President Obama offers a realistic economic outlook

Speaking today at the G8 meeting, President Barack Obama argued that the world had dodged a bullet and avoided an economic collapse even though a "full recovery is a ways off." This view is backed up by some economists.

"The biggest declines are behind us but I don't think we are at bottom yet," said David Wyss, chief economist at Standard & Poors, in an interview with DailyFinance. He believes that the worst for the economy may come in September, a view shared by many of his colleagues.