Full US recovery a 'long way' away: Obama

OAK BLUFFS(MASSACHUSETTS): US President Barack Obama warned on Tuesday the US economy had a "long way" to go before it reached full recovery as he awarded Federal Reserve chairman Ben Bernanke a second term.

"Of course, as I have said before, we are a long way away from a completely healthy financial system and a full economic recovery," Obama said as he reappointed Federal Reserve Chairman Ben Bernanke to a second term.

"That is why we need Ben to continue the work he's doing, and that is why I've said that we cannot go back to an economy based on overleveraged banks, inflated profits, and maxed-out credit cards."