When it was time for the Bush administration to step down the whole world was jubilant especially the US citizens on the positive note that the new Presdient, Barack Obama will bring a change to the economic recession. But when we look at the bigger picture, there is more to the problem than what is seen. There are no jobs, people do not want to spend money anymore like before resulting in many businesses closing down, people do not have enough money to pay back their housing loans, many banks are on the verge of closing down, the list can go on.
The Obama administration is trying hard to convince that they can make a difference, example of which was the $825 billion stimulus package for banks being approved by the US House yesterday, There is more to do, like creating jobs so that the unemployed are sucked back into the system and also stabilizing the housing market.
This is a very long process and cannot be achieved in a year or two, it can take upto five years or even more for the economies to come back to normal. I just hope the new administration really makes an effort to resolve this issue unlike the Bush administration.
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