his foreign policy credentials with a trip overseas, Obama turned his focus to the domestic economy with a meeting of economic advisers in Washington today. Saying that the there is an "economic emergency" that is "growing more severe, Obama called for bipartisan solutions while pinning some of the blame on Wall Street.

"It was not an accident or history nor a normal part of the business cycle that led us to this situation," he said. "There were some irresponsible decisions that were made on Wall Street and in Washington. In the past few years, I think we learned an essential truth that in the long run we can't have a thriving Wall Street if we don't have a thriving Main Street."

VIDEO: John R. Talbott, author of "Obamanomics," stops by "Morning Joe" to discuss his book, the state of the economy, and the potential economic policies of an Obama administration.

He said the economic stimulus package enacted earlier this year has provided some relief, but said more action is necessary.

"I'm glad to see we have a broad representation of people here," Obama said of the group joining him, which included former Republican and Democratic administration officials and business and labor leaders. "It's a group that I will be convening periodically over the next few months because of the dynamic situation and one that the next president will need to be prepared to deal with the moment he takes office.
After his opening remarks, the press pool reprentatives were ushered out of the room, so the group could continue to meet in private.