Obama: "We've Stopped Our Economic Free-Fall" - NBC Bay Area

Obama: "We've Stopped Our Economic Free-Fall"

President says the global economy has progressed



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    President Obama assured Americans Friday evening that the global economic free-fall had ended, saying in his weekly address that the economy was on its way to stabilizing across the world -- and that America will pave the way back to financial success.

    Obama previewed next week's G20 summit in the address, telling Americans he'd work to ensure that he and other world leaders began creating provisions to protect the global economy against loopholes and poor legislation that allowed this year's fiscal crisis to occur.

    The president also challenged Americans to step up to the plate and help to reform the economy.

    "We can't allow the thirst for reckless schemes that produce quick profits and fat executive bonuses to override the security of our entire financial system and leave taxpayers on the hook for cleaning up the mess," Obama said.

    "As the world's largest economy, we must lead, not just by word, but by example," he said.

    Obama also promised he'd create a new consumer protection agency that would draft a set of clear consumer rules to help Americans navigate mortgage laws, credit crises and other federally regulated financial systems.