Obama: economic crisis needs time to reverse

Financial Crisis Posted on

The economic crisis that hit industrial states with heavy manufacturing bases built up over decades and will take years to reverse, President Barack Obama told The (Toledo) Blade and Pittsburgh Post-Gazette on the eve of the next G-20 meeting.

"If you think about what's happening in Ohio and the manufacturing base that employed so many people, the decline in that sector of the economy took decades," the President said. "And reversing that and rebuilding it is going to take two decades as well."

The president said it's important to have policies in place that will help manufacturing companies trying to rebound to sell their products at home and overseas.

Obama says there is good news in the success Toledo has had becoming a national hub for solar energy research and manufacturing.

"That market we know is going to grow," the president said.

He also praised Pittsburgh as a world-class city chosen to host the G-20 summit because it is a success story of the changing U.S. economy.

The G-20 is a group of industrialized and developing countries that comes together to discuss global economic issues.

Obama made his comments to editors with The Blade and Post-Gazette Friday in Washington, along with Blade and Post-Gazette publisher John Robinson Block.

U.S. Rep. Bob Latta, a Republican from Bowling Green, Ohio, said the president's prediction of a long recovery was troubling.

Legal News Media

Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.


American Bar Association – Start and Run a Law Firm

NewYorkStateBar.com – Starting a Law Firm

Lawyer Website Designs