Business News
Obama calls for new strategy to revive financial system
Jan 31, 2009, 15:42 GMT
Washington - US President Barack Obama, in his weekly radio address on Saturday, said the current financial crisis was 'devastating' and that measures to prevent a downward spiral should be implemented without delay.
Obama's comments came as the US Senate prepares to debate his massive economic stimulus package, unprecedented at over 800 billion dollars.
Obama also announced a new strategy to revive the US financial system, with Treasury Secretary Timothy Geithner to provide details 'soon.'
The aim was to get the flow of credit to companies and individuals back on track.
'We'll help lower mortgage costs and extend loans to small businesses so they can create jobs,' Obama said.
Obama also reiterated his criticism of bonuses paid to company chiefs in the past year despite the precarious economic situation. 'We'll ensure that CEOs are not draining funds that should be advancing our recovery.'
The Senate will on Monday consider the 819-billion-dollar economic stimulus package to help pull the world's largest economy out of its worst recession.
The Democrat-dominated House of Representatives on Wednesday passed the unprecedented package, with not a single member of the opposition Republican party voting for it.
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Older Talkback
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Well.... this is the start. wait for more unregulated spending of our tax dollars.
This is only the beginning
3 lobbyists, 2 tax cheats change and hope.
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SP4: How...another pork bill?Jan 31st, 2009 - 15:48:21
...what is it this time, money for Dwarfism research, or global warming, or fat-cat tenured professors who do nothing, that will, somehow, help the financial sector? I cannot wait.
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