NorthIowaToday.com

Founded in 2010

News & Entertainment for Mason City, Clear Lake & the Entire North Iowa Region

President Obama marks five-year anniversary of the financial crisis

President Obama makes remarks on 5 year anniversary of financial crisis
President Obama makes remarks on 5 year anniversary of financial crisis

WASHINGTON – President Barack Obama this week  marked the five-year anniversary of the 2007-2008 financial crisis, the most serious threat to the world economy since the Great Depression.

Remembering the dark days of the “Great Recession,” the president said “It was five years ago this week that the financial crisis rocked Wall Street and sent an economy already into recession into a tailspin. And it’s hard sometimes to remember everything that happened during those months, but in a matter of a frightening few days and weeks, some of the largest investment banks in the world failed; stock markets plunged; banks stopped lending to families and small businesses. Our auto industry — the heartbeat of American manufacturing — was flat-lining.”

President Obama said that by the time he was sworn into office, the economy was sinking fast.

“The economy was shrinking by an annual rate of more than 8 percent,” the President said. “Our businesses were shedding 800,000 jobs each month. It was a perfect storm that would rob millions of Americans of jobs and homes and savings that they had worked a lifetime to build. And it also laid bare the long erosion of a middle class that, for more than a decade, has had to work harder and harder just to keep up.”

Speaking on the economic recovery and his administration’s efforts to speed its vitality, the President said “We’ve continued to focus on my number-one priority since the day I took office — making sure we recover from the worst economic crisis of our lifetimes and rebuilding our economy so it works for everybody who is willing to work hard; so that everybody who is willing to take responsibility for their lives has a chance to get ahead.”

The President said that the average American saw the Great Recession as a personal struggle.

“Americans who’ve known economic hardship these past several years, they don’t think about the collapse of Lehman Brothers when they think about the recession. Instead, they recall the day they got the gut punch of a pink slip. Or the day a bank took away their home. The day they got sick but didn’t have health insurance.”

The recovery continues in America, the President said, after the Recovery Act arrested “the downward spiral and put a floor under the fall.   He laid out the positive steps forward in the last 3 and a half  years.

“Our businesses have added 7.5 million new jobs. The unemployment rate has come down. Our housing market is healing. Our financial system is safer. We sell more goods made in America to the rest of the world than ever before.  We helped jumpstart the flow of credit to help more small businesses keep their doors open. We saved the American auto industry.”

Watch video:

httpv://youtu.be/sP_DdESn7AQ

 

0 0 votes
Article Rating
Subscribe
Notify of
guest

2 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

Even more news:

Watercooler

Need help with your website?
Call your local professional,
Breakthrough Web Design:
515-897-1144
or go to
BreakthroughWebDesign.com

Copyright 2024 – Internet Marketing Pros. of Iowa, Inc.
2
0
Would love your thoughts, please comment.x
()
x