"Part of the reason this crisis occurred is that everyone was living beyond their means – from Wall Street to Washington to even some on Main Street. CEOs got greedy. Politicians spent money they didn't have. Lenders tricked people into buying home they couldn't afford and some folks knew they couldn't afford them and bought them anyway.
We've lived through an era of easy money, in which we were allowed and even encouraged to spend without limits; to borrow instead of save."
For the full text of Obama's speech today, click here.