Furthermore, the World Bank research on poverty says:
while the food, fuel and financial crises over the past four years had at times sharp negative impacts on vulnerable populations and slowed the rate of poverty reduction in some countries, global poverty overall kept falling.
So Obama’s implication that there has been some turnaround here is a bit misleading. It was decreasing, and it continues to decrease but at a slower pace none-the-less. It should be pointed out, however, that the U.S. has maintained one of the highest child poverty rates in the developed world, according to Think Progress:
What does this mean? Well the guys who primarily measure this (the IMF) look at 6 risks/conditions:
Emerging Risks Market
Market and Liquidity Risks
Monetary and Financial Conditions
Away from center signifies higher risks, easier monetary and financial conditions, or higher risk appetite.
As you can see, by these measures, the financial system has stabilized to some extent. However, they do make it clear that this is acute financial stress, and that:
a prolonged period of low interest rates and continued monetary accommodation could generate significant adverse side effects.
In other words, while this is definitely progress, it is not self-sustaining progress, i.e. the global financial system is still not “running on its own”, but being propped up (barely, I might add) by unheard of fiscal policy.