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On Wall Street, Obama to set new economic course

AFP, Washington
A year after Lehman Brothers collapsed and unleashed global financial contagion. US President Barack Obama will argue on Wall Street Monday that his policies rescued an economy that now must be rebuilt.
In a major speech in the symbolic surroundings of Federal Hall. New York, Obama will outline the steps he took after taking office at a time of investor panic, and say his administration staved off a second Great Depression.
Then, aides said, the president will refocus attention and issue a call for action on financial, regulatory and structural problems still dogging the slowly reviving economy, which he believes will underpin long-term recovery.
"We are making a clear transition from rescue as the priority of public policy to sustained recovery," said Lawrence Summers, director of Obama's National Economic Council.
"We have moved back from the brink of financial catastrophe to a set of very important problems that need to be managed."
The speech will come a week before Obama hosts the next Group of 20
summit in Pittsburgh, where global economic powers will try to agree a strategy to head off future crises.
In recent weeks, as economic indicators have suggested glimmers of hope, the White House has argued there is evidence Obama's approach is reaping dividends.
Last week, the administration argued that its huge, politically risky 787 billion dollar stimulus plan had created or saved up to 1.1 million jobs.
This followed a flurry of polls showing that most Americans believe conversely that the stimulus plan is having no impact.
Officials predict a possible return to positive economic growth in the third quarter this year, a moment that will mark a political milestone for the administration.
"When the president was elected and in transition, the issue... was whether recession would become depression," said Summers.
"Today, the question is when the recession phase will end? That is not in our judgement an accident."
As well as his huge stimulus plan, Obama invested hundreds of billionsof dollars bailing out the indebted financial sector, unveiled moftgage rescue plans and took steps to loosen the flow
of credit.
Though the White House argues its policies are working, officials admit there is much economic pain to come -- and predict that even in recovery, unemployment will hit 10 percent.
That scenario will hand the White House a tricky political problem as mid-term congressional elections loom in November 2010.
The US government is also still invested with huge stakes in the financial, banking and auto industries, credit remains tight, and there are few signs of a robust return to growth in the housing market.
The administration's next big challenge will come in managing the transition out of the industrial and financial sectors and purging what Obama has branded a "culture of irresponsibility" on Wall Street.
The president has set an ambitious timeline of this year to pass what supporters say would be the most sweeping regulatory reform since the 1930s, even as Congress is consumed with his historic health care legislation.
In his speech, he is likely to put Congress on notice that it must act quickly before returning growth drains the impetus for reform.
The proposals would give the
Federal Reserve expanded powers to oversee regulation on finance firms or banks that pose a significant systemic risk to the wider financial infrastructure.
They would introduce new discipline and transparency into financial markets and enable investors to better ride out the failure of one or more large financial institutions.
Reforms will also include the creation of a Consumer Financial Protection Agency to shield Americans from the extremes of credit, savings and mortgage markets.
Obama will deliver the speech at Federal I lall, one of the most important sites in America's history, where George Washington took the oath to become the first US president, just blocks away from the New York Stock Exchange.
His address will come exactly a year after the shocking collapse on September 15, 2008, of banking giant Lehman Brothers, which sent a shock wave through the global financial system.
It was followed by a severe credit crisis, government interventions to help secure markets, and downturns that pushed some of the biggest economies in the world into recession.