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Obama Stands Firm, No Tax Cuts For Wealthy

On Wall Street all eyes were glued to CNBC Monday as President Obama spoke directly to investors in an exclusive program called“Investing In America.”
Perhaps most noteworthy for investors, "He was quite clear about not wanting to extend tax cuts for the wealthiest members of society," says Karen Finerman

Following is what the President told us.

"Here's what I can't do: I can't give tax cuts to the top 2 percent of Americans—86 percent of that money going to people making a million dollars or more—and lower the deficit at the same time. I don't have the math," he said. "At some point in the future if we want to have the discussion about further lowering tax rates, let's do it at the time when we can afford it."

Outside taxes, he did offer a spirited defense of his administration's efforts to revitalize the housing industry and generally fix the economic problems he inherited when taking office in 2009, including the $800 billion stimulus program.

The President spoke just as the National Bureau of Economic Research proclaimed an end to the recession. But Obama acknowledged that times are still tough.

"Obviously for the millions of people still out of work, people who have seen their home values decline, people struggling to pay their home bills every day, it's still very real for them," Obama said.

Read More:

> Click here to go to Obama Town Hall: Defending His Record on Economy, Jobs

> Click here to find out what the President told Anthony Scaramucci about the hedge fund community
> Check out the video above to hear analysis from Daniel Clifton of Strategas.



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Trader disclosure: On Sept. 20th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (GOOG), (MOS), POT); Terranova Owns (APA), (AAPL), (ARUN), (BMO), (C), (DO), (EOG), (FCX), (FTO), (XBI), (GS), (HES), (IBM), (JOYG), (MA), (NBR), (NOV), (OXY), (ORCL), (PEP), (POT), (RSH), (GLD), (SLB), (SU), (SPLS), (RIG), (UPL), (VRTS); Finerman & Finerman’s firm owns (BBY); Finerman’s firm owns (DAN); Finerman owns (GOOG); Finerman’s firm owns (HPQ); Finerman’s firm owns (IBM); Finerman’s firm owns (POT) and calls; Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 puts; Pete Najarian owns (NTAP) call spreads; Pete Najarian owns (POT) call spreads; Pete Najarian owns (RAX) call spreads; Pete Najarian owns (YHOO) ; Pete Najarian owns (GDXJ); Pete Najarian owns (DD); Pete Najarian owns (CNI); Pete Najarian owns (AKAM) call spread; Pete Najarian owns (DCSI) call spread

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
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For Daniel Clifton
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