Obama hails summit as 'turning point' for recovery

And the waters of the Atlantic shall part and He will walk home from Europe...

wolfpack - heh, I always knew that you secretly love - no - WORSHIP - President Obama.

Now we all know. :-)

Sushi: We've known that for a long time. The guy can't but praise Obama and revere him. It's nice that he akins Obama's ability to fix the situation he inherited from bush as biblical, too.

"In life there are no guarantees"

The president doesn't know what he's talking about. In life there are at least two guarantees: death and taxes. And this president is going to raise at least the taxes.

"turning point".... he is delusional.

Just talking up the economy again...

The president doesn't know what he's talking about. In life there are at least two guarantees: death and taxes. And this president is going to raise at least the taxes.

Yeah - Bush was big on the death part, though, eh?

But let's see if this concerted effort between world leaders is effective first, before pre-emptively wailing what a failure Obama is.

But let's see if this concerted effort between world leaders is effective first, before pre-emptively wailing what a failure Obama is."

I sure as heck wouldn't advise dropping a bunch of cash on any thing right now.

I'm tired of all the cryin and whining. I understand that there arewere greedy people on wall street or in the financial industry that accelerated this mess, but what people forget to remember is the consumer (a.k.a. american tax payer) that also needs to shoulder some of the blame. I am not accusing anyone on this blog of this, but you do know of someone that has run up their credit card bill with 20% interest in order to "buy" the finer things in life that you so valuably wanted. How come no one is willing to share their part of the blame in all of this. A credit card is your promise to your bank that you will pay them back for the money they loan you. The interest rate is the banks way to earn money for loaning it to you. If you charge up all your credit cards ( as its the american way) and you cant pay the bill, where does that leave the bank? Alot of defaulted accounts. Kind of like the woman that is a bus driver that bought a 800,000 USD house. How the hell can you explain to me that a woman who drives a bus for a living can afford an 800,000 USD house? I will admit I do have nice things, but I paid cash for them. I have no debt, but I am willing to bet that the average american household is in debt. Nice house, nice car, T.V., vacations ect. More times than not are financed on a credit card. I know that there are people that make due on their debt and pay what they owe, but there are alot of people that do not. It's time to stop blaming everything on other people and start looking at yourself sometime. If this does not apply to you then disregard, but if it does pertain to you maybe you should think a little more before you make that next big purchase on your credit card. This problem hits on all levels of the economic chain, not just some greedy real estate investor, but also the average american consumer as well. Once those that default on their debts realize that they are part of the problem as well then maybe this situation can clear itself up as well. Live within your means.

This is the economic equivalent of Bush's "mission accomplished" statement.

techall: "This is the economic equivalent of Bush's "mission accomplished" statement."

That's possible, but remember bush's absolute gaff in this regard was only known retrospectively, and I think Obama needs to be given more than a two month chance to prove things, particularly given what he inherited when he took over. If things haven't changed in a year or so then the 'turning point' speech will be somewhat funny in retrospect (well, 'funny' is questionable).

I still find it sad, though, that so many bitter Republicans on here would rather see Obama eat his words than the economy actually improve.

I think Obama needs to be given more than a two month chance to prove things, particularly given what he inherited when he took over. If things haven't changed in a year or so then the 'turning point' speech will be somewhat funny in retrospect" that's true in a sense, however, what I find to be a problem is that some of the who have been part of the problem are still there and in fact getting praise.

I also think one needs stop using the "inherited" excuse. All candidates knew well what they were getting into. To me, its sounds like a lack of coinfidence. People tried using Bush inherited terrorism against the US card... I didn't buy into that either. He knew they were out before he became president. But still, its not Obama, just as much as I don't blame Bush for the entire or even much of the finance mess, I don't blame Obama. His administration however, I do. If we don't get out of this mess within a year, I still won't solely blame Obama, unless we still got the same people there.

I still find it sad, though, that so many bitter Republicans on here would rather see Obama eat his words than the economy actually improve." Well, I hate to say this on such a good day for me, but really what are the goals and strategies laid out. Right now, many believe what they are hearing and really this is very little coming out of anyone to refute those accusations. If the accusation remain believable, then wanting him to fail is not such a bad thing. Recently we have been hearing a few dems who stated the same thing about Bush that have been quieted down and could possibly be one of the reason the remarks by that fat dude are not heard that much in the past two weeks.

The only bad news is that Gordon Brown will be crowing that he's "saved the world" again, when in fact he has ruined the investments and savings of millions of Britons through his inept economic mismanagement over the past 12 years...

Well, I've been enjoying watching the markets going up slowly. It was in the 8000s before it fell to 7900+. He may now be solving world peace, yet, but he ain't doing everything wrong.

Then he goes across the big water and makes wompom with other leaders. He's doing what I voted for him to do. < :-)

Well, I've been enjoying watching the markets going up slowly." Aday, are you watching or are you putting cash into it? Or are you just following CNN?

How the hell can you explain to me that a woman who drives a bus for a living can afford an 800,000 USD house?

That's a very simple question to answer. Somebody was in the business of selling debt, either to other Americans or exporting that American debt around the world. So they needed somebody to take on the debt so they could sell it, and a bus driver is as good as anybody else for that. They weren't in the business of collecting the debt, so they didn't care about that. That was what the foreign sucker buyer was there for, to hold the bag.

Anyways it was fun while it lasted, having the rest of the world subsidize the USA. Now that is all over, and the USA (consumers at least) will have to "live within its means". Good advice that, and I agree that is what individuals should do. If it is to good to be true, ie. like 800,000 dollar home loans given to you, you are obviously going to get screwed in the end. The problem for the USA and other countries too, is just what exactly are those "means" now in 2009. We're going to find out soon enough, and it might not be very pretty.

The sharemarket's up.

It's all Obama's fault, ha ha. :-)

Altria - "Just talking up the economy again..."

Heh, when the last president was talking up the economy, it tanked into the worst recession in 80 years. President Obama doesn't have a very high benchmark to beat. :-)

Why it is a "turning point" but "there is no guarantee?". It is like Forex market ,up any time and down any time...in other words President Obama has no idea.

TrappedNTokyo - "...but I am willing to bet that the average american household is in debt."

You bet. The last time I read, Americans on average had an average savings rate of 0.2%. Beat that!

"I know that there are people that make due on their debt and pay what they owe, but there are alot of people that do not. It's time to stop blaming everything on other people and start looking at yourself sometime."

Bang on the mark - good common sense post.

It's time to stop blaming everything on other people and start looking at yourself sometime." sadly, that is no longer the American way. Most Americans would prefer to have a government do everything for them.

George Bush is really, really dumb.

Turning point without any guarantee? means, 'Palace Party' is over and delegates are returning home. Accept Economy "as and where it is". Now we will have one more party after Easter Holidays !

Skipthesong - "Most Americans would prefer to have a government do everything for them."

Not quite.

Sadly, after decades of living beyond their means, it's come to the point where many Americans NEED the government to do things for them.

The crows have well and truly come home to roost.

"Most Americans would prefer to have a government do everything for them." Same for Australia. I think one reason for this is because the society simply has faar ,far tooo many laws.

It's time to stop blaming everything on other people and start looking at yourself sometime.

I prefer to blame Georg Bush.

They keep declaring the crisis over but the layoffs continue. The crisis may be over for the bankers but for the auto workers it is just beginning.

Not only have the Americans been living beyond their means but the US government has been doing a good job of it as well. Two unfunded wars, tax cuts and increased spending do a good job of bankrupting the government. It's a democracy (OK, republic) we get what we deserve.

Sarge, you're wrong and Americans know it.