Summary
"The good news is that we have one more critical element in our recovery," [Obama] said, encircled by members of his economic team. "But we've still got a long way to go." Additional good news came with reports that the Dow Jones rose nearly 500 points.
"We... took a series of steps to improve liquidity in what had been secondary markets that had been completely frozen," Obama explained in terms ordinary citizens can understand. "And we are now seeing activity in student loans and auto loans. We announced last week a small business initiative that ensures that we have -more activity and you start seeing small businesses being able to get credit again in order to sell products and services and make payroll.""And I'm looking forward to traveling to the G-20 so that we ensure that the activities that we're doing here in the United States are effectively matched with comparable action in other countries," he said. "And Secretary [Timothy Geithner] has already traveled and met with the finance ministers of the G-20 states so that we can make sure that we're all moving on the same page."Wall Street may have cheered Obama's gambit, but the American dollar "remained on the defensive versus the euro and sterling, but advanced against the yen after Japan's finance minister said that a massive govern- ment stimulus package would be nec- essary to prevent the current fiscal quarter from repeating the 12.1 per- cent economic contraction seen in the fourth quarter of 2008," according to a financial news report.See the full content of this document
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$1 Trillion
When it comes to the economy, there is rarely any good news. President Obama put a momentary end to that on Monday when he announced a financial rescue plan to remove the toxic assets from the nation's bank...
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