From the Washington Post, "President Obama said today that the nation's economy is showing signs of progress as a series of his policies begin to come on line."
"In brief remarks to reporters after a meeting with his economic advisers at the White House, Obama said there are signs of hope appearing amid the gloomy economic landscape. 'What you're starting to see is glimmers of hope across the economy,' Obama said."
The President said, the signs of progress are unmistakable. With mortgage interest rates at historic lows, refinancing is up.
Obama also lauded the Treasury's investment program aimed at buying toxic assets and strengthening the top 19 banks.
He reported that the effort to increase small business loans is working. The largest Small Business Administration loan program has increased by 20% in the last month.
"We're starting to see progress," Obama said. "And if we stick with it, if we don't flinch in the face of some difficulties, then I feel absolutely convinced that we are going to get this economy back on track."
Obama's comments come one day after a string of positive economic reports drove the stock market indexes up by 3-4% on Thursday.
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I have to call BS on this one. Bernanke also said he saw "green shoots" just days before the Fed turned around and cranked up the press in honor of his "credit easing" scam.
ReplyDeleteAlso, is President Obama qualified to make such an opinion? Of course if he is told by his advisers that things are turning around he will then say as much.
I would like to know how he *really* feels. "Oh crap WTF kind of crappy job did I inherit?!" would be a great start.
Jr,
ReplyDeleteIndeed good leaders will not contradict their advisers publicly. Larry Summers -- Obama's top economic advisor -- basically had the same sentiment in his speech this week.
My take is that this administration is looking at this situation as a golden opportunity to show success. If their policies do succeed, you will see a rocking economy next year, fueled by new infrastructure projects that will no doubt benefit a broad base of voters. If that happens mid-term elections for Obama's party will be a cake walk.
GNE