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Obama Says Economic Disaster Averted

By CHARLES BABINGTON
,
AP
posted: 122 DAYS 5 HOURS AGO
filed under: Financial Crisis
Text SizeAAA
L'AQUILA, Italy (July 10) - 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
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-07-10 10:17:12
COMMENTS ( 62 )
Page 1 of 13 1 2 3 4 5 6 7 8 9 10 Next >>
Mingo374
4:50PM Jul 13 2009 
The rest of the world may of averted it but they did not spend trillions on government pork . No they put people to work rebuilding their countries . what a surprise that all Obama can do is blame Bush when it was a world wide economic problem, that seems too happen every so many years The Demos have controled the law making and spending now for the last 2.5 years and we are at least 5 times more in debt, The world recovers not america We are still losing jobs big time , banks are still folding and no new jobs We are going into dression numbers and the rest of the world advances
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Tommytortugam
9:11AM Jul 12 2009 
What is happening to our country was planned long ago. The incremental reduction of our standard of living over the past 35 years was done on purpose. It will continue until our living standards are comparable to the average mexican peasant. That's one reason the borders remain wide open. The huge influx of mexican workers has served the purpose of reducing middle class and lower middle class wages. The North American Union, bringing Mexico, Canada and the USA into a European Union style federation is nearly complete. The economy could only recover from this continuing depression by manufacturing and exporting our way out of it. The capacity to do this has been exported to other low wage countries. The global ruling oligarchy (super rich families) control all the flow of money in the world through the private central banks, like our Federal Reserve, that they control. The Bank of International Settlements in Switzerland sits at the apex of this tightly controlled world banking syndicate. It is the central bank of all central banks. The ultimate goal is a one world currency, a one world government, a vastly reduced human population and total control of the remaining population by the use of a high tech surveillance grid incorporating implantable chips. The world's population is being herded into a system of feudal totalitarian dictatorship that is more horrific than anything imaginable. Mass psychological manipulation of the human population is a science that is used expertly to herd the people. Like 9-11, and other so called terrorist attacks. Weapons of mass destruction? No, weapons of mass fear. Fear is the primary emotion that is generated to steer the world into the hellish dictatorship that is the final goal of the megalomaniacal satanists who rule this world. The major parties and politicians are bought and paid for by the central banks and their proxies, the multinational corporations. Their job is to keep us placated until the trap door is finally dropped. Bottom line....things are going to get real ugly, soon.
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Tommytortugam
1:07AM Jul 12 2009 
SALON

THURSDAY APRIL 30, 2009 05:35 EDT

Top Senate Democrat: bankers...... "own"....... the U.S. Congress.

Sen. Dick Durbin, on a local Chicago radio station this week, blurted
out an obvious truth about Congress that, despite being blindingly
obvious, is rarely spoken:

"And the banks -- hard to believe in a time when we're facing a
banking crisis that many of the banks created -- are still the most
powerful lobby on Capitol Hill. And they frankly own the place."

The blunt acknowledgment that the same banks that caused the
financial crisis "own" the U.S. Congress -- according to one of that
institution's most powerful members -- demonstrates just how extreme
this institutional corruption is.

The ownership of the federal government by banks and other large
corporations is effectuated in literally countless ways, none more
effective than the endless and increasingly sleazy overlap between
government and corporate officials.

Here is just one random item this week announcing a couple of
standard personnel moves:

Former Barney Frank staffer now top Goldman Sachs lobbyist
Goldman Sachs' new top lobbyist was recently the top staffer to Rep.
Barney Frank, D-Mass., on the House Financial Services Committee
chaired by Frank. Michael Paese, a registered lobbyist for the
Securities Industries and Financial Markets Association since he left
Frank's committee in September, will join Goldman as director of
government affairs, a role held last year by former Tom Daschle
intimate, Mark Patterson, now the chief of staff at the Treasury
Department. This is not Paese's first swing through the Wall
Street-Congress revolving door: he previously worked at JP Morgan and
Mercantile Bankshares, and in between served as senior minority
counsel at the Financial Services Committee.
So: Paese went from Chairman Frank's office to be the top lobbyist at
Goldman, and shortly before that, Goldman dispatched Paese's
predecessor, close Tom Daschle associate Mark Patterson, to be Chief
of Staff to Treasury Secretary Tim Geithner, himself a protege of
former Goldman CEO Robert Rubin and a virtually wholly owned
subsidiary of the banking industry. That's all part of what Desmond
Lachman -- American Enterprise Institute fellow, former chief
emerging market strategist at Salomon Smith Barney and top IMF
official (no socialist he) -- recently described as "Goldman Sachs's
seeming lock on high-level U.S. Treasury jobs."
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FM201205
3:18PM Jul 11 2009 
Obama is full fo crap. The ecomomy is getting worse every day.
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Nlknlk7442
12:06PM Jul 11 2009 
Let me see. It is the Bush mess but the future recovery is his. The mess belongs to both parties and the recovery is not in the cards any time soon. When we do start to recovery his economy saving moves will kill it with massive inflationary pressures. As to saving us from a disaster, give me a break. GM failed at a high cost to the taxpayer. Banks took money and changed nothing. Mortgage failures have accelerated. Retired bondholders took the hit for saving a little of GM to help the unions. My paper value is off 35%. Healthcare is soon to be a system paid for by the young and successful and rationed to the older and neediest. Yep, I feel real good about now. I think we should hit the streets, throw out all of congress and send the pres back to his home country, whever that is. Elect an entire new team and run all the influence peddlers out of the country.
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