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.
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.
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.
My company cut another 200 yesterday. Thank you George Soros, moveon.org and ACORN for getting this clown elected.
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...
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?
What, are his appointments finally paying their taxes?
That's what $10 Trillion buys? A glimmer of hope??
Please – start the impeachment process NOW.
Oh Goodness, what "additional intitives" will he unveil to help spur USA to being equally poor everywhere?
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?
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.
Wow, he looks tired and drained on that pic. I wouldn't want his job if you paid me millions....
He must be having an "acid flashback". He did abuse drugs in college...right?
this is good, but there is no increase in jobs yet....
What happened to CATASTROPHE- DISASTER-CRISIS? Oh, that was before the "stimulus bill" and budget were passed. We can't believe this liar.
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.
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
Larry Summers asleep in the back of the photo. . .
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.
This photo depicts a very, very tired looking Chief...be careful Mr. President; you must stay healthy.
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.
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.
More like 'Grimmers of hope'...
The person two seats to the president's right appears to be asleep. I hope that he really is not.
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.
After all the "Socialist" Obama is suceeding!!!