Obama taking pragmatic economic view

March 13, 2009 at 4:04 PM
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WASHINGTON, March 13 (UPI) -- President Barack Obama said Friday he and advisers work daily to resolve the United States' economic crisis and get credit flowing again.

"(We) are spending every day working through how to get credit flowing again so that businesses ... as well as consumers, are able to obtain credit and we can get the economy moving again," Obama said after a meeting with his economic recovery advisory panel in Washington.

Even as focus is on the financial system and credit markets at home and abroad, Obama stressed the importance of "laying the foundation for what I'm calling a post-bubble economic growth market."

"The days when we are going to be able to grow this economy just on an overheated housing market or people ... maxing out on their credit cards ... are over," Obama said. What we need to do is go back to fundamentals," meaning driving down healthcare costs, improving education and moving to a clean energy economy.

Paul Volcker, who chairs the panel, said the financial system alone is a "very complicated matter."

"But there are big economic problems behind the financial system too, and they're going to take longer to work out," Volcker said.

Obama ended the media availability on an upbeat note.

"If are keeping focused on all the fundamentally sound aspects of our economy," Obama said, "then we're going to get through this. And I'm very confident about that."

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