Marking the anniversary week of the unofficial meltdown of the economy Obama says things are better. The president says that with the help of all Nation the economic free fall is over, but there is still lots to do.
At the G20 Summit Obama intends to work with other countries to secure the global economy by leading the way.
Barack Obama will ask Congress for tough common sense rules to prevent similar meltdown. He says though Wall Street has its issues all citizens who barrow money from bank and take out morgages need to take personal responsibility and lenders need to be more honest.
Rules to keep consumers and lender honest could include, Forming a new "Consumer Financial Interest Protection Agency" to keep tabs on lenders and borrowers. The agency would make rules to keep consumers from hidden fee's and penalties being attached to loans. Outrageous interest increases for late payments and so on.
With the next G20 Summit approaching in Pittsburgh, the President goes over the progress in stemming a global economic crisis. He discusses the impact of the Recovery Act, and pledges that "lobbyists for big Wall Street banks" will not prevent real reform for the future, including a new Consumer Financial Protection Agency.
Two important takeaways from the President's Weekly Address this morning.
#1, the American Recovery and Reinvestment Act will start having an impact as soon as a few weeks from now, in the form of the quickest and broadest tax cut in history:
#2, once the economy has recovered and we’ve laid the groundwork for a sustainable future, the President is committed to taking on the massive deficits we inherited:
