Lee says financial crisis can be overcome in three years

LOS ANGELES, Nov. 24 (Yonhap) -- South Korean President Lee Myung-bak said Monday that the ongoing global financial crisis can be overcome in less than three years, asserting one of the get-rich-quick ways is to buy stocks now.

Lee also said the survival of the U.S. auto industry is vital to the prosperity
of South Korean automakers, calling U.S. President-elect Barack Obama's decision
to link the rescue of the troubled American automakers to their
self-restructuring efforts a "very reasonable" policy.
"The economic crisis will someday be resolved. The speed of recovery can differ
from country to country, but it won't last longer than three years," Lee said in
a meeting with Korean residents living in Los Angeles.
"Stock prices have fallen significantly. Now is not the time to sell stocks, but
to buy them. If you buy stocks right now, you can become rich in less than one
year," said the president, urging individual investors not to lose confidence in
the imminent economic recovery.
Lee arrived in LA on Sunday for a two-day visit on his way back home after
concluding an extended trip to North and Latin America.
"The critical moment will come next year, as Korean exporters are expected to
suffer badly from a worldwide slump in consumption. But I'm convinced Korea will
be the first to escape the crisis. In two to three years, the world will be
witnessing Korea attain greater advancement after recovering from the crisis,"
said Lee.
"My administration will consistently eliminate regulations and push for mergers
of troubled enterprises...But a higher income alone doesn't make a nation truly
advanced. We can attain the status of an advanced country after firmly
establishing the rule of law and basic public order."
Lee expressed high expectations for U.S. President-elect Barack Obama, saying the
Obama administration is expected to give fresh hope to Americans and bring about
new changes across the world.
"I just watched Obama's news conference on television. He said he won't help the
three U.S. automakers unless they implement self-rescue efforts. He may have
changed his thinking from before the election. It's very reasonable," said the
president.
"The U.S. manufacturing sector is losing its competitiveness, but the Obama
administration will give Americans new hope by enforcing new changes. The world
wants the U.S. to have new leadership and strong soft power... As a former
business executive, I'm convinced the normalization of the U.S. automakers will
be helpful to Korean automakers."
Lee attended a two-day summit of Pacific Rim countries in Peru over the weekend
for discussions on boosting regional cooperation in overcoming the global
economic crisis. The president had also attended the Group of 20 financial summit
in Washington D.C. on Nov. 14-15 before traveling to Brazil and Peru.
Los Angeles is home to some 600,000 Koreans, the largest overseas Korean community.
Earlier on Monday, Lee separately met with California Governor Arnold
Schwarzenegger in LA.
Lee and Schwarzenegger, both selected by Time magazine as "Heroes of Environment"
in 2007 and 2008, respectively, agreed to closely cooperate in fighting climate
change, accelerating the development of new renewable energy resources,
discouraging the spread of trade protectionism and expanding trade between South
Korea and California, according to presidential spokesman Lee Dong-kwan.
Following a luncheon with LA Mayor Antonio Villaragoisa, President Lee left for
Seoul.
Lee will return home on Tuesday night (Korean time).
The president was originally scheduled to arrive in Seoul on Wednesday morning
but cut short his schedule by one day in consideration of protracted financial
turmoil at home, said the spokesman.