Obama, Brown Urge G20 Cohesion On Economy

Addressing Concerns Over Massive U.S.-British Stimulus Plans, Obama Stresses Need For Regulation, Cooperation

(CBS/AP)  Seeking to reassure European leaders that he will work with them, not try to force their hands, to find a way out of financial gloom, President Obama stressed Wednesday the need for tougher financial regulation and urged global cooperation to fix economies.

Mr. Obama spoke at a news conference next to his British counterpart, Prime Minister Gordon Brown, and both called for, and predicted cooperation among the leaders of the world's richest nations at Thursday's G20 Summit in London.

The president acknowledged differences in opinion he and Brown have with some other G20 nations, which are skeptical of the U.S.-British policy of pumping money into the economy to defeat negative growth trends, but, he said: "We can only meet this challenge together."

"I came to listen, not to lecture," Mr. Obama assured fellow leaders. "Having said that," he added, "we must not miss an opportunity to lead."

He prodded nations to spur growth and work together on regulatory reform, but not to fall into the kind of protectionism and other mistakes that helped fuel the Great Depression.

"That is a mistake that we cannot afford to repeat," Mr. Obama warned.

"The EU has taken serious steps," the president said, praising moves already made by European and other G20 countries. "They have all initialed serious stimulus packages."

"Our goal is simply to make sure that each country, taking into account differences in economic circumstances, is doing what is necessary to promote economic growth. The United States will do its share."

Both Brown and Mr. Obama expressed confidence that the G20 would come together and agree on meaningful moves to revive global stock markets, banks and boost consumer confidence.

Brown even proclaimed that the world was "hours" away from agreeing on a cohesive global economic plan.

President Obama arrived at 10 Downing Street in London Wednesday morning for private talks with Brown, prior to the joint news conference.

Launching his first full day of meetings in Europe, Mr. Obama and first lady Michelle Obama were greeted by Brown and his wife, Sarah at the entrance to the prime minister's official residence.

The four of them waved and smiled for photographers before heading inside.

There were very few protesters anywhere near Downing Street, but thousands were gathering at other points in the British capital to demonstrate against global warming, capitalism, war and everything else under the sun.

And sun there was. The Obamas arrived to the nicest week of weather London has had this year to date. The president and Brown took note, pointing up at the sky and smiling during their handshake on No. 10's door step. Mr. Obama also opened his remarks at the news conference with a comment on the sunshine.

Mr. Obama and Brown are in synch on how to revive the flagging global economy - Brown was the first world leader to embrace the concept of investing billions of dollars of taxpayer money back into his domestic economy, in the form of economic stimulus packages.

Both men have urged the rest of the world's economies to follow suit, but some of their counterparts in Europe aren't as keen on the plans. The leaders of Germany, China and France, most notably, see the looming threat of inflation as too daunting to keep spending state funds on economy-boosting packages, which have yet to prove effective.

Mr. Obama called this week's G20 summit in London "a critical meeting at an obviously critical time in the world's economy."

But, as CBS Evening News anchor Katie Couric reported, this is also a critical opportunity for him.

Together, they will lobby the other G20 leaders to give their plans time to work, and to keep the money flowing.

Mr. Obama was scheduled to meet later Wednesday with Queen Elizabeth II at Buckingham Palace, British opposition leader David Cameron, and Russian President Dmitry Medvedev.

Mr. Obama is on a five-country European tour. The centerpiece of the president's London stay is Thursday's summit at London's ExCel Center.

[kellyquapaw]

As a 20-year career teacher I try to teach my students manners and etiquette when appropriate. During this past election I told my students the importance of listening to the news as they decide who they would vote for if given the chance. I also told them the news reporter was to report the news and not be biassed. I hope they weren't listen tonight as your CBS reporter referred to President Obama, as Mr. Obama! Not once, but ten times during this segment. My students are taught that you respect the office someone holds even if you don't respect the person. I can't in good conscience respect your news agency if this (referring to the President of the United States as Mister) is your policy! Am I wrong?

[famulla-2009]

I read the following and feel sorry for the poor in the UK, USA and the world over. Bloomberg Aches From Wall Street's Pain
Can you imagine what goes through the head of the public who depend on the little income from the salaries? What is more the G20 only so far has reached one agreement that please or may please the public?. That is probably the best news for the power packed seminar. China invites Obama Where does Brown stand in the invitation I wonder.
I agree with you and endorse this with few sentences I have read in some other papers. .
Who is the elephant and who is the ant?
Firstly, I read this sentence and had to think up of what elephant was in the room. No one asked President Barack Obama directly about the elephant in the room on Wednesday. I guess this was the meeting to find out the elephant and the ant. The public showed this to us in demonstrating. But he brought it up anyway, during a joint press conference with British Prime Minister Gordon Brown. A British reporter asked Obama about the proper size of government stimulus spending, and the U.S. President decided to talk about the perilous balance of global trade. We have none now as the USA deals extensively with this trade issue. USA stops buying and boycotts some, the ones who are out de a slow death begging for aids. Here Mr. Obama is very clear about the power USA.
"In some ways, the world has become accustomed to the United States being a voracious consumer market and the engine that drives a lot of economic growth worldwide," Obama said, hinting that this position may not be sustainable. "We're going to have to take into account a whole host of factors that can increase our savings rate and start dealing with our long-term fiscal position as well as our current account deficits."
Now comes the issue of revealing the truth as it ought to be.
Doggedly optimistic in the face of doubts, President Barack Obama and British Prime Minister Gordon Brown predicted Thursday's emergency G-20 economic summit would produce a significant global deal to tackle the deepening worldwide recession. Sarkozy and the German is clear and we see this in the net and TV. The words are harsher then ever before. Sounds like we have the 1930 coming back and staying with us. Read on.
Others weren't so sure.
France warned on Wednesday that neither it nor Germany would agree to "false compromises" that soft-pedal a need for tougher financial regulation to curb abuses that contributed to the spreading chaos. And outside the carefully scripted meetings, protesters smashed bank windows and pelted police with eggs and fruit.
Now we talk of any deals. The British Police and the public take the hammering in their own home grounds and USA states that USA is the biggest partner in trade. Does USA pay for the blood of the deaths on the London streets? I wonder. The above reads as the visit of Obama as the trade only talk and no more. IF ONLY the rest of the world were run like China, the global financial crisis would be over much sooner. The World Bank predicts 6.5% growth. Even Mr Zhou sounded a note of caution. Asked whether China?s economic slowdown had ended he told reporters on March 28th, during a visit to Colombia, that it was ?still uncertain?. The answer, he said, depended on whether the global financial crisis had yet ?reached bottom?.
I thank you
Firozali A. Mulla

[sjc_1]

Certainly the rich have gotten MUCH richer since Reagan. The wealth has gone into hedge funds which drove up the price of oil, hurting the people that need fuel to get to work. Executives now make 400 times the amount of the lowest paid people in their company. There is no economic justice anymore. Money is power and if left to follow the inevitable, the rich will get richer until there is nothing left for anyone else. We are reaching that point and yet working conservatives want more of if. That I will never understand.

[midlclass]

the economic down fall will just continue until the stock holders the ceo's cfo's and other million dollar a year jobs are brought down to a level malong with the average joe the plumber wage or uaw worker once companies realize that there throwing away profits onexecutive type who they think can't be replaced with people that cando the same job for decent benifts and wages . then use the earned income to improve working conditions , productivity, the enviroment and the american dream. right now the balance is to rar to the right. and there fighting it all the way just to get to an balance . the corp. being bailed out need to be brought in line just as GM and Chrysler are balance is the key.

[zwaggsy]

To bailout 'swap machines' like JP Morgan, Bank of America, Goldman Smacks and Barclays is not only criminal looting but the world will not stand for it and a revolution will happen to get that money back!

Why do you still include Barclays in this line up? When this first blew up & the other banks started queuing up for government money with the result that their shares plummeted as confidence fell, Barclay bucked the trend by saying that their financial standing was still strong to back this up they refused the bailout money offered by the British Government.
The result was that their share price rose considerably as investors gained more confidence in Barclays.

In the end it's all smoke & mirrors but unfortunately that's what drives the world markets.

[johnb8888]

"The leaders of Germany, China and France, most notably, see the looming threat of inflation as too daunting to keep spending state funds on economy-boosting packages, which have yet to prove effective. "


Aren't these three countries in which the respective governments ALREADY control pretty much every aspect of their economy?

Germany--don't open your market on Sunday--or ve vill haf you shot!!!

France--8 weeks vacation after a 30-hour work week? Sacre blue! this is slavery! Call a strike!

China--you have been tried by a People's Court. Take your place against the wall.

[reasoned1955]

"I came to listen, not to lecture," said Barack. "Now turn to page 51 of my manifesto."

[pepperwood2]

"The United States is committed to working alongside the United Kingdom in doing whatever it takes to stimulate growth and demand and to ensure that a crisis like this never happens again," the US President said.

Where have we heard this before? Beginning to sound like a broken record. The Consumers Suck alright - FIRST we're going to reward the Banks, Big Oil, Corporations, Wall Street, Credit & Mortgage Companies, Etc. around the World so this won't happen AGAIN or Again or........ then we'll get back to our agenda of figuring out ways of getting the Real People, Consumers. to pay for this mess we got them into. Pretty slick trick don't you know? So Sad!

[whitemale08]

I think we need Tony Blair and George Bush back. Obama and Brown are 2 clowns who are going to bankrupt the entire world.
Posted by Obama__is__Chavez at 4:37 AM : Apr 1, 2009 -

Tony Blair and George Bush need to be in jail for bankrupting their respective countries by this mis-adventure in Iraq.

[whitemale08]

President Obama has to stand up to the British and not cave in to Gordon Brown.

He must tell him that 'We are going to SHUT DOWN the SWAP MACHINES' that trade around gambling bets known as worthless derivatives and credit-default swaps.

To bailout 'swap machines' like JP Morgan, Bank of America, Goldman Smacks and Barclays is not only criminal looting but the world will not stand for it and a revolution will happen to get that money back!

PUT THE ENTIRE GLOBAL FINANCIAL SYSTEM INTO RECEIVERSHIP AND BANKRUPTCY RE-ORGANIZATION NOW!!!!

[Obama__is__Chavez]

Obama, Brown Urge G20 Cohesion On Economy
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Those 1.5Biillion Muslims in the Middle East must be proud of OBAMA. For the first time America has a MUSLIM President and he's s-c-r-e-w-i-n-g all up.

[u-r-right]

We don't need to be leaders in a free world but we can encourge cooperation between countries to achieve common goals for the good of all.

[Obama__is__Chavez]

May I offer my apologies to President Obama, a man who fought against adversity to achieve his office , having to be photographed on the steps of 10 Downing Street with our rather pitiful excuse for a leader (unelected leader).
Makes you wonder how we ever stood up against the Nazis in 1940 , doesn't it?
Posted by BrendaBottom at 4:27 AM : Apr 1, 2009
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First of all obama DIDNT fight any adversity, he just brainwashed and hypnotized lots of fools to vote for him.

[Obama__is__Chavez]

"Obama, Brown Urge G20 Cohesion On Economy"

I think we need Tony Blair and George Bush back. Obama and Brown are 2 clowns who are going to bankrupt the entire world.

[BrendaBottom]

May I offer my apologies to President Obama, a man who fought against adversity to achieve his office , having to be photographed on the steps of 10 Downing Street with our rather pitiful excuse for a leader (unelected leader).
Makes you wonder how we ever stood up against the Nazis in 1940 , doesn't it?

[skyk-2009]

We must not miss an opportunity to lead.
President Obama

My but how things have changed in just a few short months!! Well said Mr. President and it's about time we took back our position as the leader of the free world.