President Obama says he is not satisfied by the progress his administration has made in dealing with economy. In a press conference this afternoon, the president acknowledged that his administration missed the mark in terms of estimating unemployment.
I think it is pretty clear now that unemployment will end up going over 10 percent if you just look at the pattern. Because of the fact that even after employers and business start investing again and start hiring again, typically it takes awhile for that employment number to catch up with economic recovery, and we are still not at actual recovery yet so I anticipate this is going to be a difficult, difficult year, a difficult period.
President Obama cited his mortgage program as an example of moderate sucess, saying it has helped to modify mortgages for many people, but noting that is has not kept pace with foreclosures. (A frustration many of you have expressed to Planet Money.)
After the jump, watch Obama take questions on the economy.
The President also answered questions about financial regulation saying the Federal Reserve "performed better than most other regulators prior to the crisis taking place." Obama said his office is recommending the Fed monitor systemic risk going forward because they believe "the Fed has the most technical expertise and best track record in terms of doing that."
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