Australian Prime Minister Kevin Rudd left for the United States Monday for talks with President Barack Obama, seen here, expected to focus on the war in Afghanistan and the global recession (AFP/File/Saul Loeb)
Posted on 03/22/2009 7:30:53 PM PDT by NormsRevenge
WASHINGTON (AFP) – President Barack Obama said there were "flickers of hope" for the recession-hit US economy as his administration readied a big-spending plan to clear toxic assets off banks' books.
In a television interview, Obama cautioned Congress against over-reacting to lavish bonuses awarded by bailed-out insurer AIG, for fear of hurting an economic recovery and running afoul of the US constitution.
"Well, we're already starting to see flickers of hope out there," he told the CBS program "60 Minutes," noting that mortgage refinancings have significantly increased and interest rates have never been lower.
"That promises the possibility at least of the housing market bottoming out and stabilizing."
The interconnection of the modern global economy offered hope as well as danger, he said.
"Now there's a potential silver lining, which may be that things are so accelerated now, the modern economy is so intertwined and wired, that things happen really fast -- for ill, but things may recover faster than they have in the past."
Officials said beleaguered Treasury Secretary Timothy Geithner would detail a "Public Private Investment Program" Monday to entice hedge funds and other private investors into investing in bad assets choking banks' balance sheets.
(Excerpt) Read more at news.yahoo.com ...
Obama ponders raising the dead.
Is Obama resigning?
Australian Prime Minister Kevin Rudd left for the United States Monday for talks with President Barack Obama, seen here, expected to focus on the war in Afghanistan and the global recession (AFP/File/Saul Loeb)
Maybe there was short in the teleprompter?
is Joe, Timmy Nancy Harry and Zero resigning? Other than that Noway Jose.
US President Barack Obama (R) with US Treasury Secretary Tim Geithner on the South Lawn of the White House. Obama has thrown his weight behind his embattled Treasury chief, saying Geithner would not be allowed to resign. (AFP/File/Yuri Gripas)
Those “flickers of hope” are not in the economy Mr Obama they are in Barney Frank’s eyes when he gazes into yours longingly. I bet Frank masterbates to your picture every night before retiring.
Not to worry, he'll extinguish them...............
“...for fear of...running afoul of the US constitution.”
Oh, you’re worried for that old thing now, Mr. President?
Those ‘flickers of hope’ are ‘1000 points of light’. Make that 50,000,000 points of light. Hopey Changemas.
"You lied to me. You said this would be easy."
How many articles have we seen that they are ready to remove toxic assets from the books? Still waiting for the plan.
I see obama as a complete and utter failure.
Oh!, This is interesting; (typically TOTUS) Zer0Bambi, Blames Congress, for "Overreaching"....while, he ducks..& ducks..weaves. 
I think the Markets will lap it up for a couple of days and then reality will again set in.
There is so much inflation and higher interest rates in our future it is scary. This gut may manage to make Carter’s record on the Economy look good in the comparison.
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