Posted on 09/26/2009 6:29:53 PM PDT by Diana in Wisconsin
PITTSBURGH — World leaders on Friday issued sweeping promises to fix a malfunctioning global economic system in hopes of heading off future financial meltdowns. President Barack Obama said actions taken so far "brought the global economy back from the brink."
"We leave here today confident and united," Obama said at the conclusion of a two-day gathering of the world's 20 top economies to deal with the worst financial crisis since the 1930s.
The leaders agreed to keep stimulus plans, which include government spending and low interest rates, generally in place in their respective countries for now to avoid derailing still-fragile recoveries. Obama had pressed for just such a course and praised the decision.
"Our coordinated stimulus plans played an indispensable role in averting catastrophe. Now we must make sure that when growth returns, jobs do, too," he said at a wrap-up news conference. "That's why we will continue our stimulus efforts until our people are back to work and phase them out when our recovery is strong."
(Excerpt) Read more at star-telegram.com ...
The real question should be:
How did the economy get on the “brink” so quickly just weeks before his election?
The equivalent of going to the payday loan store to get money to pay the rent.
Bush did much much more to bring the US from the Brink than Obama. Obama did not do crap. His $780 Billion stimulus was a joke and did not create any jobs as Obama promised.
Mr Obama, meet Mr Inflation.
Nope. Deflation
The Federal government can't spend as fast as the banks are withdrawing credit from the economy.
Net loss = deflation
September 10, 2009
Treasury Secretary Timothy Geithner said Thursday that the economy was "back from the brink" and "we must begin winding down some of the extraordinary support we put in place for the financial system."
Obama, et al, have a few catch phrases they use and expect us to believe them. They have absolutely NO CREDIBILITY on anything!
I wonder how many unemployed workers think the economy is BACK FROM THE BRINK?!
I’m no economist, but after we print the $3 Trillion necessary to pay for all Obama’s BS, it’s going to be bad.
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