President Obama won't win a second term if his efforts to reverse an economic meltdown don't work. Obama offered that assessment himself this morning, in an interview aired on NBC's "Today" show.
"If I don't have this done in three years, then there's going to be a one-term proposition."He used the interview to say he would create a review board to oversee the government's bailout of financial institutions and he said some U.S. banks might fail before the situation improves.
"It is likely that the banks have not fully acknowledged all the losses that they're going to experience. They're going to have to write down those losses. And some banks won't make it."Also today, the Commerce Department announced that consumer spending fell for a record sixth straight month in December as recession-battered households, worried about surging layoffs, boosted their savings rates to the highest level since May.
