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Obama says U.S. financial system still faces risks

Published: 22/03/2009 05:00

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President Barack Obama said on Sunday that the U.S. financial system still faces risks, which might lead to a destructive recession and potentially depression.

CBS’ Steve Kroft interviews U.S. President Barack Obama for CBS’ “60 Minutes” program, in the Oval Office in Washington, in this frame grab taken on March 20, 2009 and released on March 22.(Xinhua/Reuters Photo)

“I think that systemic risks are still out there,” Obama said in an interview with the CBS program “60 Minutes” aired on Sunday.

“There are certain institutions that are so big that if they fail, they bring a lot of other financial institutions down with them,” he said. “And if all those financial institutions fail at the same time, then you could see an even more destructive recession and potentially depression.”

However, Obama also said he had not anticipated such a severe economic crisis. “I’m optimistic about that not happening. Because I think we did learn lessons from the Great Depression,” he said.

“Well, we’re already starting to see flickers of hope out there,” said the U.S. president, noting the recent data has promised “the possibility at least of the housing market bottoming out and stabilizing.”

“Now there’s a potential silver lining, which may be that things are so accelerated now, the modern economy is so intertwined and wired, that things happen really fast — for ill, but things may recover faster than they have in the past,” said Obama.

Earlier on Sunday, Christina Romer, head of the White House Council of Economic Advisers, said that she was “incredibly confident” that the ailing U.S. economy will recover within one year.

“That’s why we’re taking them (the measures),” Romer told the “Fox News Sunday” program. “We absolutely think that they are going to do the job for the American economy, and so I’m happy to see you a year from now.”

In the CBS interview, Obama also defended Treasury Secretary Timothy Geithner, who has been attacked over his handling of the bonuses paid by insurance giant AIG.

Obama joked that even if Geithner offered to resign, he would say, “Sorry, buddy, you’ve still got the job.”

The U.S. president also said that his country must have an “exit strategy” in Afghanistan.

“What we can’t do is think that just a military approach in Afghanistan is going to be able to solve our problems,” he said. “So what we’re looking for is a comprehensive strategy. And there’s got to be an exit strategy. There’s got to be a sense that this is not a perpetual drift.”

VietNamNet/Xinhuanet

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