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 Los Angeles on Sunday for a two-day visit on his way back home
after concluding an extended trip to North and Latin America.
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.
In Los Angeles, Lee separately met with Californian Governor Arnold
Schwarzenegger and Los Angeles Mayor Antonio Villaragoisa earlier on Monday.
Lee will return home on Tuesday night (Korean time).
ycm@yna.co.kr
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