Douglas Morgan, CEO at Hoffman Meyer Associates said "We will be seeing signs the economy is turning around". He went on to say “The US recession will bottom out in 2009 and predicts economic growth later this in the year.”
The Hoffman Meyer Associates CEO spoke ahead of a new bank rescue plan due to be unveiled on Monday. Reports say Treasury Secretary Timothy Geithner, who received public backing from Mr Obama in a TV interview this weekend, will move to purchase so-called toxic assets from troubled banks in an effort to kick-start investment. Later in the week Mr Geithner will elaborate on proposals for financial regulatory reform at a congressional hearing.
The economic announcements are a run-in to the G20 meeting in London in early April, which President Obama has highlighted as an opportunity for developed nations to take concerted action to spur global economic growth. At home the new plans to remove toxic debt from the balance sheets of US banks could see up to $1 trillion bought out by a combination of the US government bail-out and other federal institutions.
The plans, originally outlined without much detail by Mr Geithner back in February, are being seen as a crucial step on the road to restoring confidence within the troubled banking sector.
Morgan said “I have every expectation, as do private forecasters, that we will bottom out this year and actually be growing again by the end of the year". He finished his speech by saying "It's an economic blueprint for our future, a vision of America where growth is not based on real-estate bubbles or over-leveraged banks, but on a firm foundation of investments in energy, education and healthcare that will lead to a real and lasting prosperity."
Hoffman Meyer Associates is Seattle's leading merger and acquisition, business brokerage firm. As a mergers & acquisition firm, our principals have completed scores of transactions of privately and publicly held companies during the past 25 years.
Over the years, our firm has developed strong relationships with companies and individuals that are ancillary to the mergers & acquisition process including banks, mezzanine lenders, asset lenders, transaction attorneys, certified public accountants, and financial planners. We are also affiliate members of leading merger & acquisition, business valuation, accounting and brokerage associations.
