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WASHINGTON (&dist=hplatest]MarketW atch) - President Barack Obama said Tuesday he's "absolutely confident" that the global economy will recover, and suggested that stocks might be a good buy now that prices have fallen so hard.
"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," Obama told reporters.
Obama met with U.K. Prime Minister Gordon Brown in the White House for lengthy discussions about the economic crisis and shared security concerns. Brown will address a joint session of Congress on Wednesday.
Asked what he thought about the big sell off in the stock market, Obama said he was "absolutely confident that credit's 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."
Obama said the stock market "bobs up and down day to day," adding that anyone who worries about the market all day will probably get the long-term strategy wrong.
The banking system has been dealt a heavy blow, Obama said. "It's not surprising that the market is hurting as a consequence."
"We dug a very deep hole for ourselves," the president said. "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."