April 10th, 2009
01:07 PM ET
9 years ago

Obama: 'Glimmers of hope' in economy

The struggling U.S. economy may be starting to turn the corner, President Obama said Friday.

The struggling U.S. economy may be starting to turn the corner, President Obama said Friday.

WASHINGTON (CNN) - The struggling U.S. economy may be starting to turn the corner, President Obama said Friday, citing several key indicators during a meeting with top economic advisers.

The administration is detecting "glimmers of hope across the economy," Obama said at the White House.

Obama specifically mentioned a significant increase in mortgage refinancing as home owners seek to take advantage of low interest rates. He also mentioned, among other things, progress in spurring lending to small businesses and the mailing of stimulus tax cut checks in April.

The president warned, however, that the economy is "still under severe stress" and that further job losses are expected.

He promised that the administration would be unveiling additional initiatives to spark economic growth over the next several weeks.

Obama made his remarks during a meeting with Federal Reserve Chairman Ben Bernanke, Federal Deposit Insurance Corporation Chairwoman Sheila Bair, Securities and Exchange Commission Chairwoman Mary Shapiro, and Comptroller of the Currency John Dugan, among others.

Filed under: President Obama
soundoff (36 Responses)
  1. Chi Town

    It's turning... you can see it.

    The increased home buying is because of the current prices... they are through the floor. You can steal a house right now.

    It's a shame all this is starting before the stimulis money even hit the street (most of which isn't until next year)... makes you kinda wish we didn't spend it.

    April 10, 2009 01:43 pm at 1:43 pm |
  2. Fair is Fair

    A wise man once commented that he saw "a light at the end of the tunnel". What he didn't realize was that it was an oncoming train.

    Unless Obama comes up with a plan to spur permanent job growth (sorry... government "stimulus" jobs are only temporary), that train is aiming right at him.

    April 10, 2009 01:44 pm at 1:44 pm |
  3. awaitingmoderationby CNN

    My company cut another 200 yesterday. Thank you George Soros, moveon.org and ACORN for getting this clown elected.

    April 10, 2009 01:46 pm at 1:46 pm |
  4. boered1

    oh well this must be because of the President Bush bailoit it has nothing to do with the policies obummber put into place it is all because of Saint President Bush ALL HAIL THE REPUBLICAN PARTY FOR FIXING THE CRISIS!!!

    ok sarcasm aside it looks like the President's work is starting to have an effect... but out will come the naysayers and claim there has been no good signs and that the only good signs are because of the tax cut.. you know that extra $30 you saw in your paycheck...

    April 10, 2009 01:48 pm at 1:48 pm |
  5. Peter E

    Have you noticed how Obama seems to look tired in all his recent photos? How much sleep does he get each night? Or does he actually planning to carry through his promise to work until the economy is pulled out of the mire?

    April 10, 2009 01:48 pm at 1:48 pm |
  6. Tim

    What, are his appointments finally paying their taxes?

    April 10, 2009 01:48 pm at 1:48 pm |
  7. ray ray

    That's what $10 Trillion buys? A glimmer of hope??

    Please – start the impeachment process NOW.

    April 10, 2009 01:49 pm at 1:49 pm |
  8. Farley Hineman

    Oh Goodness, what "additional intitives" will he unveil to help spur USA to being equally poor everywhere?

    April 10, 2009 01:51 pm at 1:51 pm |
  9. Dave in Arizona

    The lesson that I'm learning is that the State of the Union speeches given by W for at least the last 5 years have been just bald face lies!!!! We were told everything was just great, remember?

    April 10, 2009 01:52 pm at 1:52 pm |
  10. Hilarion T. Benedicto

    Yes. I believe with Pres Obama at the helm, we will all weather this storm. and...if everyone does his share of picking up the load.

    April 10, 2009 01:53 pm at 1:53 pm |
  11. closet republican

    Wow, he looks tired and drained on that pic. I wouldn't want his job if you paid me millions....

    April 10, 2009 02:01 pm at 2:01 pm |
  12. Robin

    He must be having an "acid flashback". He did abuse drugs in college...right?

    April 10, 2009 02:01 pm at 2:01 pm |
  13. my

    this is good, but there is no increase in jobs yet....

    April 10, 2009 02:14 pm at 2:14 pm |
  14. Glimmer of What?

    What happened to CATASTROPHE- DISASTER-CRISIS? Oh, that was before the "stimulus bill" and budget were passed. We can't believe this liar.

    April 10, 2009 02:14 pm at 2:14 pm |
  15. CPO Ricker

    How planned of President Obama to make this announcement while the stock market is closed today. No economist working to analyze and rebut his statement.

    April 10, 2009 02:19 pm at 2:19 pm |
  16. Kelby In Houston, TX

    When the economic policies Obama has implemented turn the economy around and we all start doing better, what will you naysayers say then? When his ideas and policy starts having a positive effect on our nation, WHAT will you have to say then? Will you eat your words? Will you continue to be hope-LESS? I wonder

    April 10, 2009 02:21 pm at 2:21 pm |
  17. Kawika

    Larry Summers asleep in the back of the photo. . .

    April 10, 2009 02:25 pm at 2:25 pm |
  18. Mississippi Mike

    Remember when he said he doesn't pay attention to small fluctuations in the marked? I do, looks like he does to when he stands to benefit.

    April 10, 2009 02:25 pm at 2:25 pm |
  19. M

    This photo depicts a very, very tired looking Chief...be careful Mr. President; you must stay healthy.

    Bless you!

    April 10, 2009 02:26 pm at 2:26 pm |
  20. Michael in MN

    Obama looks worried and well he should be.

    The massive deficits his irresponsible and reckless spending is creating has sparked a level of concern and anger that won't be ignored. What will become millions of citizens all accross America are organizing to lift their voices in a united protest. And if the additional initiatives he speaks of turn out to be more deficit spending, he will be adding coals to the fire. The Tea Party movement has caught fire and will not be put out until we have leaders in Washington that will find solutions to our Nations problems that we can actually afford. We will not stand by quitely and watch our Nation be destroyed by insain and reckless spending.

    April 10, 2009 02:27 pm at 2:27 pm |
  21. New Day

    Well, my 401K is back to within 5% of where it was "pre-collapse." I have been fortunate to not lose my job, or incur medical expenses. I dont keep a balance on my credit card and my mortgage is under control. So, in the only way I can measure right now, the economy is slowly bouncing back.

    April 10, 2009 02:32 pm at 2:32 pm |
  22. Teknarik

    More like 'Grimmers of hope'...

    April 10, 2009 02:33 pm at 2:33 pm |
  23. RSaundersPA

    The person two seats to the president's right appears to be asleep. I hope that he really is not.

    April 10, 2009 02:33 pm at 2:33 pm |
  24. WaitandSeeIndie

    I might feel more confident if the guy behind him wasn't asleep and the woman next to him wasn't frowning. Maybe they know something we don't. I just think the government has intruded way too far into the economy. That concerns me more than banks failing or GM (Government Motors) filing for bankruptcy.

    April 10, 2009 02:52 pm at 2:52 pm |
  25. Ajay Jain, Garland, TX, USA

    After all the "Socialist" Obama is suceeding!!!

    April 10, 2009 02:57 pm at 2:57 pm |
1 2