“We can be confident that the storms of the past two years are beginning to break”, said President Barack Obama in his speech on the current economic conditions. In the one-year anniversary of the Lehman Brothers demise, the President stated that we are seeing a recovery in the U.S. economy and financial system.
The credit for the climb back was given to the $787 billion stimulus that was pushed through and implemented by congress in the first days of President Obama taking office.
President Obama continued by harping that the “days of reckless behavior and unchecked excess” are not to be practiced, since having had previously lead to what could have been a second Great Depression.
Later this month, President Obama will be at the Pittsburg G-2o summit to focus on and make and attempt to “address the underlying problems that caused such a deep and lasting global recession”, as the President put it.
Since much focus on Washington is on making changes to the health care system, we have seen little movement in regulation. Lawmakers are hesitant to step forward since the government intervention into the automotive industry.
JPMorgan Chase, Wells Fargo and others saw a substantial increase in their second-quarter profits, double of second-quarter profits reported in 2008.
New propositions by the administration such as giving the FED the powers to oversee and impose conditions in order to dissuade companies from gross expansion.
