This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8253941.stm
The article has changed 14 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Obama to urge financial overhaul | Obama to urge financial overhaul |
| (20 minutes later) | |
| US President Barack Obama is poised to call on Congress to approve an overhaul of the US regulatory regime. | US President Barack Obama is poised to call on Congress to approve an overhaul of the US regulatory regime. |
| In a speech to mark one year since the collapse of Lehman Brothers bank, he will also mount a vigorous defence of his administration's economic policies. | In a speech to mark one year since the collapse of Lehman Brothers bank, he will also mount a vigorous defence of his administration's economic policies. |
| The US president will focus on "the need to take the next series of steps" in regulatory reform, White House spokesman Robert Gibbs said. | The US president will focus on "the need to take the next series of steps" in regulatory reform, White House spokesman Robert Gibbs said. |
| Mr Obama's team have argued that they staved off a second Great Depression. | Mr Obama's team have argued that they staved off a second Great Depression. |
| Mr Obama will give his speech at 1210 local time (1610 GMT) in New York, near the US Stock Exchange. | Mr Obama will give his speech at 1210 local time (1610 GMT) in New York, near the US Stock Exchange. |
| It comes a week before the US hosts a summit of the Group of 20 richest nations in Pittsburgh. | It comes a week before the US hosts a summit of the Group of 20 richest nations in Pittsburgh. |
| 'Verge of collapse' | 'Verge of collapse' |
| The White House has said its massive $787bn (£472bn) stimulus package, known as the American Recovery and Reinvestment Act, passed earlier this year, has created up to 1.1m jobs and boosted economic activity. | The White House has said its massive $787bn (£472bn) stimulus package, known as the American Recovery and Reinvestment Act, passed earlier this year, has created up to 1.1m jobs and boosted economic activity. |
| BBC AFTERSHOCK SEASON The BBC reports on the first anniversary of the credit crunch across radio, TV, and online. See and hear the sights and sounds of the day of the crashSee how the recession has affected you Listen to WS radio on the crisis Full coverage of Aftershock online | |
| "When I walked in, the banking system, the financial system was under the verge of collapse," Mr Obama said on Sunday in an interview on the 60 Minutes television show. | "When I walked in, the banking system, the financial system was under the verge of collapse," Mr Obama said on Sunday in an interview on the 60 Minutes television show. |
| "The reason we did so was that every credible Democratic and Republican economist at the time when we came in said if we don't have a stimulus of some sort, then this is potentially going to get a lot worse," he said. | "The reason we did so was that every credible Democratic and Republican economist at the time when we came in said if we don't have a stimulus of some sort, then this is potentially going to get a lot worse," he said. |
| Some opinion polls have showed that most Americans believe the stimulus plan is having no impact. | Some opinion polls have showed that most Americans believe the stimulus plan is having no impact. |
| The White House has said it boosted US GDP by 2-3% between April and June. | The White House has said it boosted US GDP by 2-3% between April and June. |
| Positive signs | Positive signs |
| Recent data has suggested that the US is starting to recover, just as other countries such as Japan ad Germany have left recession. | Recent data has suggested that the US is starting to recover, just as other countries such as Japan ad Germany have left recession. |
| Many economists believe that the US will return to positive economic growth in the June-September quarter. | Many economists believe that the US will return to positive economic growth in the June-September quarter. |
| "When the president was elected and in transition, the issue... was whether recession would become depression," said Lawrence Summers, head of the Obama administration's National Economic Council. | "When the president was elected and in transition, the issue... was whether recession would become depression," said Lawrence Summers, head of the Obama administration's National Economic Council. |
| "Today, the question is when the recession phase will end? That is not, in our judgement, an accident." | "Today, the question is when the recession phase will end? That is not, in our judgement, an accident." |
| "We are making a clear transition from rescue as the priority of public policy to sustained recovery," he added. | "We are making a clear transition from rescue as the priority of public policy to sustained recovery," he added. |
| The collapse of US investment bank Lehman Brothers, soon after troubled rival Bear Sterns was sold with Federal Reserve intervention, marked the start of a near-total collapse of the financial system that required unprecedented global intervention to keep it solvent. | The collapse of US investment bank Lehman Brothers, soon after troubled rival Bear Sterns was sold with Federal Reserve intervention, marked the start of a near-total collapse of the financial system that required unprecedented global intervention to keep it solvent. |