The Mayor of Failtown

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Barack Obama told George Stephanopoulos on on ABC’s This Week on Sunday that while he believes “the banking system works,” America isn’t “near where we need to be” in terms of an economic recovery.

Stephanopoulos questioned Obama about his views on financial reform, citing TIME’s latest cover: “I’m looking at the cover of TIME Magazine this week. It says, “How Wall Street Won.” And we’ve got polls showing that, you know, two thirds of the country still think we’re going in the wrong direction, think the economy is no more secure. What do you say to those Americans who think Wall Street is winning but they’re not?”

Obama explained that his policies are designed to better prepare the banking system for economic distress but that there is still a long way to go.