Obama Says U.S. Can’t Afford ‘Bubble-and-Bust’ Cycles

[ProSense]

Obama Says U.S. Can’t Afford ‘Bubble-and-Bust’ Cycles

Kim Chipman – Thu Mar 12, 5:13 pm ET

March 12 (Bloomberg) -- President Barack Obama warned a group of chief executive officers that the U.S. can’t continue with “endless cycles of bubble and bust” and must build a new foundation for future economic growth.

The financial markets crisis is only part of the challenge to the U.S. economy, Obama told the Washington-based Business Roundtable today.

The current turmoil can’t be used “as an excuse to keep ignoring the long-term threats to our prosperity” from the rising costs of health care and energy and a faltering education system, Obama said to the group, which is made up of CEOs from U.S. companies including Citigroup Inc., Exxon Mobil Corp. and General Motors Corp.

Obama is campaigning to maintain public support for his economic strategy, which includes new government spending as part of a $787 billion stimulus plan and stabilizing the banking industry and housing, as well as tackling the health-care system, energy and education. He also is defending his plans against critics among congressional Republicans and some Democrats.

‘Fundamental’ to Growth

“I’m not choosing to address these additional challenges just because I feel like it, or because I’m a glutton for punishment,” Obama told the business leaders. “I’m doing so because they are fundamental to our economic growth and to ensuring that we don’t have more crises like this in the future.”

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He promised his plans for revamping financial regulations won’t “strangle” the flow of private capital and that he’ll seek “global coordination” on a new framework when he meets with other leaders of the Group of 20 nations April 2 in London.

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[Cha]

1. Rec'd~ for the

Prez' take on this. PS, thanks.

[polichick]

2. I smiled when he said that - he's so far ahead of his critics!

[Mojambo]

3. Raise the top marginal tax rate back to the levels it was before Reagan was president. n/t

[Marsala]

4. "Stock Market Falls on Dismay at No New Bubble in Future" n/t

[polichick]

5. Exactly - they thrive on meaningless bubbles.

[Double T]

6. The criminals on wall street aren't going to like this kind of talk.

wall street depends on one scam after another until they go bust. Our Health care System is already in the works and BO is encroaching on their opportunity to bleed the system dry.

[ProSense]

8. Poor Wall Street. n/t

[uponit7771]

7. Rich people can though, reThugs fight for the rich over the middle class