Bush: US is not headed into recession

[Firetxmi]

Bush: US is not headed into recession

By TERENCE HUNT, AP White House Correspondent 28 minutes ago

President Bush said Thursday that the country is not headed into a recession and, despite expressing concern about slowing economic growth, rejected for now any additional stimulus efforts. "We've acted robustly," he said.

"We'll see the effects of this pro-growth package," Bush told reporters at a White House news conference. "I know there's a lot of, here in Washington people are trying to — stimulus package two — and all that stuff. Why don't we let stimulus package one, which seemed like a good idea at the time, have a chance to kick in?"

Bush's view of the economy was decidely rosier than that of many economists, who say the country is nearing recession territory or may already be there.

The centerpiece of government efforts to brace the wobbly economy is a package Congress passed and Bush signed last month. It will rush rebates ranging from $300 to $1,200 to millions of people and give tax incentives to businesses.

Bush also used his news conference to press Congress to give telecommunications companies legal immunity for helping the government eavesdrop after the Sept. 11 terrorist attacks.

He continued a near-daily effort to prod lawmakers into passing his version of a law to make it easier for the government to conduct domestic eavesdropping on suspected terrorists' phone calls and e-mails. He says the country is in more danger now that a temporary surveillance law has expired.

The president and Congress are in a showdown over Bush's demand on the immunity issue.

Bush said the companies helped the government after being told "that their assistance was legal and vital to national security." "Allowing these lawsuits to proceed would be unfair," he said.

More important, Bush added, "the litigation process could lead to the disclosure of information about how we conduct surveillance and it would give al Qaida and others a roadmap as to how to avoid the surveillance."

On another issue, Bush said that Turkey's offensive against Kurdish rebels in northern Iraq should be limited — and should end as soon as possible. The ongoing fighting has put the United States in a touchy position, as it is close allies with both Iraq and Turkey, and a long offensive along the border could jeopardize security in Iraq just as the U.S. is trying to stabilize the war-wracked country.

"It should not be long-lasting," Bush said. "The Turks need to move, move quickly, achieve their objective and get out."

He also said, though, that it is in no one's interest for the PKK to have safe havens.

Link:http://news.yahoo.com/s/ap/20080228/ap_on_go_pr_wh/bush;_ylt=AiLDfZXdNqvGI8T4i3Do_ikD5gcF

[Invisigoth]

I just watched that press conference fighting the urge to bang my head on the table...

[Somalimafia]

Bush could say that he is staying for 4 more years, but would anybody believe a thing he said?

[Thumpsquid]

Chavez might.....

nope, even HE isn't that mad

[Igor01]

The usual "We are the strongerest!" spin, no surprise there. To GW's credit, he wanted to make permanent tax cuts which would have helped the economy somewhat. Sadly, the Congress-approved Fed's strategy to "protect growth at any cost" will drive the debt paper avalanche right over the modest benefits of tax cuts and improved exports due to weaker dollar.

[mas-36]

This is good news! My wife and I are very anxious to recieve our 1,200 American Pesos. For this summer we canceled our trip to Europe, and instead we're planning a trip the the grocery store. I can't wait!!

Oh, and I passed the 1,000 posts mark without even noticing. Well sh*t.

[a_very_ex_STAB]

"We'll see the effects of this pro-growth package," Bush told reporters at a White House news conference. "I know there's a lot of, here in Washington people are trying to — stimulus package two — and all that stuff. Why don't we let stimulus package one, which seemed like a good idea at the time, have a chance to kick in?"

Is that even English? :roll:

[Libertas]

Is that even English? :roll:

Yeah, I believe it is. Everytime the guy speaks some @ss has to talk crap as if it really relates to the topic. I hate people!!!

I hope Mr. Bush is correct. Though recession is necessary for a healthy economy... its still probably not the best time for one (if there ever is a good time).

[delio]

My favorite Bushism of that press comference:

http://www.foxnews.com/story/0,2933,333553,00.html

QUESTION: Thank you, Mr. President.
I'd like to ask you about another issue that's kind of come up on the campaign trail in terms of discussion, which is, this is a point of view that has been espoused that we would be better off if we talked to our adversaries, in particular Iran and Cuba, you know, without preconditions. And as president you have obviously considered and rejected this approach.

QUESTION: And I'm wondering if you can give us a little bit of insight into your thinking about this, and just explain to the American people what is lost by talking with those with when we disagree.

BUSH: What's lost by embracing a tyrant who puts his people in prison because of their political beliefs? What's lost is it'll send the wrong message. It'll send a discouraging message to those who wonder whether America will continue to work for the freedom of prisoners. It'll give great status to those who have suppressed human rights and human dignity.
I'm not suggesting there's never a time to talk, but I'm suggesting now is not the time not to talk with Raul Castro. He's nothing more than the extension of what his brother did, which was to ruin an island and imprison people because of their beliefs.
I have these wives of these dissidents come and see me.

BUSH: And their stories are just unbelievably sad. It just goes to show how, you know, how repressive the Castro brothers have been when you listen to the truth about what they say.
And the idea of embracing a leader who has done this without any attempt on his part to, you know, release prisoners and free their society would be counterproductive and send the wrong signal.

QUESTION: But no one's saying "embrace them." They're just saying talk.

BUSH: Well, talking to is embracing.
Excuse me. Let me use another, you know, another word. You're right. Embrace is like big hug, right? You're looking...

QUESTION: Right.

BUSH: I do embrace people. Mike, one of these days I'm just thinking about...
(LAUGHTER)
Right. OK. Good. Thank you for reminding me to use a different word.
Sitting down at the table, having your picture taken with a tyrant such as Raul Castro, for example, lends the status of the office and the status of our country to him.
He gains a lot from it by saying, "Look at me. I'm now recognized by the president of the United States."
Now, somebody will say, "Well, I'm going to tell him" — you know — "to release the prisoners." Well, it's a theory that all you got to do is embrace and these tyrants act.

[Jaeger07]

I hate people!!!

Uhm... What?

[a_very_ex_STAB]

I hate people!!!


Have you considered 'Anger Management'?

[Rudolph]

Have you considered 'Anger Management'?

Analyze This was better.

[Albatross]

God, this guy.......How did he ever get this far in life? Its like he lives in a bubble where he only hears things he wants to hear. I mean for gods sake, oil @ $101.00 a barrel. Gas going over $4.00 a gallon this summer. Weakest dollar in a long time. Over 100 banks set to fail over the next 12-18 months. Can we please just get this asscake out of there.

[Nano]

El Presidente got the psychology all wrong. He was supposed to say that the country might be heading into a recession.( with a smiling smirk) That way the majority of the people who hate his guts will work hard to keep us out of a recession. Ah Mr. Bush has just begun the recession and its begun as of his speech. I think he is technically right about the recession thing though I think we are headed towards stagflation not recession. Our dear leader should have pointed that out instead of taking the easy way out and telling us that a recession is coming.

[Createdeemcee]

I hope Mr. Bush is correct. Though recession is necessary for a healthy economy... its still probably not the best time for one (if there ever is a good time).

We arent headed, we are there now.

[Nano]

We arent headed, we are there now.
In his defense I say let the health benefits begin at once.p-)

[johanness]

sorry to say........but I assume you all end as american mail order bride in russia

[Albatross]

We arent headed, we are there now.

Technically speaking, no we aren't. It is defined as 2 consecutive quarters of negative growth in a countries GDP or Real Economic Growth. We have yet to have one. We slowed last quarter this will be our first negative, if someone has better intel than me please provide.

[Van Gogh]

God, this guy.......How did he ever get this far in life? Its like he lives in a bubble where he only hears things he wants to hear. I mean for gods sake, oil @ $101.00 a barrel. Gas going over $4.00 a gallon this summer. Weakest dollar in a long time. Over 100 banks set to fail over the next 12-18 months. Can we please just get this asscake out of there.

agreed!!!! Bush doesn't care about the rest of the country, only himself and his rich ass family.

[Satellite Weapon]

Speaking of living in a bubble, this has been coming since the late 90's. Hello? Are you still listening?

But at least Greenspan knew what he was doing, even though he didn't get everything perfect he knew how to bolt down and weather the storm. This new Bernanke is well educated but he has no instinct, no guts feeling for the crisis and that's why he must be replaced ASAP, else you want to see the US lose more jobs, the dollar tumble more and gas prices to sky rocket. Dollar Oil trade may be greatly hit, some people like the Iranians want top start OPEC trade in Euros and world money money has been causing a shift away from the Western political power based and push the political power base back into the Arab world or the Chinese manufacturing powerhouse and the Russians are loving the thirst for Oil. The credit market is becoming a total train wreck, jobs are getting shutdown and families see this mess in front of their house, things are falling apart !! America is no longer owned by the United States, foreign governments now have the US economy by the balls, the federal government’s huge debt and sickly appetite for deficit spending has done this !! There has been too much credit expansion and nobody has dealt with the housing crisis correctly, markets can decline at least another 50%. We are going to enter a recession if the debt keeps climbing and US$ continues to fall and fall and fall, currencies might stop being pegged to USD and these gasoline price rises have to be stopped. They ought to take some risks and try to find a fuel that's cheaper than $100 per barrel oil and I think the Euro could replace the Dollar as the world currency.


Here's a good video this currency screw up

http://www.youtube.com/watch?v=b2oUZgn5IDg

[vryhpyammoadded]

I think he is technically right about the recession thing though I think we are headed towards stagflation not recession

Actually I’ve read in some economic analyst circles that the US already has the stagflation camel’s nose in the tent. Also Greenspan predicted “a short period of stagflation” followed by two years of a slight recession about a month ago. I’m inclined to agree.

By the way, Bush isn’t an idiot, I don’t blame just him for our economic mess and I think he and the Hill have both done an average to poor job concerning the nation’s economy. Personally I like to blame everyone who gambled away their money and credit chasing dreams of keeping up with the Joneses while ignoring the shysters running away with far too many buckets of ill gotten money.
Note: a number of the regulatory changes allowing said cons have been brewing in the Hills lobby for decades over many administrations. That means that this recession cycle has been brewing a very long time as the Sneetches threw money at McMonkey McBean riding the Star on/off machines.
Personally I think the value adjustment brush fire is sorely needed and don’t mind Bush added a little tender for the approaching flames. It’s no big deal, the Sneetches have got to learn.

[Freedom-Fries]

We arent headed, we are there now.

This was when the problem was first to arise
2002 warning of dollar collapse (http://www.freerepublic.com/focus/news/711602/posts)
unfortunately we did little to fix the problem, the United Nations warned also wanred about Dollar collapse in 07 but it was only reported on certain websites.
The problem with the US today is not just about house prices or the cost of gasoline, America is in trouble has no reserves to support its value, and has the most indebted country in the world, is dependent of the credit from Middle Eastern States who despise our life and dependent on credit from America's former enemies. Gold is also a contender to become the new standard or alternative to the dollar and Gold is roughly flat in terms of the Euro and Swiss Francs.

[2Sheds_Jackson]

Actually I’ve read in some economic analyst circles that the US already has the stagflation camel’s nose in the tent. Also Greenspan predicted “a short period of stagflation” followed by two years of a slight recession about a month ago. I’m inclined to agree.

By the way, Bush isn’t an idiot, I don’t blame just him for our economic mess and I think he and the Hill have both done an average to poor job concerning the nation’s economy. Personally I like to blame everyone who gambled away their money and credit chasing dreams of keeping up with the Joneses while ignoring the shysters running away with far too many buckets of ill gotten money.
Note: a number of the regulatory changes allowing said cons have been brewing in the Hills lobby for decades over many administrations. That means that this recession cycle has been brewing a very long time as the Sneetches threw money at McMonkey McBean riding the Star on/off machines.
Personally I think the value adjustment brush fire is sorely needed and don’t mind Bush added a little tender for the approaching flames. It’s no big deal, the Sneetches have got to learn.

Great post - pretty much sums up my thinking on the subject. It's a little too convenient and easy to pin all this on a particular person, whether it's Bush or Greenspan or Bernanke. The economy is simply so big that it generates it's own ecosystem - and it's been inhabited by people who were content to throw caution to the wind. I don't see a huge crash of any kind coming - more like the mini recession at the end of the 80's. Things will be rough for a bit - and people will feel that pain to the extent to which they drank the kool-aid over the last few years.

BTW it's Bush's job to put a positive spin on things to keep the economy moving- I have no idea what some of these people expect him to say.

[shocker1]

I told you so, I like this environment tough. I have made a killing in gold and silver coins. Even in a nightmare economic scenario, I will be able to fix things for food, ***, beer, shine, housing and ****.

Anyway, the largest blame falls on us. We buy Walmart goods, we do not save and run up 5 credit cards. It is the collective behavior of the nation that is at fault here. Instead of buying the 5 dollar pack of US made socks, we turn to the 2 dollar pack made in China. Closing down the mill and building Walmarts for out of work skilled factory workers and special people.

[deagle]

how would he know ? did he major in economics ? i want to see him say "we're not in a recession" to US workers who can't pay the bills for groceries, healthcare, school loans, and rent/mortgage so they have to sell their homes. just goes to show you how out of touch he is with the US citizen (does he even know what the outside world is like out of the White House ? )

[2Sheds_Jackson]

This was when the problem was first to arise
2002 warning of dollar collapse (http://www.freerepublic.com/focus/news/711602/posts)
unfortunately we did little to fix the problem, the United Nations warned also wanred about Dollar collapse in 07 but it was only reported on certain websites.
The problem with the US today is not just about house prices or the cost of gasoline, America is in trouble has no reserves to support its value, and has the most indebted country in the world, is dependent of the credit from Middle Eastern States who despise our life and dependent on credit from America's former enemies. Gold is also a contender to become the new standard or alternative to the dollar and Gold is roughly flat in terms of the Euro and Swiss Francs.

Wow, freerepublic. Well at least it's an improvement over the last link you posted to reference material in the other sky-is-falling thread (youtube) :)


how would he know ? did he major in economics ? i want to see him say "we're not in a recession" to US workers who can't pay the bills for groceries, healthcare, school loans, and rent/mortgage so they have to sell their homes. just goes to show you how out of touch he is with the US citizen (does he even know what the outside world is like out of the White House ? )

So, er...what...you think the President just gets up in the morning, gets in front of a microphone, and starts speaking his mind?

[shocker1]

So, er...what...you think the President just gets up in the morning, gets in front of a microphone, and starts speaking his mind?
Nope he reads from a prepared statement that sometimes has words that are too mysterious, that is when he speaks his mind.

[shocker1]

At least he speaks his mind, instead of having some major creeps write speeches designed to manipulate you!
LOL, so you think Bush pens his grand speeches himself? You don't think Presidential speeches in general are designed to manipulate? What is the point of your post?

[shocker1]

Man you have been manipulated just like me. I voted for him in 04. However I never thought he breaks the speech writers mold to speak truth to power. He says exactly what the voters want to hear. Talking about $5 milk and jobs with no benefits does not make a good speech. To bad it is the truth. This President has twisted and manipulated many things.

[2Sheds_Jackson]

Gentlemen. I've been trying to follow this conversation. But unfortunately, it's slightly past beer thirty, and I'm having some difficulty. If somebody could go ahead and correct my notes, appreciate it.

http://media.militaryphotos.net/photos/albums/2shedsjackson/ajo.gif

[Kilkenny]

He better not come to Canada to shop:)

[vryhpyammoadded]

I told you so, I like this environment tough. I have made a killing in gold and silver coins. Even in a nightmare economic scenario, I will be able to fix things for food, ***, beer, shine, housing and ****.
Don't forget guns too. I predict a brief period of very high price increases if the Dim's get into power. I plan on selling off a few of my relics to nab me one or two of these new high tech guns my friends all rave about.

[a_very_ex_STAB]

God, this guy.......How did he ever get this far in life? Its like he lives in a bubble where he only hears things he wants to hear. I mean for gods sake, oil @ $101.00 a barrel. Gas going over $4.00 a gallon this summer. Weakest dollar in a long time. Over 100 banks set to fail over the next 12-18 months. Can we please just get this asscake out of there.


I'd love to be paying only $4 a gallon!

[Ought Six]

Like both Truman and Reagan, Bush will leave office derided as one of the worst Presidents *ever* by his enemies. Like Reagan, he is labelled 'stupid' and 'clueless'. Like Truman, he is leaving with an extremely unpopular war going on, which may well end in an ignonamous way that none of the parties involved are happy with. And like Truman and Reagan, I think that history will be much kinder to him than the media is today.

And just for the record, I did not vote for the man last time around.

[Albatross]

And just for the record, I did not vote for the man last time around.


I thank you for my peso's.

[Satellite Weapon]

Bush could say that he is staying for 4 more years, but would anybody believe a thing he said?

I think one of the most important things for McCain to do now is to find himself a good VP runner, I never really liked Romney but at least he understood economics. The housing thing has to be fixed and something must be done about Oil prices or expect the landscape of this nation to change

http://www.youtube.com/watch?v=XazpaYwFKd8

[IDF_TANKER]

I felt obligated to contribute to this thread, so here it goes:
http://www.youtube.com/watch?v=MDUZJ40ggTE&feature=related

[Bombtrack]

http://freespace.virgin.net/sanjeev.sarpal/images/intro.1.jpg

The United States is not headed into recession!

[9mmRifle]

I told you so, I like this environment tough. I have made a killing in gold and silver coins. Even in a nightmare economic scenario, I will be able to fix things for food, ***, beer, shine, housing and ****.

Anyway, the largest blame falls on us. We buy Walmart goods, we do not save and run up 5 credit cards. It is the collective behavior of the nation that is at fault here. Instead of buying the 5 dollar pack of US made socks, we turn to the 2 dollar pack made in China. Closing down the mill and building Walmarts for out of work skilled factory workers and special people.


Yeah people who were buying gold must be laughing at all this

I agree the debt is a serious problem

[Ordie]

A source of mine in the FED told me that Bush is placing a lot of pressure on Burnanke to keep mass housing foreclosures from happening until the end of his term.

We have yet to see the wave of foreclosures on homes bought with 'interest only' loans.

It's going to be a wild ride in the next 48 months.

[deagle]

he could be right that were not headed into recession...we might just skip it and head into depression soon. does he even have a clue ?

[9mmRifle]

LOL, so you think Bush pens his grand speeches himself? You don't think Presidential speeches in general are designed to manipulate? What is the point of your post?

As the Dollar continues to drop it will be replaced by the 'Amero' soon enough. Rising Oil prices are a real issue run a deficit long enough and it becomes less attractive to buy your own currency and the price of gold has sky rocketed recently. If the Dollar keeps dropping and NAFTA gets stronger there could be a American currency union in place by 2010, added to all this is the President's reluctance to stop illegal immigration across the Southern border. US and Canadian dollars, along with the peso, will be trashed away and replaced by a common North American currency called the "Amero".http://letaripper.blogspot.com/2007/11/amero-here-we-come.html (Amero here we come

[annihilation]

As the Dollar continues to drop it will be replaced by the 'Amero' soon enough. Rising Oil prices are a real issue run a deficit long enough and it becomes less attractive to buy your own currency and the price of gold has sky rocketed recently. If the Dollar keeps dropping and NAFTA gets stronger there could be a American currency union in place by 2010, added to all this is the President's reluctance to stop illegal immigration across the Southern border. US and Canadian dollars, along with the peso, will be trashed away and replaced by a common North American currency called the "Amero".http://letaripper.blogspot.com/2007/11/amero-here-we-come.html (http://%5BURL=%22http://%5BURL%22)]Amero here we come[/url]

Lets hope that day never comes. The only time I would have wanted to unify with mexico on anything would have been during the mexican-american war.

[Satellite Weapon]

Technically speaking, no we aren't. It is defined as 2 consecutive quarters of negative growth in a countries GDP or Real Economic Growth. We have yet to have one. We slowed last quarter this will be our first negative, if someone has better intel than me please provide.



see this story

Recession is chance to fix our economy
http://www.herald-mail.com/?cmd=displaystory&story_id=187421&format=html

[Creeper]

I have just a few 'choice' words about the POTUS saying that it ain'yt all that bad:
BULLSHYTE!

[Satellite Weapon]

markets got people spooked

http://www.liveleak.com/view?i=f49_1204403165

[Kilgor]

Bush is actually correct.

America isn't headed into recession.

America is in recession.

The ship isn't sinking, its actually on the bottom.

[Brute]

http://news.yahoo.com/s/ap/bush_economy;_ylt=AmrSSxhC01qhUtumQifmJ4Gs0NUE


Bush: Economy has slowed

By JENNIFER LOVEN, Associated Press Writer 3 minutes ago

WASHINGTON - President Bush said Friday that "it's clear our economy has slowed" and tried to reassure an anxious public that the long-term outlook is good.

"Losing a job is painful and I know Americans are concerned about our economy. So am I," Bush said during a hastily arranged White House appearance on the heels of a gloomy government economic report.
"I know this is a difficult time for our economy," he said. "But we recognized the problem early and we provided the economy with a booster shot."
Congress passed and Bush signed a stimulus package that will send tax rebates to many families and businesses. But some fear it will come too late — or that people will use the money to save or pay off debt, rather than go on a spending spree that would boost the economy.
Bush gently urged people to do the latter. "When the money reaches the American people, we expect they will use it to boost consumer spending," he said.
Earlier, the president's top economic adviser said that the nation's economic growth could dip into negative territory for the current quarter. That tracks with the assessments of many outside experts but is the most pessimistic word to come so far from the White House.
"We don't really know whether it will be negative or not," Edward Lazear, chairman of the White House Council of Economic Advisers, told reporters at the White House. "We have definitely downgraded our forecast for this quarter."
The flurry of activity came as the White House tried to brighten perceptions of the economic picture, clouded by the release earlier Friday of a report showing the economy lost 63,000 jobs last month, the most in five years.
Lazear would not discuss whether the White House is predicting the economy will actually fall into a recession. Some economists think it already has.
"I'm still not saying that there's a recession," Lazear said. "We are going to have a weak growth quarter, and whether you call that a recession or not is something that we won't know for many months."
He said the White House predicts jobs numbers will pick up by spring and growth will rebound by summer, driven primarily by the stimulus package.
"This quarter will be our weakest quarter," he said. "There are indicators suggesting that growth will pick up and pick up quickly. So the question is how quickly will it pick up."
He highlighted what he said was the good news in Friday's jobs report: that the unemployment rate dipped, wages grew and weekly hours stayed the same. However, the jobless rate fell to 4.8 percent in February from 4.9 percent because so many people left the labor force, perhaps discouraged by the difficulty of finding work. And average hourly earnings for jobholders rose only an anemic 0.3 percent from the previous month.
"Obviously we were disappointed," Lazear said about the job losses.
Bush focused even more on optimism than his adviser. "Our economy will prosper," the president said.

[9mmRifle]

U.S. economy lost 63,000 jobs in February (http://www.iht.com/articles/2008/03/07/business/07cndecon.php)

[Createdeemcee]

he could be right that were not headed into recession...we might just skip it and head into depression soon. does he even have a clue ?


No he doesnt, he said it himself that it doesnt matter to him, he will still be at the ranch with his feet up. I bet he will after scoring big on this war with his buddies. That Man i tell ya is a trip and a half.

[gaijinsamurai]

X2. Cheney will still get to collect the profits from his Halliburton stock, and George W. will still have a comfortable retirement, so they don't have any reason to be concerned.

[9mmRifle]

Dollar extends losses on weak retail sales data


http://www.*******.com/article/hotStocksNews/idUST24480320080313


(*******) - The dollar extended losses on Thursday after U.S. retail sales fell in February by more than expected, boosting worries about a U.S. recession. The dollar fell to 100.20 yen from around 100.40 yen after the data. Overnight, it fell to 99.77 yen, its lowest level since 1995.
The euro also edged up to $1.56, near a lifetime high of $1.5624, according to ******* data, before easing back to $1.5580, about where it was before the report.

[Satellite Weapon]

Gold and Oil are up

Dollar falling again

[9mmRifle]

Bush seeks to reassure shaky markets

President says 'we're in challenging times' but argues that his administration is 'on top of the situation.

http://money.cnn.com/2008/03/17/news/bush.ap/index.htm?postversion=2008031710


President Bush, trying to calm turmoil in financial markets, said Monday that his administration is "on top of the situation" in dealing with the slumping economy."One thing is for certain, we're in challenging times," the president said after meeting with Treasury Secretary Henry Paulson and other senior economic advisers. "But another thing is for certain: We've taken strong, decisive action."
The president commended the Fed for its urgent actions over the weekend. "We've shown the country and the world that the United States is on top of the situation," he said.
Bush spoke on a day of turmoil and plunging prices on global financial markets. Oil prices hit a record in Asian trading, U.S. stock index futures fell sharply and the dollar hit record lows.
The White House moved quickly to raise Bush's public profile Monday, and he continued to send an upbeat message, even in acknowledging a downturn that keeps roiling the economy and the people as well.
"We agree upon the fact that our financial institutions are strong, and that our capital markets are functioning efficiently and effectively," Bush said with his economic aides.
Still, Bush said his administration is monitoring economic developments closely.
"When need be, we'll act decisively in a way that continues to bring order to financial markets," Bush said.
He did not indicate any other steps his government might take, or when.
"In the long run, our economy is going to be fine," Bush said. "Right now we're dealing with a difficult situation."
The Federal Reserve, in an extraordinarily rare weekend move, became a lender of last resort for Wall Street investment houses to begin securing short-term emergency loans. The central bank also approved a cut in its emergency lending rate to financial institutions to 3.25% from 3.50%.
Later Monday, Bush was to meet with his Working Group on Financial Markets, which includes Paulson, Federal Reserve Chairman Ben Bernanke and Securities and Exchange Commission Chairman Christopher Cox.

[Bia]

I expect King George one day to claim fire is cold and ice is hot..... up is down and wrong is right.

Oh wait... lolZ

[deagle]

don't know how to embed news articles (can someone help) but :

http://www.cnn.com/2008/POLITICS/03/17/poll.national/index.html

[hank]

That asshat Bush said yesterday that the US economy's "fundamentals" were still good. I ain't no economist, but when the liquidity of big investment banks is a bad as it was at Bear Stearns I'd say fundamentally we are in trouble. We can only continue to print money to fill the holes for so long. It will bite us in the end.

What say you Flagg?

hank

[Satellite Weapon]

Here's a clip, but here's a warning it's a bit loud
*very high volume*

President Bush on the Economy

http://www.youtube.com/watch?v=9tFpPBvuKvo

[Freedom-Fries]

LOL, so you think Bush pens his grand speeches himself? You don't think Presidential speeches in general are designed to manipulate? What is the point of your post? no more conspiracies please

[Hollis]

One of the aspect of the economy is how people feel about it. If people feel the economy sucks and actually the economy is great, the economy will down turn. The opposite is also true. During Reagan administration was a very bad recession, home loans interest rates exceeded 20%. Reagan is credited with "jaw boning" other words being a cheerleader of the economy.


Don't underestimate the power of people's attitude about the economy has on the economy.


BTW if you take econ 101 or 102 this is covered.

So, the economy is not doing so good.

President gives a up beat message, it could help the economy by lessing the negative effect.

President gives a negative message, it could exacerbate the economy and add to a downward spiral.


If you were president, what would you do?

[maw]

Here's a clip, but here's a warning it's a bit loud
*very high volume*

President Bush on the Economy


wow. w is leaning back in his chair trying act all casual but look at bernenke's body language.

[SOG]

Even if the economy was not in serious trouble and Bush told them so it wouldn't matter. If the next president told them so, the streamline media would listen. Simple politics there.

I think when the next president is elected the economy will go into cruise control and sort itself out. Then again, I don't think the economy is horrible to begin with. I think it is a central election point made larger than life to take the majority of focus from a dwindling war that receives less coverage each and every day. After all, who wants to defend the former president who went in, or their voting record on many matters of the war? It is easier for both parties to minimalize the overall issue and focus on the next looming threat: Economic collapse. Dollar to pounds it will be a central issue and will sort itself out without major ado.


If you were president, what would you do?

I would tell people the truth, straight to the point but always leave on a hopeful/high note. What's a message without hope? Defeat.

[vryhpyammoadded]

I think the economy will ride this out ok like a bad flu bug and not Ebola but the lingering political effects of the housing fleecing rippling through this current financial issue are going to really screw a whole lot of middle to little people and I’m not just talking about the imeadeate foreclosures.

Earlier this week I watched a bunch of the $x528 more than the next corporate exec, type of economic talking heads get into what traditionally happens with these scenarios and the unique aspects of this very one. All of them agreed that the people have “no” leverage for higher pay to make up for the approaching inflation so they’d better learn to be happy with the new lifestyle changes. Too me this definitely sounds of “we got all your money fair and square, now bugger off and go eat some turnips loser”. Wrong answer…

Combine this issue with the big fish financial types pulling a Cleavon Little, “I’ll shoot the ni**er” impersonation to get their paws on more money, one can see the level of resentment that will be brewing in the near future when everyone realizes they’ve been give a choice of giving the big financial fish money x2 or living in a crack slum eating in soup kitchens. Yes, that’s an exaggeration but it will be close.

Expect a public hue and cry for more big government socialism that all three candidates will provide lest they break the shell game going on up Capitol Hill. Then again, it might break anyway when they have too assault or bypass the Constitution in the near future. What’s ironic is that this will only incorporate “pay the big fish x2” and “living in a crack slum” into the government system making it an act of continuous policy rather than some group of con men having to work hard at it to fleece the sheeple on occasion.

[Igor01]

I would tell people the truth, straight to the point but always leave on a hopeful/high note. What's a message without hope? Defeat.

HOLLiS has a point, markets todays are so full of fear and uncertainty that even the smallest and the most insignificant good or bad news causes irrationally huge rallies and drops. Bush and the Fed must tread very carefully not to create an impression that they are not in control. A mad rush to the exits has every potential to crash the economy and the drastic measures required to attempt fixing it always have negative side-effects and are never certain to work.

[NavyTimes]

If we can find a solution to the looming energy crisis, as well as mange problems connected to climate change, the economy will recover. But those are BIG IF's.

[MaDuce]

Recession's are a natural contraction of the economy. This won't be the first or last one we have had.

[deagle]

we're not in recession, but we're not also out of the clear either. whats being done to spur our economy ? he prob gonna ride out the storm like he gonna ride out the presidency.