Restoration of credit took center stage in President Barack Obama’s message to Congress last night. “The concern is that if we do not restart lending in this country, our recovery will be choked off before it even begins,” he said.

The president talked about consumers’ ability to finance their cars, and a “re-tooled, re-imagined auto industry that can compete and win.” He pledged to invest $15 billion to develop, among other things, more fuel-efficient cars and trucks built in America.

Obama outlined a three-pronged approach to restart the flow of credit. The first initiative is the creation of “a new lending fund that represents the largest ever effort to help provide auto loans, college loans, and small business loans to the consumers and entrepreneurs who keep this economy running.”

The second proposal deals with housing and foreclosure. And the third involves propping up banks to enable them to lend, “even in more difficult times,” Obama said.

“When we learn that a major bank has serious problems, we will hold accountable those responsible, force the necessary adjustments, provide the support to clean up their balance sheets, and assure the continuity of a strong, viable institution that can serve our people and our economy,” he said.

The bottom line: “Slowly, but surely, confidence will return, and our economy will recover,” he said.

Hopefully, not too slowly.

To read a transcript of Obama’s speech, click here.