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“The one thing I don’t want to do is replicate the false confidence that was premised on bubbles. And I think we’ve really got to think through, and all of you as critical captains of industry have got to think through, how do we prevent this froth that builds up, and go back to steady growth,” he said.

Mr. Obama also ruled out suggestions from some Democrats in Congress that the Bush tax cuts on high-income taxpayers be repealed early, saying “nobody” will see a tax increase until the end of 2010.