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.
“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.