President Obama in his weekly video address described the economic crisis as "a time of great opportunity," if we use it to address long-term problems with our financial services, education, health care and energy sectors.
In a separate interview with The New York Times, he said, "people should feel confident that every time we’ve had an economic challenge like the one that we’re having – although this is one of the bigger ones – that we’ve gotten through it, that the pillars of recovery will be in place this year."
"I think that ordinary families should have learned from the last few years and recent history that if something sounds too good to be true – whether it’s stock market returns or appreciating housing prices – that sometimes they are too good to be true, and that what we should be looking for is steady growth, steady accumulations of savings, steady and prudent investing. And that I think is what you’re going to see emerging after we’ve gotten through the worst of this crisis."
"He foresees "a return to the fundamentals -- hard work, investing for reasonable returns over time, saving steadily for your kids’ college education and for your retirement. All of us, thinking about our purchases and making sure that we’re taking care of the necessities before we go after the luxuries.
Drill Deeper:
- NYT's Krugman: Obama's Behind the Curse -- Needs to Launch A Second Stimulus Package and Nationalize Some Banks Soon:
