Obama joined leaders from the OECD group of developed countries and the International Monetary Fund in predicting a difficult way out of the crisis, which Federal Reserve Chairman Ben Bernanke said required still more bold steps to prevent a costly, long-term catastrophe.
"The economy's performance in the last quarter of 2008 was the worst in over 25 years. And frankly the first quarter of this year holds out little promise for better returns," Obama said in a speech.
Brown's visit to Obama is the first by a European head of state since the president took office on January 20. The leader is expected to press Obama for details on Washington's plans for fixing the U.S. financial sector.
I understand he needs to manage expectations, but not to the point where he drives the market down further. This is supposed to be the president who "gets it." But he sure as heck doesn't "get" how to make public pronouncements that don't add to the doom and gloom environment on Wall Street. He needs a better message management staff.
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By Bonnie Erbe