Obama says economic recovery ‘a long way off’ [Will Recover Just On Time In 2012]

AP Report ^ | July 10th 2009

[Steelfish]

Obama says economic recovery ‘a long way off’

President wraps up G-8 summit, meets with pope before flying to Ghana [Pic in URL]

Haraz N. Ghanbari / AP

President Barack Obama and first lady Michelle Obama meet with Pope Benedict XVI on Friday.

July 10: President Barack Obama wraps up the G-8 discussion in Italy saying a full economic recover is "still a ways off."

July 10: There is much excitement on the streets in Ghana as the African nation prepares for a visit from President Obama and his family. NBC’s Mara Schiavocampo reports. Today show

Video

Pope meeting July 10: President Obama wraps up a summit with G-8 leaders and heads to Vatican City with his family to meet with Pope Benedict XVI. NBC’s Savannah Guthrie reports. Today show

Slideshow

First 100 days Striking images from President Barack Obama’s jam-packed first 100 days in office.

updated 3 minutes ago ROME - President Barack Obama said Friday the world apparently has averted economic collapse but a "full recovery is still a ways off."

Obama, speaking at the end of the Group of Eight summit of major economic powers shortly before meeting with Pope Benedict XVI, said world leaders had taken significant measures to address economic, environmental and global security issues.

"Reckless actions by a few have fueled a recession that spans the globe," Obama said of the meltdown that began in the United States with a tumble in housing prices and drastic slowing of business lending. The downturn now threatens superpowers and emerging nations alike.

Obama urged national leaders to unite behind a global recovery plan that includes stricter financial regulation and sustained stimulus spending.

[Texas Fossil]

There can be no recovery until Obozo is out of office.

[ClearCase_guy]

sustained stimulus spending

I say we keep throwing trillions at the debt until it's totally gone (the country, that is). [/s]

[RexBeach]

Yeah, at this rate, I’d say a full recovery should come in about seven or eight years. No joke. We’re going to have HUGE deficits for a decade, and servicing all the debt we’re selling this year(2 to 3 trillion dollars worth) is going to put a real dent on profits.

Thanks a lot, Mr. Obama. So far, you’re doing a splendid job.

Ugh.

[TexasFreeper2009]

Since it is impossible for a country to tax and spend itself to prosperity there will be no recovery while -7bama is in office.

[Pearls Before Swine]

Actually, there’s a lot he can do to make the economy appear to recover in 2012, although it is easy to mistime it. He can take the Jimmah Carter approach of appointing a compliant Fed chairman when Bernanke’s term is up. I’m not in love with Bernanke, but he knows or should know that he’s got to pull back the liquidity the Fed has squirted all over the economy to avoid rampant inflation. That is not the prescription for a pre-election boom.

If O appoints someone who doesn’t know better, he can try gunning the supply like Jimmy did in the 70’s. If timed right, the disastrous inflation will hit after the elections. If timed wrong, he’s toast. Its playing with fire, but that’s what we’ve all been doing with his election.

[colorado tanker]

"Reckless actions by a few have fueled a recession that spans the globe,"

What's Zero talking about, Bilderbergers? Is he a conspiracy guy?

[freespirited]

Gerald Celente says we’ll have tent cities and civil unrest by 2012.

[RipSawyer]

“full recovery is still a ways off.”
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I shore wish I wuz a Harvard graduate soes I cud tawk purty like dat dare.

[nascarnation]

We have a prayer for 2010 cong elections.
Since the Messiah himself isn’t running, just his Baraqqi followers, the minority vote and ACORN crew won’t be as influential.
Pray for gridlock in 2011.
Stop the stampede to socialism.

[RipSawyer]

At this rate I say a full recovery will NEVER come! There has to be a total shift in thinking before recovery can begin. We have a dumbed down population with a huge percentage still looking to the government for a solution. No real recovery can begin until people realize the government is the CAUSE and not the SOLUTION.

[RipSawyer]

Gerald Celente says we’ll have tent cities and civil unrest by 2012.
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I would like to believe he is wrong but I wouldn’t bet one dime against him at even odds. I think the tent cities are beginning already in some places.

[napscoordinator]

I knew this would happen. They are “making” the econony weak until about November 2011 and then miraculously it will go gangbusters and he will be the knight and shining armor and coast into reelection...Boy I hope I am wrong.

[Cooter]

Economic casualties pile into tent cities

[freespirited]

Celente’s track record alone is enough to scare me. I wouldn’t bet against that alone, never mine the boobs that are in power.

[b4its2late]

Correct!

[griswold3]

Obama doesn’t scare me. What follows him does!
The debt slavery that he is imposing upon us that is!
We will not return to the 4th qtr 2008 unemployment numbers until 2015. (6.5%) It’s down hill the rest of the time. Prepare yourself!

[yongin]

Liar. The Messiah, Axelrod, and Barney Frank said the economy will improve by this Fall. The Kenyan keeps moving the goal posts.