In his speech, President Obama said that Americans do not like to see the tax payers give money to the banks. The President said that it is necessary to allow the banks to continue to give credit for businesses and consumers.
There is another way to achive it, without giving money to the banks. This is to give the credit directly to the borrowers through another agency (other than the banks). It ensures that the money is properly used and does not give the profit to the banks.
I shall be talking more about this idea in another article.