Obama Says Credit Sector Looking Better

Posted March 18, 2009 at 7:46pm

President Barack Obama said Wednesday evening that the country’s financial sector is beginning to look up, suggesting credit that had dried up is beginning to flow again. “We’re slowly starting to see the system stabilize,— Obama said speaking at a “town hall— meeting in Orange Country, Calif. He said there is “more loan activity— occurring, but he did not suggest that the improvements were great or that they were going to be quick. The president was in California to promote his budget plan, part of an aggressive campaign the White House has launched to sell the proposal outside of Washington, D.C. Obama made his customary pitch, arguing that the country needs his plan for new spending on education, energy and health care as a prescription for long term economic health. The president also used the occasion to slam American International Group for the large bonuses it has paid out even as it received federal funding through the rescue of financial institutions approved by Congress last fall.