March 3rd, 2009
02:45 PM ET
5 years ago

Obama, Brown talk banking reform in first WH meeting

Prime Minister Gordon Brown and President Obama met in the Oval Office on Tuesday.
Prime Minister Gordon Brown and President Obama met in the Oval Office on Tuesday.

WASHINGTON (CNN) – One day after the stock market fell to its worst showing in more than a decade, President Obama suggested the current situation offered great investment opportunities for some Americans.

Watch: Obama, Brown discuss the economy

“What you’re now seeing is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal, if you’ve got a long-term perspective on it,” Obama told reporters Tuesday.

The president and British Prime Minister Gordon Brown, visiting Obama in the White House for the first time, took questions in the Oval Office.

Obama dismissed doubts over his plans to reform the banking system. “Well, let me say this: I'm absolutely confident that they will work,” he said. “And I'm absolutely confident that credit is going to be flowing again, that businesses are going to start seeing opportunities for investment, they're going to start hiring again, people are going to be put back to work.

“What I'm looking at is not the day-to-day gyrations of the stock market, but the long-term ability for the United States and the entire world economy to regain its footing. And, you know, the stock market is sort of like a tracking poll in politics. It bobs up and down day to day, and if you spend all your time worrying about that, then you're probably going to get the long-term strategy wrong.

Both leaders also stressed the “special relationship” between the U.S. and Great Britain, and even discussed the possibility of a tennis match, reportedly Brown’s sport of choice.

“I don’t think I could ever compete with you at basketball,” said Brown. “Perhaps tennis.”

This is the second meeting President Obama has hosted with a world leader at the White House since taking office. He met with Japanese Prime Minister Taro Aso in February.

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Filed under: President Obama
soundoff (18 Responses)
  1. epicbaze2005

    You can hate all you want, but Obama is working hard on a plan that seems based in fact.

    March 3, 2009 03:21 pm at 3:21 pm |
  2. Briana the college student

    I know that Obama is making the right moves.

    March 3, 2009 03:21 pm at 3:21 pm |
  3. JA/TN

    step one, send the the (Madofs' Stanford) terrorist criminals to jail, step two stop allowing the credit card entites to set shop in one state charge usury rates in other states skirting laws

    March 3, 2009 03:28 pm at 3:28 pm |
  4. aware

    The British Prime Minister, Gordon Brown, made Obama sound like a rambling equivocator unfamiliar with the English language. :)

    Brown's concise "Partnership of Purpose" conveyed what Obama took paragraphs, in his unsuccessful attempt, to say!

    Obama reminds me of many preachers who speak beautifully for an hour and when they are finished you have no idea what they have said! :)

    March 3, 2009 03:30 pm at 3:30 pm |
  5. Tom in Delaware

    Yeeeeeah!

    It's free money day....everybody line up.

    WOW. That didn't take long.

    March 3, 2009 03:33 pm at 3:33 pm |
  6. Marc

    Keep up the great job, Barack! (We love you!) We need you to succeed in creating a government that takes care of all our needs since you're ruining the financial structure of our former capitalistic framework. I just hope we have plenty of "the rich" to get all money we need to sustain our new Socialist government. Worked well in the USSR, iron curtain countries, Europe, Cuba and PRC. So I'm sure it will work just as well here. We love you, Obama...

    March 3, 2009 03:35 pm at 3:35 pm |
  7. David

    Oh boy, Brown is a slippery snake. Please beware of this globalist....wait aren't you a globalist, too, BO??

    March 3, 2009 03:40 pm at 3:40 pm |
  8. Marc

    Great investment opportunities? You mean like AIG, GM, Citibank, Bank of America, Wells Fargo? Ummm... I think that investing in companies that are in the midst of crashing and receiving multiple bailouts (that's our money and our children's money, by the way) is maybe not what I would consider good investment opportunities. How do you know which companies will come out of this in good shape? And, remember, Obama is raising taxes on anything left standing in the corporate world. That's like taking blood out of a crash victim! Ummm, maybe we should have picked someone with experience???

    March 3, 2009 03:40 pm at 3:40 pm |
  9. Cindy

    Pssst... Mr. Brown... pick bowling... he's really really bad at bowling...

    It's true about the day by day ticker on the market. Yes, it's in dire straits right now... had he done nothing, like the Republican's suggest, it still would have tanked. What Obama is doing is shortening the tank period.

    March 3, 2009 03:40 pm at 3:40 pm |
  10. Independent, IL

    step three: put a cap on credit card rates (30% is ridiculous, not to mention predatory).

    March 3, 2009 03:41 pm at 3:41 pm |
  11. Walter

    To JA/TN; It's not just credit card companies setting up shop in other states, sometimes the set up shop outside the country and charge usury rates. Take the WaMu card I had as an example. They were operating out of the Philipiines, therby under the jurisdiction of no state.

    Best thing we as Americans can do is to get off of the credit card plan, and go back to paying for stuff with either cash or debit cards.

    March 3, 2009 03:42 pm at 3:42 pm |
  12. cheryl brooks from cali

    The President is going to be the best President ever!!!!!!!!!!!!!!!!!!!!!!!!

    March 3, 2009 03:45 pm at 3:45 pm |
  13. Jackie in Dallas

    And step four? I'd like to see banks subject to the controls over monopolies. BoA, CitiGroup, and Chase are now so powerful that it is scary.

    March 3, 2009 04:18 pm at 4:18 pm |
  14. A Frustrated Patriot

    Step Four – Recognize this for what it is, propaganda to advance the desire of a new world order only Brown called it a " global New Deal"

    No! No! No! I like my Constitution and my sovereignty just fine, thank you.

    March 3, 2009 04:24 pm at 4:24 pm |
  15. nom deplume, esq.

    Frustrated? Well, there is something you can do about it, especially if you are one of the newly-titled "rich" folks making $250K while trying to get by in NYC:

    1. Get a W-4 from your employer and increase your exemptions so you have less tax withheld. In September, change it back, and add extra tax withholding. This deprives the Feds of money for several months.

    2. DON'T donate to charities this year. Yes, it is hard and they will suffer, but you can always make it up to them later. Send a message to Washington.

    3. DON'T spend money on things you can do without. That should be obvious. And target your enemies by not buying their products. Don't like Hollywood, don't buy movie tickets. Don't like the New York Times? Cancel your subscription.

    4. DO let your state lawmakers know, in no uncertain terms, that new taxes are their death knell. Vote accordingly.

    March 3, 2009 04:58 pm at 4:58 pm |
  16. gary

    HEY! No more borrowing money! No more increasing taxes! No more talk of socialism! No more grand international packs that cost us tax dollars! Have tea with the prime minister, smile and send him home.

    March 3, 2009 05:13 pm at 5:13 pm |
  17. Mark, B'ham., Al.

    The Globe wants us to bail them out too! The only good thing Europe does is fire their banking executives for failure.

    March 3, 2009 05:52 pm at 5:52 pm |
  18. Di

    New Globe Deal will be like NATO. America will make all the sacrifice!We send the EU millions annually. ENOUGH IS ENOUGH

    March 3, 2009 07:21 pm at 7:21 pm |

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