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Fallout: The Financial Crisis

Reminder: We’re in a tough economy

Steve Henn Jan 26, 2009
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Fallout: The Financial Crisis

Reminder: We’re in a tough economy

Steve Henn Jan 26, 2009
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TEXT OF STORY

Scott Jagow: There’s been a lot of optimism surrounding the Obama Administration. But it’s pretty clear he understands what’s up against economically. And that it’s not going to resolved quickly or easily.
Over the weekend, Obama’s people tried to reinforce that to the country. Marketplace’s Steve Henn explains.


Steve Henn: Senior administration officials like Larry Summers hit the Sunday morning talk show circuit this weekend. Just in case the you haven’t been paying attention, Obama’s top economic advisor went on Meet The Press to remind you: this economy stinks.

Larry Summers: Worst economy since the second world war, a financial system that’s got very serious problems, government budget deficits.

Plus 2.6 million jobs lost in the last year. Here’s Vice President Biden on Face The Nation:

Vice President Joe Biden: It’s going to get worse before it gets better.

He says that’s even if Congress passes President Obama’s $850 billion economic stimulus plan quickly. The bill will be debated in the Senate this week. The House is expected to vote on its version Wednesday, but Republicans are warning many of the measures in the bill cost too much and won’t boost economic growth in the short term.

In Washington, I’m Steve Henn for Marketplace.

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