Friday, July 10, 2009

Tottering on the edge of a “disastrous economic collapse.”

Well, I don’t know if I can agree with the whole statement made by President Obama today but at least we have a major world leader acknowledging that the world has been/is tottering on the edge of a “disastrous economic collapse.”

AP reports, “Lasting worldwide recovery ‘is still a ways off,’ President Barack Obama declared Friday, but he also said at the conclusion of a global summit that a disastrous economic collapse apparently has been averted.”

"’Reckless actions by a few have fueled a recession that spans the globe,’ Obama said of the meltdown that began in the United States with a tumble in housing prices and drastic slowing of business lending. The downturn now threatens superpowers and emerging nations alike.”

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