Oberstar Predicts Six Months to a Year of Tough Times

Minnesota Congressman Jim Oberstar estimates it will take six months to a year to emerge from the current financial crisis facing the U.S. He tells KLKS News, troubles facing Europe are making matters even worse here at home. Oberstar says European banks are suffering along with U.S. financial institutions, because they were so strongly invested in our economy. He says because it is a world-wide crisis, it will take some the to untangle it. Making matters worse, says the Congressman, is the $2.5-billion dollars a week flowing out of the U.S. Treasury to pay for the war in Iraq, making it harder to redirect finances in this country.