Bonds News

Volcker says markets face big economic problems

WASHINGTON, March 13 (Reuters) - U.S. President Barack Obama said on Friday he spent every day working on trying to get credit flowing in the U.S. financial markets, and economic adviser Paul Volcker said it would take time to work out the problems in the financial system.

Obama, after a meeting with Volcker, who chairs his economic recovery advisory board, also said it was important to lay a foundation for “post-bubble economic growth.”

“It’s a very complicated matter just in the financial system,” Volcker said. “There are big economic problems behind the financial system too that are going to take longer to work out and you can’t neglect those problems while we’re working on this immediate, continuing crisis in the financial system.”