After the selection of Bernanke as a Fed chairman things are going better and now the President Obama is getting support from the G20 countries and this was seen in the Pittsburgh summit. The US President Barack Obama opened the G20 leaders’ summit Thursday by calling for agreement on a framework to rebalance the global economy, hoping to shift the responsibility for prolonged economic recovery off the American consumers and the heavily indebted the US government. The US president is arguing the world can no longer rely on American consumer and government spending to drive economic growth.

In this summit G-20 counties leaders agree to fully support the US president to rebalance their economy. Timothy Geithner who is the US Treasury Secretary told reporters in an interview that “It’s very important that, as we lay a foundation for recovery, we don’t sow the seeds for future crises,” “In the run-up to this crisis, many of the world’s largest economies depended on the American consumer to buy their exports to drive growth, and we made it easy. For too long, Americans were buying too much and saving too little. And that’s no longer an option for us, or for the rest of the world.”

Despite Merkel’s reservations, Geithner told reporters “there’s very strong support” for Obama’s rebalancing proposal. “Certainly, for the first time in a year, we’re seeing the first signs of optimism about prospects for global recovery,” he said. “This is encouraging, but we have ways to go.”

The prime minister gave an important message which is showing a good hope for the economical rebalancing was “their good progress has been made, but it is going to be very important that we don’t lose the momentum, going forward,” the official said. So, we can hope well that now America will now get rid from his financial problems.

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The US president Obama said that the G20 leaders had agreed to launch a new framework to generate strong sustainable and balanced global growth. The President added that ordinary people around the world would not tolerate going back to a boom and bust global economy. In answer to a question on Iran’s nuclear program, he said the Iranians were on notice to come clean on what exactly they were doing at their second, secret nuclear facility.

The US President Obama said about a military option that “he was not ruling anything in or out, but added his preferred solution was a diplomatic one”. So, these conferences and the agreement of balancing the world economical recovery is a positive sign for the world that these steps can save the world’s destabilized economical conditions.

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It was the Asian companies, which rely more heavily on the smaller fuel-efficient vehicles that drove clunker sales that clearly reaped the biggest gains. For instance, many of the hottest-selling Japanese cars, such as the Toyota Camry and Civic, are built in the US. The car dealerships are some of the nation’s biggest generators of sales tax receipts.

Toyota, which captured the largest percentage of clunker sales at 19.4%, said it sold 225,088 vehicles in August, up 6.4% from a year earlier. It was the Japanese automaker’s best sales month since May 2008, as buyers snapped up Corollas, Priuses and RAV-4 SUVs. So, in simple “cash for clunkers” program has changed the auto industry positively and given the benefit to the US economy.

Watch the video “Blessing Or Curse? – Cash For Clunkers – Bloomberg”

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U.S Government is trying their very best to give comfort to their citizens and but keeping the rates unchanged could be a major reason of failure of their attempts. In The U.S Fed is a part of US Federal Reserve system and a back bone Organization in US. This organization is a major authority of making the policies and rules related to the countries financial and economical decisions. The unchanged rate was no surprise to the markets which had placed the probability of a rate change at nearly 0% as indicated by the Fed Funds Futures price action. In a statement Fed said “it’s a leveling out” in economic activity and indicated that substantial resource which is slowed down in commodities and have to keep inflation down. The Fed did say, however, it expects the economy to remain weak for a time.  The Federal Reserve on Wednesday kept its key interest rate near 0% as estimated and it would end its purchase of $300 million in Treasury securities in October, one month later than previously announced. The Fed is expected to maintain the current rate between 0 and 0.25 percent.

The Federal Funds Rate is that rate at which banks lend their Federal Reserve balances to each other. The unchanged rates has affected the stock market as well world stock markets shot higher Thursday after the US Federal Reserve said the world’s largest economy appeared to be “leveling out” from its worst recession in decades. So, it’s very much clear that now there is much need of change the rates of banks and so that economy can go up and people get relax!

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As we all are expecting so much from President Obama because he had set expectations higher here and eight months later, things haven’t got better, so some people are losing hopes and they are demoralizing. My personal opinion about the Jobs situation in USA is very bad so for; the President Obama has to take the notice of jobless people and merely available jobs so to make a proper planning to solve this problem because this problem exist in the every state of America.

I hope President Obama will take some serious steps to overcome the unemployment rate as its growing and creating so many challenges for the people who are already fighting and facing the troublesome life in the form of growing taxes, mortgages and growing Inflation.

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“I’ve nothing against Obama personally, but he’s new to the job and ‘hope’ won’t fix this mess.”

The very next thing is the housing is getting very much crucial so housing starts unexpectedly rose in June as construction of single-family dwellings jumped by the most since 2004/2005 and industrial production shrank in June at the slowest pace in eight months, according to government figures.

Obama knows very well that “People were looking for a savior to get us out of this mess and that’s why they voted for Obama,” so now it’s a huge responsibility on him to take people out of this crunch .The Federal Reserve said yesterday that most of its 12 regional banks detected a slower pace of economic decline in June and July, and the benchmark Standard & Poor’s 500 Index has risen 15 percent since Obama’s inauguration.

In an interview with President Obama, he said that he arrived in office facing “the worst economy of our lifetimes” and that the bank rescues begun under former President George W. Bush. Without naming Bush, he blamed his predecessor for the government financial shortfall, projected to rise to a record $1.84 trillion this year.

Watch out the video US recession fueled by low wages and consumer debt

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