World has avoided economic disaster, Obama says

[babylonsister]

World has avoided economic disaster, Obama says

By CHARLES BABINGTON
Associated Press Writer


AP Photo/Haraz N. Ghanbari


L'AQUILA, Italy (AP) -- Lasting worldwide recovery "is still a ways off," President Barack Obama declared Friday, but he also said at the conclusion of a global summit that a disastrous economic collapse apparently has been averted.

Obama 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.

"The only way forward is through shared and persistent effort to combat threats to our peace, our peace, our prosperity and our common humanity wherever they may exist. None of this will be easy," Obama told a news conference at the end of the Group of Eight summit of major economic powers.

The president rejected suggestions that the summit fell short of expectations by failing to call for tough new sanctions on Iran for its crackdown on democracy advocates after its disputed presidential election.

"What we wanted is exactly what we got - a statement of unity and strong condemnation," Obama said. He said the leaders' declaration was even more significant because it included Russia, "which doesn't make statements like that lightly."

more...

http://hosted.ap.org/dynamic/stories/O/OBAMA?SITE=CONGRA&SECTION=HOME&TEMPLATE=DEFAULT

[MercutioATC]

1. This from the administration that said "We had no idea how bad things were" just a few days ago.

What makes him right now, when he admits to botching his initial evaluation of the economy?

[babylonsister]

3. Boy, you're really invested in making negatives out of positives.

What do you think would have happened if nothing was done? Seriously, I do wonder how the US and the rest of the world would have fared if some companies weren't bailed out.
And ftr, Obama didn't admit to anything...

http://airamerica.com/blog/2009/jul/07/obama-biden-we-didnt-misread-economy-info-was-incomplete
Obama To Biden: We Didn't 'Misread' Economy, Info Was 'Incomplete'

[MercutioATC]

5. I don't see any bright spots on the horizon yet...

...and this is just a statement from a man who (whether through misreading or a lack of information) admits that he didn't accurately read the economy in the recent past.

I don't see why the captain of the ship saying "Well, we dodged the worst of that storm" is especially encouraging when he's been wrong before and there's nothing but storm clouds on the horizon.

[Jennicut]

10. We would be even worse off. We may not of done enough but nothing would have been

a disaster.

[BlancheSplanchnik]

4. You mean you always guage everything perfectly at first with never a need to reassess?

"...We can either shape our future or let events shape it for us."

Shaping the future in my view, means ALWAYS being ready to assess and reasses, and respond. Cause and effect.

[MercutioATC]

6. No, but plenty of people had a better read on the state of the economy than this administration did.

...so I'm not especially encouraged by their ability to gauge it now, especially when the most recent statement is contradicted by real economic indicators.

[Name removed]

8. Deleted message

Message removed by moderator. Click here to review the message board rules.

[MercutioATC]

11. Biden said that the administration "misread how bad the economy was".

There, you now have a verbatim quote that has the same meaning as the generalization I posted.

[BlancheSplanchnik]

2. Good article--Thanks!

I guess those suggesting the summit wasn't good enough (smart enough, nor likeable enough) want boosh-stylee cowboy declarations?

"The only way forward is through shared and persistent effort..", yes that's a much more enlightened approach.

[Blaze Diem]

7. ...avoided economic disaster. For whom Mr President?

For Whom? For those that caused this disaster?
Who selected Barack Obama to be President of the United States?

Our society has become a thing of "us against them".
Just wonder where the loyalty lies.

My opinion
tks
Blaze

[mkultra]

9. well, i voted for him

and the answer is the world economy. This includes all of us.

[Vidar]

12. He and the media are still calling it a recession as well. Just more bullshit.