President Obama last night delivered his second prime-time address since taking office. And, not surprisingly, the economic crisis dominated most of the hour-long session. Rather than highlighting his anger of Wall Street’s mismanagement and the thorny AIG bonuses, Mr. Obama attempted to quell the rising tide of populism. Said the president:

You know, there was a lot of outrage and finger-pointing last week, and much of it is understandable. I’m as angry as anybody about those bonuses that went to some of the very same individuals who brought our financial system to its knees, partly because it’s yet another symptom of the culture that led us to this point. 

[But we] can’t afford to demonize every investor or entrepreneur who seeks to make a profit. That drive is what has always fueled our prosperity, and it is what will ultimately get these banks lending and our economy moving once more.

The president went on to insist bankers have to realize "that enriching themselves on the taxpayers’ dime is inexcusable, that the days of outsized rewards and reckless speculation that puts us all at risk have to be over." The next step toward recovery, he insisted, was to pass his budget. That, however, may be an entirely new challenge, especially since congressional lawmakers, even Democrats, are looking to trim down the president’s ambitious plan.

Click here to read the entire transcript.