Worsening of Foreclosure Situation Makes President Obama Send out Warnings

On Friday 30th January 2009, the worsening of the foreclosure related financial crisis made President Obama send out stern warnings. He said that the recession is a “continuing disaster” especially for the workers of the country. This meant that it is imperative for the Congress to act swiftly on the plan that would stimulate the economy.

The dream of American has become its nightmare. Obama referred to it as “the American dream in reverse.” He categorically stated, “This isn’t just an economic concept, this is a continuing disaster for America’s working families.” Obama was talking just before reversing many of the decisions taken by the Bush administration that had curtailed the rights of the trade unions. He said, “This isn’t just an economic concept, this is a continuing disaster for America’s working families.”

The President spoke after data was released by the government indicating that the economy of the country had contracted in the fourth quarter at the highest pace since 1982. The rate of decline was noted to be 3.8%.

President Obama repeated his warnings at the inaugural launching of ‘Middle Class Task Force’ by Vice-President Joe Biden. He said, “The recession is deepening, and the urgency of our economic crisis is growing.”

Commenting on the economic stimulus plan Obama said, “I’m pleased that the House has acted with the urgency necessary in passing this plan. I hope we can strengthen it further in the Senate. What we can’t do is drag our feet or delay much longer. The American people expect us to act, and that’s exactly what I intend to do as president of the United States.”

The bill for $819 billion ($1.2 trillion) as an economic stimulus plan was passed by the House of Representatives in the last week of January. But expected support was not got from the Republicans. The Senate will now take up the matter for debate.

Robert Gibbs, the spokesperson for White House was questioned during his daily briefing whether the blunt and plain speaking tone of President Obama would not further erode the confidence and damage hopes of recovery. He replied, “I think what the American people also want to see is somebody who will level with them about the challenges that we face, and will give them a sense of where he hopes to take them.” He said that Obama would not have been able to do that if he kept on “continually telling people that things are different than what they know to be true in their everyday lives.”

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