Sat Nov 21 2009
WASHINGTON -- President Barack Obama on Saturday tempered excitement about a growing economy with a sober outlook that more people will lose their jobs. He called that a heartbreaking reality and cautioned that even a burst of upbeat news "does not mean there won't be difficult days ahead."
Obama's straddle served to set expectations for a nation emerging from recession but anxious for an economic security that has not nearly returned.
The good news of the week: The economy is on the rise for the first time in more than a year. Fro m July through September the economy grew by 3.5 percent, the strongest uptick in two years. Obama called the development no cause for celebration, but a welcome sign after so many months of distressing news.
"While we have a long way to go before we return to prosperity, and there will undoubtedly be ups and downs along the road, it's also true that we've come a long way," Obama said in his weekly radio and Internet address. "It is easy to forget that it was only several months ago that the economy was shrinking rapidly and many economists feared another Great Depression."
Mosque leader funeral: Hundreds of people offered hushed prayers Saturday at the funeral for a slain Detroit mosque leader while authorities across the border in Canada made the final two arrests in a criminal case that is stirring some anger in the Muslim community. The FBI says Luqman Ameen Abdullah, 53, was fatally shot inside a suburban warehouse Wednesday after firing at agents and resisting arrest. Agents wanted him on charges of weapons violations and conspiracy to sell stolen goods.
Bus crash injuries: Police say 13 students were injured when a charter bus taking Morehouse College marching band members to a football game skidded off a Georgia interstate and overturned. Henry County police Capt. Jason Bolton says the bus landed on its side in a ditch around 10 a.m. Saturday on Interstate 75 south of Atlanta. Bolton says the driver lost control while trying to avoid another vehicle. The 13 band members were taken to area hospitals with non-life-threatening injuries.
Feds close nine banks: Regulators have shut California National Bank of Los Angeles and eight smaller related banks as the weak economy continues to produce a stream of loan defaults. The banks closed on Friday by the Federal Deposit Insurance Corporation were in California, Illinois, Texas and Arizona. They were divisions of privately held FBOP Corp., a bank holding company based in Oak Park., Ill.
Comments
By Posting to this site, you agree to our Terms of Service Be polite.
Inappropriate posts may be removed.
Crescent-News.com doesn't necessarily condone the comments here, nor does it review every post.
Login above or Register to comment.
0 Total Comments Home | Back
Copyright Defiance Publishing, LLC 1995-2009. All Rights Reserved.
Content may not be republished without the expresse written consent of the publisher.
Content may not be republished without the expresse written consent of the publisher.
Dix Communications