Obama Sees "Glimmers Of Hope" In Economy
(AP Photo/Gerald Herbert)
"Now we have always been very cautious about prognosticating, and that's not going to change just 'cause it's Easter," he continued. "The economy is still under severe stress...right now, we're still seeing a lot of job losses, a lot of hardship, people finding themselves in very difficult situations."
Still, he said, "we're starting to see progress. And if we stick with it, if we don't flinch in the face of some difficulties, then I feel absolutely convinced that we are going to get this economy back on track."
The president cited an increase in the number of Americans refinancing their mortgages and a 20 percent increase in a key Small Business Administration program as evidence that the economy is showing signs of recovery.
Mr. Obama made the comments after meeting with Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke, economic adviser Larry Summers and others. He said he spoke with the group about the housing market and financial system, as well as a program to help banks deal with bad assets.
"Whatever we do ultimately has to translate into economic growth and job," the president said.
Mr. Obama promised that the administration will be making additional moves "over the next several weeks" to help the economy.
"We've still got a lot of work to do," he said.
The president's full comments, as prepared by the White House, are below.
(AP)
We just had a terrific conversation with Ben Bernanke, Sheila Bair, and our entire regulatory group to talk about progress that we're making on the economy. And I wanted to just give you a little bit of a sense of the efforts that we've been making in stabilizing the financial markets.
And I want to thank SEC Chair Mary Shapiro, as well as Comptroller of the Currency John Dugan, for joining us. They weren't with us the last time we met.
We discussed ongoing stabilization of the financial system and the steps that have already been taken. I spoke yesterday about the progress that's been made in the housing market. As a consequence of some excellent work by Ben and some coordinated activities between the various agencies, what we've seen is mortgage interest rates go down to historic lows and we've seen a very significant pick-up in refinancings. That has the effect of not only putting money in the pockets of people but also contributing to stabilization of the housing market.
We discussed the public-private investment mechanisms that we have set up so that we can start getting some of these toxic assets off the books. And all the agencies here have been involved in further refining the ideas and making them work effectively, and we feel confident that even as we're dealing with the problems within the banking system, that we're also addressing some of the problems in the non-bank financial system that was such a huge proportion of our credit flow when it came to things like auto loans and credit cards and so forth.
We feel very good about the progress that we're making in unlocking lending in some particular markets, for example the small business area. Some of you will recall that a couple of weeks ago we made a presentation about how we were going to help thaw lending to small businesses, and I'm pleased to discover that because of our actions we've seen a 20 percent increase in the largest SBA loan program in the last month alone.
And what that means is that small businesses are starting to get money that allows them to keep their doors open, make payroll, and that is going to contribute to our overall economic growth, as well as help make sure that people are able to keep their jobs.
And we have also seen this month people starting to get their first checks in terms of the tax cuts that were initiated through the recovery package. And when you combine it with the other efforts that are being made across the country for infrastructure projects, for the kinds of innovative energy programs that were part of the recovery package, what you're starting to see is glimmers of hope across the economy.
(CBS)
So we've still got a lot of work to do. And over the next several weeks you will be seeing additional actions by the administration. What I just wanted to emphasize today, and I think that Ben Bernanke and Sheila Bair and our economic team as a whole would agree, we're starting to see progress. And if we stick with it, if we don't flinch in the face of some difficulties, then I feel absolutely convinced that we are going to get this economy back on track.
All right? Thank you very much, guys.
Q Is it still going to get worse before it gets better?
THE PRESIDENT: Thank you, guys. Appreciate it.
Q Sir, are you saying the recession is abating?
THE PRESIDENT: I'm saying we're seeing progress.
Q You're saying what?
THE PRESIDENT: I've said that we're seeing progress.
Okay, thank you, guys. Have a wonderful holiday.
Q Thank you, sir.
Q When is the dog coming?
THE PRESIDENT: Oh, man, now, that's top secret. (Laughter.) That's top secret.
Q Exactly.
THE PRESIDENT: Oh, no, no, this is tightening up. Any of you going to be at the Easter Egg Roll?
Q Oh, yes.
THE PRESIDENT: That's big. (Laughter.) That's big. So we look forward to seeing you on Monday. Thanks, guys.
Q Thank you.
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Let?s review the last few weeks shall we?
This is all well before the 100 day mark< so yes he is an extraordinary person!
Did you know Obama was invited to visit the graves of American soldiers in Normandy France, but declined because he feared upsetting the Germans?
Did you see the bow?
Did you know about Christians being no longer valid under Obama?
Did you hear about the personal attacks on private citizens being cooked up by Rahm and Bugala from the west wing of the white house?
Did you see the Rocket fly over Japan?
Did you hear about how pirates are punking the US navy?
Did you hear Obama tell the world, you?re a selfish person?
Did you like him apologizing for you?
Have you seen Geithner taking over the banks?
Did you hear that the banks who were forced to take tarp want to give the money back but cant?
Did you see that the US taxpayer is going to now start backing GM warranties?
Did you see what happened to the transparency of stress tests on the banks?
Did you hear about the Nuke program in IRAN is well on its way?
Did you hear that Obama wants to give our nukes away?
Did you hear about the money $83.4 billion dollars Obama is asking to fight a war he said was illegal?
Did you see he can?t even pick out a dog?
Did you hear he was turned down for the degree from the fighting Irish but will speak anyway?
Did you hear that obama has not come close to filling his cabinet?
Hundreds Of Sub-Cabinet Jobs Unfilled
Did you hear about the Bonuses that AIG got?
Did you hear how they took it back by threat of tax and physical harm of the families?
Did you hear that obama sent Acorn to the AIG homes to boycott them and scare then into submition.
Did you hear Dodd lie about being asked by Obama to change the claws in the bill to let AIG have the bonuses?
Did you hear Obama Flat out lie about the BOW?
Did you hear that Fanie and Fredie are all going to get the AIG bonuses?
Did you hear about Air Pelosies travel arrangements with the Airforce?
Did you hear anything that Joe tuff guy Biden said?
Did you hear about the Tax cheats like Geithner, Rahmbo and his ilk?
Guys am I missing something?
Ohh yes the deficit will reach over 9 trillion in less then 10 years
The Congressional Budget Office figures, released Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.
The way your posts read you are the government!
How much does the trash you write pay these days?
Posted by seriousinusa at 5:55 PM : Apr 11, 2009
None of MY freedoms have slipped away since Obama became President. I think he is doing a very good job and I feel hopeful about the future of our country. It's time for you Republicans to get over the fact that you lost and to start thinking rationally again. Time to start contributing useful ideas and working with your fellow Americans, rather than against them.
"While unemployment continues to rise to levels not seen since Jimmy Carter, The Messiah orders pizza from a restaurant 850 miles away from DC. "
Ya but the kicker is this, Obama is from Chicago and his pizza is not!
Hundreds of patients and staff at three Chicago-area hospitals may have been exposed to tuberculosis by a contagious health care worker, officials said Friday.
Obama rushes to the sceen, I hope.
Here is Obama protecting the nation !
http://www.youtube.com/watch?v=PEAm3iUkzqQ
Another winning argument for 2010! Have you considered getting this onto television? With a platform like this, you should consider standing for office yourself. Hopefully in a district with a lot of independents.
Or do you oppose people making the choices to decide what is best for their families
Posted by hungry1968-15
What you're suggesting (gay marriage, gay couples, etc, etc..) is the EXACT OPPOSITE of TRADITIONAL FAMILY VALUES, and it is detrimental to our society.
Go ahead, ask for family chaos in America, and the elimination of pro-creation, and see what happens you big dummy. You need to get a life.
I fear that by pumping money into the credit crunch, Obama has just inflated what should have been popped and reformed. He resembles Bush in this: he'll take a bubble economy now over a genuine one later. Admittedly, a trillion dollar taxpayer bailout of Wall Street banks and their bond-holders is socialism for the rich, but the money comes from the rich since they pay most of the taxes (or soon will, ha ha). But why the extraordinary methods being taken to keep in place a 'too big to fail' system that is fundamentally uncompetitive, and hence prone to the same derivatives-like gambling scams that just happened? Thats what I don't understand. Leaning left, I'd prefer nationalized, reorganize, decentralize. And then go after the offshore hedge funds (formally, not merely as a 'promise' by Geitner).