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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Obama warns of collapse if big institution fails AFP - Monday, March 23 WASHINGTON (AFP) - - President Barack Obama warned of a system-wide collapse with the potential to trigger an economic depression if another big financial institution fails, but he downplayed the likelihood it would happen. ADVERTISEMENT Interviewed on the CBS television program "60 Minutes," Obama was asked if the financial system could implode if the likes of bailed-out insurer AIG or banking giant Citicorp were to fail. "Yes," the president replied, in the interview broadcast Sunday, as his administration prepared to announce new steps Monday deal with the toxic assets clogging up US banks' books. "I think that systemic risks are still out there. And if we did nothing you could still have some big problems," Obama said. "There are certain institutions that are so big that if they fail, they bring a lot of other financial institutions down with them," he said. "And if all those financial institutions fail all at the same time, then you could see an even more destructive recession and potentially depression." But the president stressed: "I'm optimistic about that not happening. Because I think we did learn lessons from the Great Depression." Obama said under-fire Treasury Secretary Timothy Geithner faces a challenge in reconciling contradictory demands, as he readies to roll out the new banking rescue plan on Monday. "The banks would love a lot of taxpayer money with no strings attached. Folks in Congress, as well as the American people, would love to fix the banks without spending any money," he said. Laughing, Obama added: "And so at a certain point, you know, you've got just a very difficult line to walk." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Obama's Presidency Obama warns of collapse if big institution failsAFP - Monday, March 23 Under Obama, US drops hostility to ICC: expertsAFP - Monday, March 23 US to publish torture details: reportAFP - Monday, March 23 Iran ready to change if US leads way: KhameneiAFP - Sunday, March 22 Enlarge Photo President Barack Obama, pictured on March 18, 2009, warned of a system-wide collapse with the potential to trigger an economic depression if another big financial institution fails, but he downplayed the likelihood it would happen. Related Photos Slideshow US elections 2008 Related Full Coverage Obama's Presidency What change will Obama bring? Will it affect the rest of us globally? All Full Coverage Most Popular – Top Stories Viewed British reality TV star Jade Goody dies of cancer Prince Charles blue over green crusade Madoff loses bail appeal as victims' rage revealed Arrest warrant issued for Lindsay Lohan Opel boss hints at closing German plants View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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