Obama Seeks New Economic Foundation 

March 12. 2009

President Barack Obama and wife First Lady Michelle

President Barack Obama today stated something I believe and expressed last year, on October 22. 2008, "the U.S. economy needs to be rebuilt" on new foundation, as it is gone. Obama stated today, "We must build this recovery on a foundation that lasts." 

He also stated today, another item I also believe and expressed previously on December 31, 2008, regarding all the fraud in corporate America, where I stated, "That’s not creating wealth, that’s stealing it." Today, Obama stated to CEOs regarding corporate America's misconduct in various things, "Such activity isn’t the creation of lasting wealth."

But the question remains, what is the government going to do about it, as they are not all on the same page and the meter is running regarding ongoing foreclosures, job losses and ongoing corporate fraud. The White House is going in one direction, Congress another and the FBI and SEC are hovering in a stupor.

Obama to CEOs: 'We must build this recovery on a foundation that lasts'

(Posted by Jill Lawrence) Mar 12, 2009 - The White House has just released excerpts of what President Obama will say at 4 p.m. ET to the Business Roundtable. He plans to tell the high-powered CEOs group why he is focused on education, energy and health care in addition to fixing the financial markets...

In today's prepared remarks, Obama says the country can't continue with an economy based on "reckless speculation and spending beyond our means; on bad credit and inflated home prices and overleveraged banks." Instead, he says, "we must build this recovery on a foundation that lasts."

He also says that "we cannot wait to build this foundation. Putting off these investments for another four years or eight years would be to continue the same irresponsibility that led us to this point. It would be doing exactly what Washington has done for decades. And it will make our recovery more fragile and our future less secure." ...

http://content.usatoday.com

Obama Says U.S. Can’t Afford ‘Bubble-and-Bust’ Cycles (Update3)

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.

...“Such activity isn’t the creation of lasting wealth,” he said. “It’s the illusion of prosperity, and it hurts us all in the end.”

http://www.bloomberg.com