The US President, Barack Obama, on Thursday said the stabilisation in America’s financial system is a success story of the last six months; but rued that there has not been a change in the behaviour of the US companies that has resulted in their collapse last year.
“One of the success stories of the past six months is that we really have seen stabilisation in the financial system. It is not where it needs to be. But people are no longer talking about the financial system falling off a cliff. We have stepped away from the brink,” Mr Obama told reporters at a prime time White House press conference.
The President observed that it is important because it means a lot of companies right now can go into the marketplace and borrow money to fund inventory, fund payroll and that will help the economy grow as a whole.
“Now that the financial system has bounced back, what you are seeing is that banks are starting to make profits again. Some of them have paid back the federal aid money that they received, the bank bailout money that they received. And we expect more of them to pay this back. That is a good thing,” Mr Obama said.