Obama Invites Cameron to the White House This Summer

Today, I was pleased to call David Cameron to extend my personal congratulations for the successful campaign that he ran and for becoming the new British Prime Minister. As I told the Prime Minister, the United States has no closer friend and ally than the United Kingdom, and I reiterated my deep and personal commitment to the special relationship between our two countries – a bond that has endured for generations and across party lines, and that is essential to the security and prosperity of our two countries, and the world. I look forward to meeting with the Prime Minister at the G8/G20 meetings in June, and Michelle and I invited Prime Minister Cameron and his wife Samantha to visit Washington this summer.

I also send my best wishes to Gordon Brown, and thank him for his friendship and his distinguished service as Prime Minister. He provided strong leadership during challenging times, and I have been grateful for his partnership. This historic election has been closely followed by the American people, and I have no doubt that the ties between our two countries will continue to thrive in the years to come.

Obama Announcement on Iran's Nuclear Plant at G20

At the G20 in Pittsburgh, Obama, Gordon Brown and Nicholas Sarkozy warned Iran that it needs to stop its programs or face sanctions.

President Obama and leaders of Britain and France accused Iran on Friday of building a secret underground plant to manufacture nuclear fuel, saying the country has hidden the covert operation from international weapons inspectors for years.
Appearing before reporters in Pittsburgh, Mr. Obama said that the Iranian nuclear program “represents a direct challenge to the basic foundation of the nonproliferation regime.” President Nicholas Sarkozy of France, appearing beside Mr. Obama, said that Iran had deadline of two months to comply with international demands or face increased sanctions.

“The level of deception by the Iranian government, and the scale of what we believe is the breach of international commitments, will shock and anger the entire international community,” Prime Minister Gordon Brown of Britain said, standing on the other side of Mr. Obama. “The international community has no choice today but to draw a line in the sand.”
The extraordinary and hastily arranged joint appearance by the three leaders — and Mr. Obama said that Chancellor Angela Merkel of Germany had asked him to convey that she stood with them as well — adds urgency to the diplomatic confrontation with Iran over its suspected ambition to build a nuclear weapons capacity. The three men demanded that Iran allow the International Atomic Energy Agency to conduct an immediate inspection of the facility, which is said to be 100 miles southwest of Tehran.

American officials said that they had been tracking the covert project for years, but that Mr. Obama decided to make public the American findings after Iran discovered, in recent weeks, that Western intelligence agencies had breached the secrecy surrounding the project. On Monday, Iran wrote a brief, cryptic letter to the International Atomic Energy Agency, saying that it now had a “pilot plant” under construction, whose existence it had never before revealed. NYT

David Gregory says this is why yesterday Russia agreed that sanctions against Iran may be necessary.

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Gordon Brown Interview Sept. 23

Brian Williams kind of embarrasses himself suggesting that Obama snubbed Brown, who's in New York for the United Nations gathering. Why would Obama spend time with Brown when the UK is the least of any of the world's problems? The media is always trying to create drama. Williams must've been reading the British press.

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Karzai Wants to Legalize Marital Rape?

NATO had better fight hard for this one.
The male of the species all around the world need to catch up with women, who have evolved at a far greater pace than men (is that sexism against men or fact?)--and fast.

Reuters: President Barack Obama piled pressure on Afghan leader Hamid Karzai on Saturday to scrap an "abhorrent" law which critics say would legalize marital rape.

Other leaders meeting at a NATO summit joined in the chorus of disapproval, warning that support for the military alliance's Afghan mission would suffer if the Shi'ite Personal Status Law was not dropped.

British Prime Minister Gordon Brown personally phoned Karzai to complain and Western officials said the Afghan leader had ordered a review of the draft law, which would apply to the country's Shi'ite minority.

"I think this rule is abhorrent ... We have stated very clearly that we object to this law," Obama told a news conference after a NATO summit.

"It is very important for us to be sensitive to local culture but we also think there are certain basic principles that all nations should uphold ... (including) respect for women and respect for their freedom and integrity."

If this is the case, Karzai needs to be tossed. But I guess it's not that easy if the predominant belief in their culture is that women are property:

The law, which has not been publicly released, is believed to state women can only seek work, education or doctor's appointments with their husband's permission.

Only fathers and grandfathers are granted custody of children under the law, according to the United Nations Development Fund for Women.

Opponents of the legislation governing the personal lives of Afghanistan's Shia minority have said it is "worse than during the Taliban". telegraph

Obama responds to a Fox "News" reporter's question on whether more support for that country will be contingent on reversing this law by reminding him that we're there primarily to protect the U.S. from terrorist attacks. "The first reason we are there is to root out Al Quaeda..." Watch it here.

Karzai is apparently reviewing the new law. 

Sarkozy Praises Brown Throws a Bone to Obama

The Obamas are off to France, where Obama will meet with Sarkozy and hold a town hall meeting. Sarkozy's a funny guy:

Guardian: Nicolas Sarkozy tonight lavished praise on Gordon Brown and Barack Obama for their role in the G20 summit but insisted the "historic" outcome would not have been achieved without pressure from France and Germany.

Hailing the greatest financial reform since the Bretton Woods agreement, and ending "the madness of this time of total deregulation", the French president revealed there had been "tensions in the room" until shortly before the conference ended.

"We would never have hoped to get so much," he said at his final press conference. "This is not the victory of one camp against the other, but shows the growing awareness that the world needs to change."

Sarkozy, backed by the German chancellor, Angela Merkel, had several times threatened to walk out if their joint "red lines" on regulation were not preserved – even though this was widely dismissed as tactical posturing.

"Of course, there are tensions, wrestling matches and vested interests, but even our Anglo-Saxon friends are convinced we need reasonable rules," he said.

Sarkozy emphasized his own role in persuading the Chinese president, Hu Jintao, to accept publication of a list of tax havens by the OECD, despite China not being a member of the body.

"If France and Germany had not demanded results would we have achieved them? What do you think? But Gordon Brown played a very, very excellent role, and President Obama helped me enormously on this issue of tax havens.

"President Obama really found the way to consensus. He didn't focus exclusively on stimulus. He was determined to enhance and step up regulation."

G20 Agree To End Tax Havens and So Much More

While the media continues their negative coverage of the G20, it looks as though the global leaders got down to business, just as Geithner predicted yesterday. Now, let's hope it sticks.

Leaders agree to fund the International Monetary Fund:

BBC: To help countries with troubled economies, the International Monetary Fund (IMF) will get extra resources worth up to $750bn.
There will also be sanctions against secretive tax havens and tougher global financial regulation.
And the G20 has committed about $250bn to boost global trade.
....
On behalf of the G20, Prime Minister Gordon Brown announced the following steps:
Bankers' pay and bonuses will be subject to stricter controls
A new Financial Stability Board will be set up to work with the IMF to ensure co-operation across borders and provide an early warning mechanism for the financial system
There will be greater regulation of hedge funds and credit ratings agencies
A common approach to cleaning up banks' toxic assets has been agreed
The world's poorest countries will receive $100bn extra aid
G20 countries are already implementing the biggest economic stimulus "the world has ever seen" - an injection of $5tn by the end of next year.

G20 Photos April 1

Bunches of photos here.

Obama and Gordon Brown Conference Video

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The first question, a tough one, from Nick at the BBC was: The Prime Minister blames the U.S. for the economic downturn, is that true?
Obama answered skillfully and without malice. The U.S. has some accounting to do as far as regulations, but around the world the same problem existed, Obama said. He said he didn't want to place blame but rather fix the problem. Some are to blame but all are responsible, he said.

NYT: In his debut as president on the world stage, Mr. Obama sought to project a united front even as some G-20 leaders continued to challenge the model being pushed by his administration to get out of the crisis. Appearing at a joint press conference with Prime Minister Gordon Brown, the host of the conference, Mr. Obama called reports of an international division “vastly overstated.”

Mr. Brown, for his part, promised reporters that French President Nicholas Sarkozy would not walk out of the Group of 20 meeting on Thursday, contrary to threats by French officials.

“Nearly every country engaged here has done a fiscal stimulus,” Mr. Obama said, in what has become one of the meeting’s biggest talking points meant to project unity between the 20 countries assembled. “We can only meet this challenge together.” Rather than play up their differences, Mr. Obama urged leaders to “focus on common ground.”

Obama Arrives in London

See a British narrated video of the Obamas arrival in London here.
Raw video of the arrival of Air Force One:

BBC: President Obama was met at Stansted Airport, north of London, by UK Chancellor of the Exchequer Alistair Darling and a senior official from the US Embassy.
He then boarded the presidential helicopter Marine One to make the short journey to central London where he will stay at the US ambassador's residence.
Before the start of the G20 summit of world leaders on Thursday, Mr Obama will hold extensive talks with Gordon Brown, meet the UK opposition leader David Cameron and have a private audience with the Queen.
The president is also scheduled to hold bi-lateral meetings with Russian President Dmitry Medvedev, Chinese President Hu Jintao, Indian Prime Minister Manmohan Singh, South Korean President Lee Myung-bak and King Abdullah of Saudi Arabia.

The president's wife, Michelle Obama, will take part in a series of engagements with Sarah Brown, the prime minister's wife.
Mr Brown is keen for world leaders to reach agreement on a new set of rules for regulating global finance as well as measures to boost economic demand and support poorer countries.

OBAMA'S EUROPEAN TRIP
Tuesday: Arrives in London
Wednesday: Mr and Mrs Obama breakfast with the Browns at 10 Downing Street; Mr Obama holds talks with Gordon Brown; meets Russian and Chinese presidents, David Cameron, and the Queen
Thursday: G20 summit; Mr Obama will also meet the Indian PM, the South Korean president and King Abdullah of Saudi Arabia during the day
Friday: Departs for Strasbourg; meets French president; holds town-hall meeting; visits German Chancellor in Baden-Baden, returns to Strasbourg
Saturday: Attends Nato summit in Strasbourg; departs for Prague
Sunday: Attends EU-US summit, departs for Ankara
Monday: Departs Ankara for US
CBSNews also has a nifty map and schedule here.

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Obama To Meet With China President at G20

The G20 summit of world leaders in London is April 2.

Washington Unplugged March 13

The Week in Photos March 8

British Press Disappointed With Obama's Gifts

I guess they're were disappointed with the lack of Pomp and Circumstance (they wanted more British flags displayed), and the lack of money spent on the gifts. I thought the British were supposed to be polite? This seems odd to me and quite rude if that's the way Gordon Brown received his gifts (Brown has not commented, only the tabloid-y British press). We're in a recession, dude.

As he headed back home from Washington, Gordon Brown must have rummaged through his party bag with disappointment.

Because all he got was a set of DVDs. Barack Obama, the leader of the world's richest country, gave the Prime Minister a box set of 25 classic American films - a gift about as exciting as a pair of socks.

Mr Brown is not thought to be a film buff, and his reaction to the box set is unknown. But it didn't really compare to the thoughtful presents he had brought along with him. Read all about it here.

Read the Telegraph's version (mind you, the Telegraph has never liked Obama).

A Day of Confidence Or Not

This is a pretty good summary of the day's events. Loved the exchange between Whitehouse and Rivkin and "your friend Europe."

Ted Kennedy Becomes a Sir

Gordon Brown honors Ted Kennedy (read the text of his address to congress here):

Gordon Brown's Speech to Congress March 4

Britain's Prime Minister Gordon Brown is visiting the U.S. Yesterday, he met with Obama. This morning he spoke to congress:

Madam Speaker, Mr Vice-President, distinguished members of Congress, I come to this great capital of this great nation, an America renewed under a new president to say that America's faith in the future has been, is and always will be an inspiration to the whole world.

The very creation of America was a bold affirmation of faith in the future, a future you have not just believed in but built with your own hands.

And on 20 January, you the American people began to write the latest chapter in the American story, with a transition of dignity, in which both sides of the aisle could take great pride. President Obama gave the world renewed hope, and on that day billions of people truly looked to Washington DC as "a shining city upon a hill".

And I hope that you will allow me to single out for special mention today one of your most distinguished senators, known in every continent and a great friend. Northern Ireland is today at peace, more Americans have healthcare, more children around the world are going to school, and for all those things we owe a great debt to the life and courage of Senator Edward Kennedy.

And so today, having talked to him last night, I want to announce that Her Majesty the Queen, has awarded an honorary knighthood for Sir Edward Kennedy.

Madam Speaker, Mr Vice-President, I come in friendship to renew, for new times, our special relationship founded upon our shared history, our shared values and, I believe, our shared futures. I grew up in the 1960s as America, led by President Kennedy, looked to the heavens and saw not the endless void of the unknown, but a new frontier to dare to discover and explore People said it couldn't be done — but America did it.

And 20 years later, in the 1980s, America led by President Reagan refused to accept the fate of millions trapped behind an iron curtain, and insisted instead that the people of eastern Europe be allowed to join the ranks of nations which live safe, strong and free. People said it would never happen in our lifetime but it did, and the Berlin Wall was torn down brick by brick.

So early in my life I came to understand that America is not just the indispensible nation, it is the irrepressible nation. Throughout your history Americans have led insurrections in the human imagination, have summoned revolutionary times through your belief that there is no such thing as an impossible endeavour. It is never possible to come here without having your faith in the future renewed.

Throughout a whole century the American people stood liberty's ground not just in one world war but in two.

And I want you to know that we will never forget the sacrifice and service of the American soldiers who gave their lives for people whose names they never knew, and whose faces they never saw, and yet people who have lived in freedom thanks to the bravery and valour of the Americans who gave the "last full measure of devotion".

Cemetery after cemetery across Europe honours the memory of American soldiers, resting row upon row – often alongside comrades-in-arms from Britain. There is no battlefield of liberty on which there is not a piece of land that is marked out as American and there is no day of remembrance in Britain that is not also a commemoration of American courage and sacrifice far from home. Read the rest.

Or watch:

Obama and Brown Answer Questions

If Obama and Brown played tennis or basketball for charity, they'd make a fortune. I'd like to see more world leaders playing basketball or whatever.

PRESIDENT OBAMA: Hello, everybody. Good to see you. Where are the Brits? They're over there.

PRIME MINISTER BROWN: In fact, they're everywhere. (Laughter.)

PRESIDENT OBAMA: Are they? They're spread out?

All right, my understanding is we're going to do four questions, and we'll just alternate. I'll start off with Jennifer Loven of AP.

Q Thank you, sir. I'd like to ask you about the letter that you've written to the Russian President about the anti-missile shield in Eastern Europe. Can you talk about why sort of a quid pro quo seemed like the smartest approach?

PRESIDENT OBAMA: You know, I think that the report that was in The New York Times didn't accurately characterize the letter. What we had was a very lengthy letter talking about a whole range of issues from nuclear proliferation to how are we going to deal with a set of common security concerns along the Afghan border and terrorism. And what I said in the letter is the same thing that I've said publicly, which is that the missile defense that we have talked about deploying is directed towards not Russia, but Iran. That has always been the concern, that you had potentially a missile from Iran that threatened either the United States or Europe.

And what I said in the letter was that, obviously, to the extent that we are lessening Iran's commitment to nuclear weapons, then that reduces the pressure for, or the need for a missile defense system.

In no way does that in any -- does that diminish my commitment to making sure that Poland, the Czech Republic and other NATO members are fully enjoying the partnership of the Alliance and U.S. support with respect to their security.

So the way it got characterized I think was as some sort of quid pro quo. It was simply a statement of fact that I've made previously, which is, is that the missile defense program, to the extent that it is deployed, is designed to deal with not a Russian threat, but a Iranian threat.

Q -- response have you received from Russia?

PRESIDENT OBAMA: We've had a good exchange between ourselves and the Russians. I've said that we need to reset or reboot the relationship there. Russia needs to understand our unflagging commitment to the independence and security of countries like a Poland or a Czech Republic. On the other hand, we have areas of common concern. And I cited two examples: the issue of nuclear nonproliferation and the issue of terrorism. And at this point, I think we probably have some potential common concerns on the world economic front, as well.

So my hope is, is that we can have a constructive relationship where, based on common respect and mutual interest, we can move forward.

PRIME MINISTER BROWN: Nick.

Q Nick Robinson, BBC News. Mr. President, it's often been said that you, unlike many of your predecessors, have not looked toward Europe, let alone Britain. Can you just respond to that comment? And also, the Prime Minister is talking to you about a global new deal today. Will that actually help hard-pressed American consumers?

And if I may briefly put a question to the Prime Minister.

PRESIDENT OBAMA: Well, first of all, the special relationship between the United States and Great Britain is one that is not just important to me, it's important to the American people. And it is sustained by a common language, a common culture; our legal system is directly inherited from the English system; our system of government reflects many of these same values. So -- and by the way, that's also where my mother's side of my family came from.

So I think this notion that somehow there is any lessening of that special relationship is misguided. Great Britain is one of our closest, strongest allies and there is a link, a bond there that will not break. And I think that's true not only on the economic front, but also on issues of common security.

And in our conversations here, we talked not only about the need to coordinate around economic policy, but also I expressed to the Prime Minister America's extraordinary gratitude for their support in our efforts in Afghanistan, and the young men and women of Great Britain who have made enormous sacrifices there. Although there was a debate, obviously, around the issue of Iraq, nevertheless, whether you are for or against the war here in the United States, the recognition of Great Britain's friendship and standing tall with us during that period is something that will never be forgotten.

And so rest assured that the relationship is not only special and strong, but will only get stronger as time goes on.

PRIME MINISTER BROWN: I'd like to thank President Obama for his welcome, for his hospitality, for his leadership of his country and the inspiration he's giving the world at this very difficult time.

And I've come here to renew our special relationship for new times. It's a partnership of purpose. It's a partnership of purpose that is born out of shared bonds. It's a partnership of purpose that is founded on a determination to rise to every challenge. And I think it's a partnership of purpose that is driven forward now by the need for us all to work together in unity to deal with the world economic problems.

And I'm grateful for the conversations I'm having with President Obama about this and about other things. And I'm grateful, too, that Michelle and Sarah will be meeting later this afternoon and I know they'll have an enjoyable time, as well.

PRESIDENT OBAMA: Absolutely. Okay.

Q Prime Minister, your chancellor has said overnight that it is our collective responsibility, all of us have to have the humility to accept that over the last few years things have got out of alignment. Is that a form of apology from the government? Are you apologizing for the problems that there have been over the past 10 years in the financial system?

PRIME MINISTER BROWN: Well, there's got to be deep regulatory change. We've just been talking, Barack and I, about the need for proper supervision of shadow banking systems, of areas where there was bank practices that were unacceptable, where remuneration policies got out of hand and weren't based on long-term success, but on short-term deals. And these are the changes that we've already announced that we are going to make.

So we've learned from what has happened over these last 10 years. Things have happened in every part of the world that we're having to learn about, as well, and you've got an international financial system that we've now got to show can be brought to work in the public interest.

So every country is learning and every country is taking action. And what we are talking about today is how by us taking action, Britain and America, we can help other countries that join us in making for a more stable and effective financial system.

Q Caren.

PRESIDENT OBAMA: Thank you, Mr. President. The stock market has fallen to lows since -- it's not seen since 1997 this week, and an undercurrent of these declines is the fear that your plans to fix the banking sector might not work. And I'm wondering if you could talk about your plans and whether you think you can give reassurances that they will, in fact, work.

And, Prime Minister Brown, I wanted your view on whether you think your two countries have a handle on the banking sector problems that are affecting both your countries.

PRESIDENT OBAMA: Well, let me say this: I'm absolutely confident that they will work. And I'm absolutely confident that credit is going to be flowing again, that businesses are going to start seeing opportunities for investment, they're going to start hiring again, people are going to be put back to work.

What I'm looking at is not the day-to-day gyrations of the stock market, but the long-term ability for the United States and the entire world economy to regain its footing. And, you know, the stock market is sort of like a tracking poll in politics. It bobs up and down day to day, and if you spend all your time worrying about that, then you're probably going to get the long-term strategy wrong.

Now, having said that, the banking system has been dealt a heavy blow. It has to do with many of the things that Prime Minister Brown alluded to: lax regulation, massive over-leverage, huge systemic risks taken by unregulated institutions, as well as regulated institutions. And so there are a lot of losses that are working their way through the system. And it's not surprising that the market is hurting as a consequence. In fact, I think what we're seeing is that as people absorb the depths of the problem that existed in the banking system, as well as the international ramifications of it, that there's going to be a natural reaction.

On the other hand, what you're now seeing is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it. I think that consumer confidence -- as they see the American Recovery and Reinvestment Act taking root, businesses are starting to see opportunities for investment and potential hiring, we are going to start creating jobs again.

One of the things that Prime Minister Brown and I talked about is how can we coordinate so that all the G20 countries, all the major countries around the world, in a coordinated fashion, are stimulating their economies; how can we make sure that there are a common set of principles, in terms of how we're approaching banking, so that problems that exist in emerging markets like Hungary or the Ukraine don't have these enormous ripple effects that wash back onto our shores, and we're providing them with some help in a coordinated international fashion, as well.

All those steps, I think, are going to slowly build confidence. But it's not going to happen overnight. And my main message to the American people is to just recognize that we dug a very deep hole for ourselves; there were a lot of bad decisions that were made; we are cleaning up that mess. It's going to be sort of full of fits and starts in terms of getting the mess cleaned up, but it's going to get cleaned up. And we are going to recover and we are going to emerge more prosperous, more unified, and I think more protected from systemic risk, having learned these lessons, than we were before.



PRIME MINISTER BROWN: I think President Obama is absolutely right. And I think the history books will record that what he has done in his first, well, nearly 50 days of office has been momentous in setting the means by which we can see the economic recovery happening.

We've had a global banking failure, and it's happened in every part of the world. It's almost like a power cut that went right across the financial system. And we have got to rebuild that financial system. We've got to isolate the bad assets. We've got to underwrite the financial system so that loans can start again to businesses and families. And we've got to get enough lending into the economy so that people -- enough credit so that people are able to go about their normal business again.

And that's why we're looking ahead to the G20 in London in April, because a bad bank anywhere can affect good banks everywhere. So we've got to root out the problems that exist in other parts of the world, as well, set principles with the banking system for the future, and make sure that the banks subscribe to lending agreements where they actually increase the lending that is available to citizens in every country.



PRESIDENT OBAMA: One last one.

PRIME MINISTER BROWN: Tom.

Q Tom Bradby from ITV News. Prime Minister, Mr. President, should all governments at this point acknowledge mistakes of policy and regulation in the past? Would that be helpful or unhelpful, in general? And can I just ask you, an awful lot of ink is used describing the individual relationships between Prime Ministers and Presidents. Could I just ask you to describe how at this point you find working with each other?

PRESIDENT OBAMA: Well, I will say that this is my third meeting with Prime Minister Brown, and I'd like to think that our relationship is terrific. And I'm sure he won't dispute me, in front of me anyway. (Laughter.) No, look, I think that the Prime Minister has taken the helm of the British economy at a very difficult time. As he noted, I've just come in recently. But I think that there are a set of shared values and shared assumptions between us: That we believe in the free market, we believe in a government that is not overbearing and allows entrepreneurs and businesses to thrive, but we also share a common belief that there have to be sufficient regulatory structures in place so that the market doesn't spin out of control.

I think, on the international front, we have a shared world view that it is important for us to be true to our values and ideals of rule of law, of a belief in human rights, a belief in our democratic practices, but that we also have to be respectful around the world and to listen and not simply dictate; that in this new world that we live in, that the way to get things done is to build partnerships and alliances, as opposed to acting unilaterally.

So I think both on the economy and both -- and on foreign policy, we've got a shared world view that allows us to work together very effectively. And he also has a wonderful family, as I do. (Laughter.) So we can always talk about our spectacular lives and our wonderful children.



With respect to the first part of your question, look, I think there is no doubt that, setting aside who's to blame, that in the past there have been some mistakes and lessons learned in terms of how we deal with the financial sector. Globalization can be an enormous force for good. And one of the things that we've talked about repeatedly is that countries in this crisis cannot start turning inward and try to erect protectionist barriers. We should encourage trade. The fact that we have a global capital system allows money to flow to areas that previously couldn't get capital. That allows them to develop and to grow. That can grow the economy worldwide, increase trade, and that potentially benefits everybody.

But what is also true is, is that when you've got trillions of dollars that can now move at the speed of light, when you've got a whole series of unregulated pools of dollars outside of the banking system, but we still have a 1930s regulatory system in place in most countries designed from the last great crisis, that we've got to update our institutions, our regulatory frameworks, so that the power of globalization is channeled for the benefit of ordinary men and women, so that they have jobs, they can purchase a home, they can send their children to college, and prosper and thrive; and that the benefits of globalization aren't just for a small handful of people who are not accountable.

And that's the kind of transformation that we're obviously trying to bring about here in the United States, and I suspect that that's a view that Gordon shares.

PRIME MINISTER BROWN: Yes, Tom, I've enjoyed every conversation that we've had, both on the telephone and when we've met. I don't think I could ever compete with you at basketball -- perhaps tennis.

PRESIDENT OBAMA: Tennis, I hear you got a game.

PRIME MINISTER BROWN: Yes, we could maybe have a --

PRESIDENT OBAMA: We haven't tried it yet.

PRIME MINISTER BROWN: I don't know if you -- I think you'd be better. But there we are.

As far as the common interests that we're pursuing -- look, there is the possibility in the next few months of a global new deal that will involve all the countries of the world in sorting out and cleaning up the banking system. And there is the possibility of all the different countries of the world coming together to agree to expansion in the economy that is necessary to both restore confidence and to give people jobs and growth and prosperity for the future.

And there is the possibility of the international institutions for the first time being reformed in such a way that they can do the job that people want them to do, and deal with some of the problems that exist in the poorest countries of the world. And there's a chance, also, that the recovery that we're talking about can be a green recovery, a low-carbon recovery, where each country in different parts of the world can work on this together.

So the opportunities are there. I've said to the President that almost every leader I meet wants the best possible relationship and the most -- the highest degree of cooperation for the future.

And so the challenges are momentous and global. The response of leaders around the world is to want to work together. And I believe that we can make a contribution not just to each of our own economies, but make a contribution to the world economy, helping each economy if we can actually work together. And that's why our talk about the G20 is very important. We hope to make progress on April the 2nd.

And as far as regulation, I want the regulatory system to be reformed to meet the needs of our times. When we made changes in 1997, we made changes for the times of 1997. The financial markets have moved global since then, and we need a global means of bringing people together so there's proper supervision of the system. You don't want shadow banking systems. You don't want regulatory tax havens. So we've got to act as a world together to deal with that. And that's one of the things we'll be talking about in April in London.

Q Can you just talk about the Pakistan terror attack today on the cricket team? You, in particular, Mr. President, have made it clear that you've got to see Afghanistan and Pakistan together. How do you think that the world community can support Pakistan?

PRESIDENT OBAMA: Well, the details are still coming in, and so I don't want to be too specific. Obviously, we're deeply concerned. But let me just make a general statement. Both Great Britain and the United States share a deep interest in ensuring that neither Afghanistan, nor Pakistan are safe havens for terrorist activity.

And we have coordinated effectively in the past. But the truth is, is that the situation in Afghanistan has deteriorated. The safe havens for al Qaeda remain in the frontier regions of Pakistan. And we are conducting currently a comprehensive review of our policies with respect to Afghanistan, with respect to Pakistan, our coordination with our NATO allies and other members of the international security forces that are there. I will be making a series of announcements prior to the NATO summit that immediately follows the G20 summit, in terms of the direction that the United States would like to go.

What I'm confident in is that our strongest partner in that effort once again will be the United Kingdom and the Prime Minister sitting next to me.

Okay, thank you, guys.

Jim Cramer Blames Obama for Stock Market Gyrations

Everyone is trying to pin the stock market gyrations on Obama. Here's loudmouth Jim Cramer doing his best Rush Limbaugh.

I remember when Cramer told everyone to buy oil stocks. His reasoning: because people's gas prices went up, why not own a share of the company that is reaping the profits? Good reasoning. Bad timing. Just as he suggested everyone buy oil, it tanked. If you had wanted in on oil, you would've had to have bought it about a year or two prior.

But here he is, another so-called "expert," placing the blame largely on Obama.

I have a tip. Whenever someone has to use theatrics (Rush, Cramer) to get a point across, their advice usually isn't worth heeding because they ARE merely entertainers:

Obama is not to blame for the stock market's ups and downs. We're in a recession (which Obama didn't start) and what we're seeing in the stock market is very emotional traders not getting what they want fast enough. The stock market has an outburst if traders have a bad lunch.
Obama compares it to daily poll tracking. We have to be patient. Obama is coming up with LONG TERM solutions, not quick fixes. America is impatient but this is part of sacrifice. He said it wasn't going to be easy and the people who are near retirement, dependent on their 401Ks, are going to have it worse. But these are the consequences.

Obama Meets With Gordon Brown on Global Economy Fix

Britain's Prime Minister Gordon Brown has the right idea but if the world can get together to fix the global economy, the G 20 (group of the largest 20 economies) ought to get together to figure out Darfur and ways to tackle world poverty. The G 20 summit is April 2.

NPR: Brown, who is in Washington this week to meet with President Obama and address a joint meeting of Congress, told NPR's Steve Inskeep that the financial crisis is "a global problem. It needs global solutions."

"There is a global banking collapse that we're dealing with consequences of in every country," Brown said. The British leader has in recent weeks invoked former U.S. president Franklin D. Roosevelt in calling for a "global New Deal" to fix the world economy.

"I think there is a general understanding, whether you talk to China, whether you talk to the European Union or you talk to our great friends here in America, that we need to show that the world can come together," he said.

A fiscal stimulus alone is not enough, Brown said. The international community needs to set standards "that if people are not able to meet, we would have a mechanism by which we would say, 'Look, this is not good enough,' and people would lose their status in the international community."

Obama and Brown:

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Obama Talks Economy With Saudi King

AFP: US President Barack Obama on Friday spoke by telephone with British Prime Minister Gordon Brown and Canada's leader Stephen Harper as well as Saudi King Abdullah, the White House said.
Press spokesman Robert Gibbs gave no details of the conversations which were Obama's first with the three key US allies since he took office on Tuesday.
But a spokesman for the British prime minister's office told AFP: "They spoke about the economy, the Middle East and other international issues. The tone of the conversation was friendly and substantive."

Why that call may have happened so soon:

Reuters: The call to Abdullah coincided with the publication of an article by Prince Turki al-Faisal, a former Saudi intelligence chief and ambassador to the United States, warning Obama the United States was putting Saudi ties at risk with its stance on the Israeli-Palestinian conflict.
In an article on the Financial Times website, Turki said former President George W. Bush had left a "sickening legacy" in the Middle East.
"If the U.S. wants to continue playing a leadership role in the Middle East and keep its strategic alliances intact -- especially its 'special relationship' with Saudi Arabia -- it will have to drastically revise its policies vis-a-vis Israel and Palestine," Turki said.

Obama also talked to Abdullah about preventing weapons smuggling into Gaza