Obama: G20 Summit Marks "Turning Point"

President Says World Leaders Have Crafted "Unprecedented" Response To Global Downtown At Economic Conference

(CBS/AP)  Concluding his first international summit, President Obama hailed agreements at the emergency meeting of world powers Thursday as a "turning point in our pursuit of global economic recovery."

Nonetheless, he cautioned, "There are no guarantees."

The new U.S. leader said the heads of industrial countries that met in London agreed on "unprecedented steps to restore growth and prevent a crisis like this from happening again." (Read Mr. Obama's full remarks.)

He spoke shortly after G-20 leaders pledged an additional $1.1 trillion in financing to the International Monetary Fund and other global institutions and declared a crackdown on tax havens and hedge funds.

The leaders also announced the creation of a supervisory body to flag problems in the global financial system - but did not satisfy calls from the U.S. and others for new stimulus measures.

Despite that failure, Mr. Obama called the one-day London gathering "very productive" and historic because of the scope of the challenges the world faces in righting the economic crisis that's wreaking havoc on virtually every country.

"The challenge is clear. The global economy is contracting," Mr. Obama said.

In a one-hour news conference packed with media from across the world, the president was asked about diminished esteem under his predecessor, George W. Bush.

"We're starting to see some restoration of America's standing in the world," he said.

"I do not buy into the notion that America can't lead in the world," Mr. Obama added. He also said it is "very important for us to be able to forge partnerships as opposed to dictating solutions."

In response to a question from CBS News White House Correspondent Chip Reid, the president acknowledged that some participants during the summit made comments that seemed to blame America and Wall Street for triggering the crisis that has spread around the world.

"It's hard to deny that some of the contagion did start on Wall Street," Mr. Obama said, asserting that some firms took "wild and unjustified risks" and some government regulators were "asleep at the switch."

Nonetheless, he said, there were problems in other parts of the world as well.

When he called on Reid, the president offered condolences to the correspondent on the death of his father. (Read more.)

As for the summit, he praised the G-20 nations for rejecting protectionism that hampers foreign trade and could deepen the economic crisis, and he urged global unity, saying, "We owe it to all of our citizens to act."

Still, he said, "it is hard for 20 heads of state to bridge our differences."

"I think we did OK," he said, speaking generally about his trip. "When I came here it was with the intention of listening and learning but also providing American leadership."



He said the document the G-20 produced and actions that will follow "reflect a range of our priorities."

"We wanted to make sure we had a strong, coordinated response to growth" and "we thought it was important we had a strong, coordinated regulatory response," Obama said - and added that both were achieved.

The president also called for "transparency and accountability" when it comes to the salaries and bonuses of executives. (Read more.)

When asked, Mr. Obama could not point to an individual summit accomplishment that would help recession-battered Americans beyond general points such as fighting protectionism and making the global economy work together.

But he said the summit communique "affirms the need for all countries to take fiscal responses that increase demand, that encourages the openness of markets. Those are all going to be helpful in us being able to fix what ails the economy back home."

"This is not a panacea, but it is a critical step," Mr. Obama said.

He declined to specify where the White House compromised, saying the final communique reflected a consensus of world leaders.

"Each country has its own quirks or issues that a leader may decide was really really important," Obama said.

He said he was committed to "forging a consensus instead of dictating our terms" and argued that the United States acting alone would only be "halfway effective, not even half."

At one point, in response to a question from a Chinese journalist, the president quipped, "I'm terrible with those little catchphrases and sound bites." (Read more.)

On his whirlwind, weeklong European trip, the new U.S. president also met privately with other heads of state on the sidelines of the summit.

He said he had had productive one-on-one talks with leaders of Russia, China, Great Britain and India, on topics that included ways to "reduce the nuclear threat" throughout the world. He called for a coordinated response to North Korea's plans to launch a multistage rocket in the coming days.

Earlier Thursday, Mr. Obama and South Korean President Lee Myung-bak agreed on a need "for a stern, united response from the international community" in light of North Korea's efforts toward a threatened satellite launch, and the White House announced that Lee would visit Mr. Obama in Washington on June 16. (Read more.)

Officials said the two leaders also discussed a free trade pact between the countries that would slash tariffs and other barriers to trade.

Mr. Obama has hinted he might seek to renegotiate a 2007 deal between South Korea and the U.S. that was hammered out under former President Bush but that legislators in the two countries failed to ratify amid opposition from farmers and labor groups. Officials said Mr. Obama told Lee that he understood there were difficulties with the deal on both sides, but that he wanted to "make progress" on it.

Mr. Obama also met on Thursday with Indian Prime Minister Manmohan Singh to discuss how their countries could work together. Obama had been expected to reassure Singh about plans to boost aid to India's rival, Pakistan.

The president wouldn't declare that the steps the G-20 took would prevent a deeper recession.

"In life there are no guarantees; in economics there are no guarantees," Mr. Obama said, coughing and sniffling at times as he battled a cold he said he'd been fighting all week.

"There are always risks involved," he added. Still, he said, "I have no doubt, though, that the steps that have been taken are critical to preventing us sliding into a depression."

He called the G-20 prescriptions bolder and likely to work more quickly than any international response to an economic crisis in memory, and he said he was confident the steps would have "a concrete effect" in each nation of creating jobs, saving jobs, expanding the economy, loosening credit and restoring confidence in the financial markets.

The steps "were necessary," Mr. Obama said. "Whether they were sufficient, we've got to wait and see."

[Benkgee]

For 70 years, America used to have the cake and eat it too. Now you just have to share the cake. It will make you an equal. If you think being an equal is not good enough, then you are not an equal.

[Benkgee]

The sign of a great leader is not how tough he is , it is how fexible he is. If president Obama stay fexible, he will go down in history may not be as a great US president, but a great world leader.

[Benkgee]

US still has the largest economy in the world by far. It is larger then the next three economies combined, Japan, China, and Germany. The US has to learn to save a tittle. Since the US produce 4 times as much as China, a 8% savings rate will save as much as a 32% savings rate for China.

[skyk-2009]

Absolutely :) And soon this will be a crime from the cop/judge/jury ACORN Red Shirts, coming to a neighborhood near you!
Posted by corey24446 at 9:25 PM : Apr 2, 2009


LOL Uh Huh! Tell that to Ted Stevens! LOL In my 61 years on this planet do you know how many times I've heard one of these red baiting losers make this kind of rant? Do you know how many times they have been right? Progressives or Liberals are responsible for ALL, every last one, of the rights these creatures claim to be for. When you go back through the pages of our history from the founding fathers all the way up through the Great Depression, Womens rights, workers rights, Civil Rights and every other turn we have made to become a much more just and free people you will find people EXACTLY like this in opposition to the change that was necessary. Why? Selfishness and Greed! That's always the basis of the FEAR the sell the simple minded and uneducated. FEAR of those they do not know and of the Change that must take place.

[searingtruth]

Obama has betrayed everyone who voted for him.

He gave away a years GDP, literally trillions of dollars, to criminal billionaires.

And what did he give to the working class and poor?

A $25.00 a month "tax cut".

He even denied us health care.

Carrying on the inhumanity that once could have only been attributed to the Republicans, but is now the legacy of Democrats, all.

If you still believe in Obama then you would believe in anyone or anything, no matter what the reality of action.
ST


"We elected those who had stolen our freedom to restore it."
SearingTruth, March 2008

A Future of the Brave

[bajajohn1]

Socialism in American is called funds for the national parks, education spending, subsidies and price supports for farmers, research grants to universities, medicare, medicaid and social security, highway and bridge construction, military spendind and funds for NASA, in fact, every item that neither corporations or other form of private enterprise that is undertaken by the government. So, the really amusing issue is toll roads. When private companies want to build roads and charge a toll, the Republicans raise hell that their taxes should pay for the roads. Who can ever possibly figure the illogical responses from the right wingnuts?

[bajajohn1]

Meanwhile, back at the ranch the goosestepping Republicans voted en masse to defeat the President's budget. How utterly reprehensible the Repubs have become. Their loyalty is only to the wealthy of this land, for loyalty to the land is in question. Prediction: The Republican caucus will remove both Mitchell and Boehner as leaders from their respective posts, when they see they are racing to the bottom just like the eoncomy was under Bush.

[Exton1]

You Socialist fools, Lenin would call you useful idiots. We will only be equal in misery, poverty, and suffering. Those who embrace socialism embrace death, not life. Will you work your tail off so that drug addict in China can live? It is slavery to not keep the rewards of ones own work. How much will you work if more than 50% is taken away from you? Fools no one, but the elite, are better off under socialism, the rest of us are just the poor un-washed masses.

[stevex47]

" The only thing more embarrassing than having your leader wipe his nose with his hand would be for him to use his coat sleeve"

Are you 13 or just a whiny neocon?

King boosh the 1st. puked on the Japanese Prime Minister Miyazawa Kiichi.

You just hate Obama dont you?

[sjc_1]

This beats walking out on one another. If they have agreed to do some of the right things together, that is better than doing things that would make it worse. In 1929, there was no G20. Wilson wanted a League of Nations that did not succeed. We eventually got a United Nations that deals with other issues. The G20 is the one place where these issues can be discussed and resolved together.

[ubrew12]

reasoned1955 said: " I also think we should consider having a ruling body outside of national interests. Kinda like a World Supreme Council. These folks would represent the world's population much better than these manmade borders. We don't need England, we don't need Argentina, and we don't need the United States of America. Let's all become citizens of the world and be free in the truest sense of the word. "

You're being sarcastic, which means you're being a coward, but why not go in that direction? International finance already RECOGNIZES that we live in one world, and they are USING YOUR NATIONALISM to hide their money from you after ripping you off via derivatives. Sheep like you can be relied upon to operate on the old paradyms, allowing these new wolves to eat you alive. Wakeup, you already live in one world economy. The people that have fleeced you and your children moved their ill-gotten gains onto hedge funds offshore, making their 'killings' permanent. And all you got was the chance to sell your daughter into prostitution. Way to go, reasoned1955.

[kansas1946]

it is indeed a turning point from capitalism to socialism, we are just one step closer to communism.
all these financial bubble, G20 etc, are just the secret plan of communist China, they lend us money, created the crisis, helped socialist Obama get the presidency, next step, we are all part of China. Look how happy Obama was when he shake hands with comrade Hu.
Posted by mike21us at 2:56 PM : Apr 2, 2009
*****************************************************

Blah..blah...we have been hearing this same fear mongering since the fifties about communism. No one is listening.

[cpelzar--2008]

We HAVE to have our daily dose of fear from the Cowards in the Ditto Head Crowd don't we!? That NUT CASE in North Korea only wants someone anyone to be afraid of him and notice him. He is the head of a starving country that has no more than you to influence the world around them... FEAR! Without it He and YOU poor losers have NOTHING!
Posted by skyk-2009 at 4:14 PM : Apr 2, 2009

The Nut Case in the past has launched a missile over Japan. Now what do you think our response should be if he launched one over Hawaii? Should we sit down and discuss it with him? Should we just wait until he puts one of his nukes on it?

[cpelzar--2008]

And to the socialist haters... well you better give up your public schools, your fire department, public parks, public libraries etc etc... all come from socialist ideals
Posted by taebok at 3:45 PM : Apr 2, 2009
==================
All so true...well said. We should abolish national currencies (specifically the dollar) and go to one world currency (much like the Euro). I think we should also abolish borders and immigration controls. People could move freely and pursue jobs anywhere in the world. I also don't like the disparity between the quality of public services being tied to the affluence of a given community or neighborhood. We should spread the public dollars evenly and provide comparable levels of service regardless of location. Some will improve while some will decline. That's just the way it is. I also think we should consider having a ruling body outside of national interests. Kinda like a World Supreme Council. These folks would represent the world's population much better than these manmade borders. We don't need England, we don't need Argentina, and we don't need the United States of America. Let's all become citizens of the world and be free in the truest sense of the word.
Posted by reasoned1955 at 4:42 PM : Apr 2, 2009

You could have just said lets all rise to the same level mediocrity. Now that is a goal.

[reasoned1955]

And to the socialist haters... well you better give up your public schools, your fire department, public parks, public libraries etc etc... all come from socialist ideals
Posted by taebok at 3:45 PM : Apr 2, 2009
==================
All so true...well said. We should abolish national currencies (specifically the dollar) and go to one world currency (much like the Euro). I think we should also abolish borders and immigration controls. People could move freely and pursue jobs anywhere in the world. I also don't like the disparity between the quality of public services being tied to the affluence of a given community or neighborhood. We should spread the public dollars evenly and provide comparable levels of service regardless of location. Some will improve while some will decline. That's just the way it is. I also think we should consider having a ruling body outside of national interests. Kinda like a World Supreme Council. These folks would represent the world's population much better than these manmade borders. We don't need England, we don't need Argentina, and we don't need the United States of America. Let's all become citizens of the world and be free in the truest sense of the word.

[bumpedoff1]

I guess they are to busy to learn protocal And I wonder what Mr.rezko and blagojevich
and the rest of the chicago politician as they cover thier @ss will have to say .

[smoknmirrors]

President Obama needs someone to step up and provide him with a handkerchief. The only thing more embarrassing than having your leader wipe his nose with his hand would be for him to use his coat sleeve. Surely one of those duty free shops have handkerchiefs. And no one, no one, said "bless you." I am so mortified. You know this world is going to the netherworld in a handbasket when good manners are no longer important.

[skyk-2009]

While the world is mesmerized by the stupidity of the G20 fiasco. North Korea has deployed her fighter jets to defend against any attempts to shoot down its rocket, set to be launched in the coming days.What is happening over on that side of the world is a countdown to war!
We have two countries that have very little to loose. Japan is in the worse financial shape that it has been in since the big war. North Korea already is treated like dirt by the international community. Then America has stuck her nose in so deep that she has set the stage to be the agresee and aggressor without any means to end it all. Sounds like the Georgia situation.
Posted by Underdogus-7 at 2:25 PM : Apr 2, 2009

We HAVE to have our daily dose of fear from the Cowards in the Ditto Head Crowd don't we!? That NUT CASE in North Korea only wants someone anyone to be afraid of him and notice him. He is the head of a starving country that has no more than you to influence the world around them... FEAR! Without it He and YOU poor losers have NOTHING!

[renonv5]

the New World Order has been kicked around for over seventy years, it isn't a new concept as some seem to think and/or suggest. This isn't doomsday and the sky is not falling. The powers that be are doing everything they possibly can to fix the mess the last administration put this entire planet in. This is a global problem and it doesn't just affect the USA. It isn't all about you!! I realize that is very difficult for some to comprehend, but there it is.

[skyk-2009]

Pretty impressive start for the new President, First Lady and new generation of world leaders. It's amazing to see this new generation step up to the cause of bettering the world for everyone, not just the privileged few. I applaud the protestors as well, for caring about what's happening around them and making their voices heard.

Things are far from perfect and we have a lot of work to do. But, they're way better than they were just a few months ago under the dark regime.
Posted by jxknowles at 2:44 PM : Apr 2, 2009

I to am very impressed with the Newest American Generation and their Leader, our New President! When I think back to the time when it was OUR turn, when at the age of 20, I didn't see anything that we could not change, I envy them. I know what you said is true, the climb is high and rough but like all those Generations before them they seem to believe they can and will make a difference. I say to them, never mind the fear and the mud slinging that is only people who have no honor or faith in the American Way. You young people move on ahead and carry forward the dream we've all had since the very first!