Glimpse of hope for Obama of recovering financial system, after meeting

On Friday, President Obama said that we are starting to see is ‘glimmers of hope’ across the economy to reporters after a meeting with teams of economy and regulatory also with Federal Reserve Board Chairman, Treasury Secretary and the Chairman of the Federal Deposit Insurance Corp. He also added, “We’re starting to see progress”.

Obama mentioned to improve refinancing of home mortgages, money flows from $787 billions stimulus package and 20% raise in government backed loans to small business over the previous month only. He also said we are still lots of job losses and lots of hardship.

The talks that lastly about one hour, pointed on stabilizing banks, stimulating the economy, the rising unemployed rate, falling strain in the credit markets, the health evaluation of banks and the mortgage refinancing, which also includes “stress tests” being organized by the Fed. The result of the Test, due at the end of this month, are awaited by the financial market.

He also said in the meeting that in the coming next few weeks, you will be seeing other actions by the administration but gave no details.