Obama: Recession Still "Very Real"
Bloomberg reports:
President Barack Obama said the economic recession remains “very real” for those Americans still out of work.
“It’s still very real for them, ” the president said during an hour-long town-hall discussion on jobs and the economy broadcast on CNBC television from the Newseum in Washington. “The challenge is the hole was so deep, a lot of them are still having a hard time, ” he said.
The programs his administration put in place to stabilize the economy worked, the president said.
Obama was asked if he has “vilified” business as he has backed reforms for the financial industry.
“Businesses were crying that we do something” to help the economy when he took office, he said. “As a consequence of reckless decisions that had been made, the economy was on the verge of collapse.”
“We instituted those changes” and “the financial markets are now stabilized,” the president said.
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