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Obama: "Economy is in a shambles, contracting, probaly already in a recession" [View All]

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Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
Amerigo Vespucci Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-17-08 06:18 PM
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Obama: "Economy is in a shambles, contracting, probaly already in a recession"
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"Our economy is in a shambles," Obama said at a town hall meeting at a community college near Pittsburgh. "This economy is contracting, it is heading toward recession. We probably already are in one."

Besides calling for middle-class tax cuts this year, he hinted that he might reconsider his call to roll back Bush tax cuts on capital gains and dividends if market conditions continue to deteriorate.

Obama derided Bush for suggesting that the stimulus package should be given a chance to work and that policymakers shouldn't overreach. He said the Fed might have limited ammunition left and urged steps to deal with the human consequences.

"Real people are losing their homes or at risk of losing their homes. Businesses can't get the credit they need to keep their doors open. My approach would be to be pragmatic," Obama said.

http://www.huffingtonpost.com/2008/03/17/obama-clinton-cite-econo_n_91913.html
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