Obama braces US for bad exonomic figures

[MellowOne]

Obama braces US for bad economic figures
July 31, 2009 - 6:59AM

US President Barack Obama braced the country for more bad economic news on Thursday, saying second-quarter GDP figures would show the economy contracted and job losses were still a "huge" problem.

Obama, speaking to reporters in the Oval Office after a meeting with Philippine President Gloria Macapagal Arroyo, said the US credit and banking systems had settled down - a sign the economy had stepped away from a dangerous ledge.

Obama said he had not seen the GDP figures, which are to be released on Friday, but he referred to consensus by economists that the US economy had seen a "significant slowing down of the contraction over the last several months."

Although job losses were way too high, they were not proceeding at the pace that was seen at the beginning of the year, he said.

"I suspect that the GDP numbers will still show that the economy contracted in the second quarter (and) that job loss is still a huge problem," Obama said.

http://business.theage.com.au/business/obama-braces-us-for-bad-economic-figures-20090731-e3bo.html

[FrenchieCat]

1. 2nd Qtr is April to June, so yeah......

that wasn't a good time in the US economy as I remember.

[MUAD_DIB]

2. What are the expectations for job loss?

[FrenchieCat]

3. 590,000 approx

[truedelphi]

4. About Obama,Bernanke, and Geithner - Dmitry Orlov is gaining more and more attention. He says

That our government had the choice to do one of two things - look after the welfare of the people in this country, or look after the welfare of the Inner Circle of Corporations, especially the banks.

In neither case were we likely to find ourselves a recovery. But at least, if the government of the USA looked after the people, the people (and our form of elected representatives as government) would survive.

Now we are going to see that the "recovery" (being jobless,) only helps the banking firms at the top. And as things worsen, month in and month out, the people will eventually become serfs, or perhaps rise up to get something for themselves.

As the people become disenfranchised, our public servants, headed by Obama, will soon find that there is no longer any trust or faith in this system of campaign-financed funded government, a system that exists to promote the welfare of the Corporations and to ignore the average person.

If we stay true to our tradition we will rebel. If not, we will decline and relinquish oursselves and our children to the slavery forced on us by the new plantations of Bank of America and Citi.