Obama Opens Up On US Stock Markets
Thursday April 16, 2009
In typical Obama speech fashion, president Barack Obama delivered an assessment to Georgetown University students earlier in the week that addressed criticism directed at some of his administration's policies as well as delivering an overall optimistic approach for the mid-term future.
He also spoke of reforms among the US economy, and echoed the well-known religious Sermon On The Mount parable. "We cannot rebuild this economy on the same pile of sand. We must build our house upon a rock. We must lay a new foundation for growth and prosperity - a foundation that will move us from an era of borrow and spend, to one where we save and invest," said Obama.
While he maintained that 2009 would undoubtedly be a tough year for all Americans, with rising unemployment almost unavoidable, that stock markets stabilising presented a "glimmer of hope" unseen for a long time.
Obama made the critical point that a sustainable recovery will only be apparent once they address the credit crisis that has trigged the current financial meltdown, but reports that they are making progress on important financial fronts. He reportedly wants to sign regulation overhauling the US financial system regulation by the end of the year.
Any signs of a sustainable Wall St recovery is good news for the Australian stock market, and indeed stock markets around the world, as our own economy responds so strongly to the greenback and developments in the US.
In recent times, the US S&P 500 remains 24% higher than its March low point, and the Australian stock market has defied predictions, continuing negative reports and grim outlooks on jobs and business development front.
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