President Obama Visits Jay Leno for an Informal Chat on Thursday, March 19th

Barack Obama became the first president to appear on a late night talk show (except, joked Jimmy Fallon, for the time that Thomas Jefferson appeared on Larry King.)

President Obama appeared on Jay Leno's "Tonight" show and joked about the Secret Service men who follow him "with the paddles" and frown on any walk that is over 5 minutes.

As for public criticism of his first days in office, Obama said, "It's a little like 'American Idol," only everyone is Simon Cowell. "(Ain't it the truth?) Obama noted, "It took us a while to get into this mess and it's gonna' take us a while to get out of it." (No kidding!)

When asked about the AIG bonuses, Obama admitted that he was "stunned." He urged us all to get 'back to where people understand enough is enough. If we can get back to those values that built America, I think, we're gonna' be okay," and he predicted a bright future for us all, in time. Obama said that the bonuses may have been "legal," but there are legal, moral and ethical distinctions...(something that the previous administration did not pay even nodding lip service to.)

Obama urged putting in "a bunch of financial regulatory mechanisms" so that the "huge excessive risks" with" no checks, no balances," would no longer occur. Obama compared trying to get the bonus money from AIG back to the old adage about "closing the door before the horse gets out of the barn." (Kansas roots?) He said, in facing all the nation's many problems, "The important thing is we don't lurch from thing to thing." Leno brought up the $3.6 billion in Merill Lynch bonuses, and asked, "Shouldn't somebody just go to jail?" Obama replied "most of the stuff that got us into trouble was perfectly legal." He discussed the high fees of credit cards, for instance and made a toaster analogy, saying that, if your toaster blows up, there are laws that say the toaster had to be "safe," but if you blow up financially, there were no such safeguards in place. He noted that we need "enough regulatory common sense to protect the average American." In the old days, said Obama, banks and other lenders would lend you money hoping you'd pay it back. Now, they loan you money hoping you won't pay it back, but will be stuck paying exorbitant interest rates on unpaid bills. 40% of growth in the country was in the financial sector, said Obama, and it was "not real growth." He urged young people to go forth and "do something"...be a teacher or an engineer, rather than trying to hit it rich on Wall Street.

Obama praised Treasury Secretary Timothy Geithner as doing 'an outstanding job" under difficult circumstances, reminding people of how much was "on his plate," how much of a mess he inherited, including banking problems, a recession verging on a Depression, the auto industry crisis, dealing with other countries, dealing with Obama himself and dealing with Congress. (Geithner has been under fire for lacking a coherent strategy and his dynamic quotient is about a quart low. People are paying more attention to the economic pronouncements of the White House's spokesman.)

Obama did note, "Everybody should have complete confidence in their banks" and not be putting their money in their mattress. (My dad was a banker, God rest his soul. He would definitely be absolutely floored at what the last 8 years hath wrought.)

Leno, a car buff, sparked the comment that the nation normally buys/needs 14 million cars, but, said Obama, right now we are only selling about 9 million. He said that what has built America has always been a faith, a confidence in our future." He spoke of plug-in hybrids that could, theoretically, get 150 mpg, and Leno shared the information that he has a hydrogen car (along with many, many other cars.) Obama said of hybrid and electric and hydrogen technology advances in car design, "That's what's gonna' win back the auto market of America." [Interesting, because, when I tried to "sell" my auto body repair students on the idea of electric/hybrid cars (back in 2002) they were extremely resistant, with the exception of a few of the more mature students, who could see the potential in a car that gets 52 mpg (the Toyota Prius). They were extremely resistant because it 'didn't make enough noise" and one said it would be difficult for him to work on the dual engines under the hood because "my fingers are too fat." (!)

Leno asked, "How cool is it to fly on Air Force One?" Obama answered that it was cool, especially because you got to wear the leather presidential jacket, but that his daughters "have got a whole other level of cool" and spent the time dividing up the Starburst candies onboard, rather than admiring the trip past the Washington Monument. Obama got a laugh with his joke about the dog being "a campaign promise," saying, ultimately that, yes, the family would be getting a dog. He also said he had bowled a 129 game recently (don't know if I'd have shared that one, Barack) and that his team in the NCAA is the North Carolina Tarheels. Leno asked if, when he scrimmages, his partners "throw" the game, and Obama adopted a disapproving deadpan look.

To the news of the imminent arrival of a pet dog, the comment was made, "If you want a friend in Washington, get a dog."

As the interview ended, Leno thanked the first African-American President for "one of the greatest nights of my life."President Barack Obama visits Jay Leno's "Tonight" show.President Barack Obama became the first sitting U.S. President to visit a late-night talk show on Thursday, March 19th, 2009.NBC's "Tonight" show with Jay Leno on Thursday, March 19th, 2009.