Obama says worst of recession is over amid turmoil on Wall St.

August 12, 2010 04:58

Is anyone buying it? Foreclosures are rising, unemployment remains high, consumer confidence is low, and the only thing growing is the national debt. How can he say that with a straight face?

By Ian Swanson at The Hill

‘The Dow Jones tumbled 265 points on Wednesday amid growing worries that the world economy is weakening. The pessimism from traders came one day after the Federal Reserve downgraded its outlook for the economic recovery amid fears of a double-dip recession.

Wednesday’s tough day on the markets is the latest piece of difficult news for the White House, which is trying to promote last year’s $787 billion stimulus through a series of events it has dubbed the “recovery summer.”‘


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