WASHINGTON (Reuters) - President Barack Obama warned on Saturday it would take "many more months" for the United States to get out of recession even after GDP figures showed the economy shrank only modestly in the second quarter.

Obama, who has defended his young administration's economic policies in recent weeks in the face of worsening unemployment numbers, said jobless figures next week would still show that too many Americans were losing work.

"It will take many more months to fully dig ourselves out of a recession - a recession that we've now learned was even deeper than anyone thought," the president said in his weekly radio and Internet address.

"And when we receive our monthly job report next week, it is likely to show that we are continuing to lose far too many jobs in this country. As far as I'm concerned, we will not have a recovery as long as we keep losing jobs," he said.

(Reporting by Jeff Mason)

By Leah Schnurr

NEW YORK (Reuters) - Wall Street may have momentum on its side next week as the S&P 500 tries to puncture the 1,000 level, but the rally's staying power will depend on whether U.S. data and corporate earnings provide more signs of economic stabilization.

In a busy week of data, the most crucial report will be a look at the number of jobs lost in July as measured by the Labor Department's non-farm payrolls report.

While unemployment is expected to remain high even as the economy begins to recover, analysts are anticipating the data will show the economy shed fewer jobs than the month before.

Among companies expected to release results are Dow components Procter & Gamble (PG.N), Kraft (KFT.N) and Cisco (CSCO.O).

The broad Standard & Poor's 500 index .SPX recorded its best five-month streak since 1938 on Friday with July's gains as more corporate earnings beat expectations and data suggested the worst of the economic slump was over.

On 30 July 2009, Minister of National Development, Mr Mah Bow Tan warned that government will not hesitate to take action to stop massive speculation in property market.

What are the things that government can do to "affect" property prices?

In year 2007, Government removed the "Deferred Payment Scheme" for properties, and property prices fell.....now developers replaced with "similar" Interest Absorption Scheme"....what if Govt also remove this scheme?