Obama: Economy showing 'glimmers of hope'

(AP) - President Barack Obama declared Friday thatthe slumping economy has begun to show "glimmers of hope," butcautioned that it remains severely stressed and will require lotsmore work to turn it around.

News 12 Staff

Apr 10, 2009, 10:36 PM

Updated 5,572 days ago

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(AP) - President Barack Obama declared Friday thatthe slumping economy has begun to show "glimmers of hope," butcautioned that it remains severely stressed and will require lotsmore work to turn it around.
Once criticized for talking too pessimistically about theeconomy, Obama is highlighting the positive.
"We're starting to see glimmers of hope across the economy,"the president said after a White House meeting with his economicteam, including Treasury Secretary Timothy Geithner and topeconomic adviser Larry Summers. Federal Reserve Chairman BenBernanke also participated in the session.
Obama echoed Summers' prediction a day earlier that the "senseof a ball falling off a table" would end in a few months.
The president highlighted signs of thawing in the creditmarkets, particularly for small businesses seeking loans, alongwith tax cuts he said workers will soon see in their paychecks anda jump in mortgage refinancings due to historically low interestrates.
Obama said those positive moves as well as infrastructure workand other spending underwritten by his $787 billion stimulusprogram all point to welcome signs of long-anticipated economicimprovement.
"We're starting to see progress," Obama said. "And if westick with it, if we don't flinch in the face of some difficulties,then I feel absolutely convinced that we are going to get thiseconomy back on track."
The president threw in a dose of sober reality, too.
"Now, we have always been very cautious about prognosticatingand that's not going to change just because it's Easter," Obamasaid. "The economy is still under severe stress."
Unemployment hit a 25-year high of 8.5 percent in March, andmany people are still losing their homes or jobs, or fear losingthem.
"So we've still got a lot of work to do," Obama said. Withoutelaborating, he said the administration would take steps in thecoming weeks to help further improve the business climate.
Gauging Wall Street's response to Obama's more upbeat take hadto wait as the markets were closed for Good Friday.
Friday's meeting was the first between Obama and his economicteam since he returned from an overseas trip partly focused on theglobal economic crisis. He participated in a meeting last week inLondon of leaders from the 20 wealthiest and developing economies.


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