Saying that the nation is not "out of the woods yet," President Obama today expressed optimism that the economic recovery will come soon and said his administration's actions have been needed.
"But from where we stand, for the very first time, we are beginning to see glimmers of hope. And beyond that, way off in the distance, we can see a vision of an America's future that is far different than our troubled economic past. It's an America teeming with new industry and commerce; humming with new energy and discoveries that light the world once more," he said in a speech at Georgetown University.
He said strong government actions were needed because government spending was necessary to "stimulate demand," in light of the drop in consumer spending.
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Obama also responded to those on the left who have argued that the government didn't go far enough by not nationalizing banks that are in trouble.
"We believe that preemptive government takeovers are likely to cost taxpayers even more in the end, and because it is more likely to undermine, then to create confidence," he said.
Obama also said that while recessions are part of the normal business cycle, the current one is different because it "was caused by a perfect storm of irresponsibility and poor decision making that stretched from Wall Street to Washington to Main Street."
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