Apparently, by pronouncement, the World is now officially out of the woods. Whew! That was close.
http://news.yahoo.com/s/ap/20090710/ap_on_go_pr_wh/obama
Lasting worldwide recovery "is still a ways off," President Barack Obama declared Friday, but he also said at the conclusion of a global summit that a disastrous economic collapse apparently has been averted.
Obama said world leaders had taken significant measures to address economic, environmental and global security issues.
"Reckless actions by a few have fueled a recession that spans the globe," Obama said of the meltdown that began in the United States with a tumble in housing prices and drastic slowing of business lending. The downturn now threatens superpowers and emerging nations alike.
Ah; so it was the reckless actions of a few who caused the cyclical dip in the Worldwide economy. If only we could expunge the reckless few, we'd have never pausing economic growth and unemployment would never top 5%.
I do think he's being a little harsh on Chris Dodd and Barney Frank though. I mean, they are in his party and are basically loyal to him. He really shouldn't call them out like that.