Obama Eyes Stock Market And Wall St Recovery
Saturday April 18, 2009
The Obama speech has become a hallmark of the new president's style, and his delivery to Georgetown students earlier in the week was no exception. Here, he addressed criticism towards his current administration's handling of the financial crisis, current progress and important signs of recovery to the future.
Unfortunately, the president stated that job losses would continue in 2009 as many families put a human face on the global economic downturn. However, stock markets have shown a previously unseen 'glimmer of hope' as stabilisation and stimulus measures take effect.
Obama used a Sermon On The Mount theme to address future ideals saying "We cannot rebuild this economy on the same pile of sand. We must build our house upon a rock." He spoke of gross US economic regulation reform as well as more plans to improve the financial and banking sector.
He also addressed healthcare and social security issues, and he spoke of an overall brighter future that broke its reliance on the financial sector and looked towards new industry, engineers and scientists. Obama maintained that a sustainable economic future could only be realised by fixing the credit crunch and addressing past mistakes.
Short-term trends on Wall St have given stock markets around the world a boost, and this includes the Australian stock market that has responded well to Wall St reports and a firming greenback. While the stock market scene is not yet "out of the woods", it continues to defy gloomy outlooks, business activity and job reports.
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