Barack Obama draws a gloomy picture of the US economy in the first quarter of the year, saying he sees "little promise" for improvement.
| That should drive the market down another couple hundred points ... |
"The economy's performance in the last quarter of 2008 was the worst in over 25 years, and frankly, the first quarter of this year holds out little promise for better returns," the US President said during a visit to the US Department of Transportation on Tuesday, AFP said.
Trying to be transparent and outspoken about the economic downturn Obama said "From Wall Street to Main Street, to kitchen tables all across America, our economic challenge is clear."
With a hefty 787 billion dollar stimulus plan, the first African-American President and his team pledged to save the sinking US economy, help the ailing US financial markets and create or save 3.5 million jobs over the next two years. Obama has vowed to pave the way for the Medicare to include more than 45 million Americans who are without any kind of insurance.
| There goes another few hundred points on the Dow ... |
The meltdown, first felt in the home markets and the financial centers, now is quite apparent all across the US with millions of jobs lost and scores of factories closed. |