Economy: Bush Reassures, Bernanke Worries

PlusEconomy: Bush Reassures, Bernanke WorriesEconomy: Bush Reassures, Bernanke WorriesThe Associated PressAmid financial turmoil and new layoffs, President Bush is trying to reassure Americans about the troubled economy, but Fed Chief Ben Bernanke is sounding more worried. (July 15)[Notes:ANCHOR VOICE] [Notes:Bush walk-in]It was his first formal news conference since April, and President Bush laced it with words of reassurance. [Notes:Housing slump video, then Fannie/Freddie]He said despite a deepening housing slump, troubled mortgage giants Fannie Mae and Freddie Mac are NOT going under ... [Notes:IndyMac]... and despite another bank failure, Americans should "take a deep breath" and not worry about their money. BUSH SOT: (7:48 from start) I think the system basically is sound. I truly do. I understand there is a lot of nervousness. (:05) [Notes:General file footage econ] He says there's still no recession, and some economic indicators are still up. BUSH SOT: (39:30 from start) "I believe there's a lot of positive things for our economy. But I will tell you it's not growing the way it should. And I'm sorry people are paying as high gasoline prices as they are." ("07) [Notes:To Bernanke]However, on Capitol Hill, Fed Chairman Ben Bernanke took a less rosy view. BERNANKE SOT: (10:17 approx, Jerry says in 2nd graf of his opening statement) "The economy continues to face numerous difficulties, including ongoing strains in financial markets, declining house prices, a softening labor market, and rising prices of oil food and some other commodities." (:12) [Notes:File footage gas pump, consumer prices]His worries include inflation running at its fastest clip in 27 years ... [Notes:More housing file footage]... and the sub-prime meltdown causing banks to stop lending. BERNANKE SOT: (10:44 a.m. approx) ''My concerns have turned more, er less, on the solvency of these institutions and more on their ability to extend the credit that our economy needs to keep growing.'' (:10) [Notes:GM file] Undescoring the worry, GM announced it's slashing truck production, laying off salaried workers and borrowing up to $3 billion -- and its stock hit a 54-year low. [Notes:Standup]Even an otherwise upbeat president is refusing to venture a guess as to when all this turmoil will end. Asked if he foresees an upturn before he leaves office, Bush replied, "I'm not an economist ... I'm an optimist."MS, The Associated Press, the White House

Category:

News & Politics

Tags:

• economy
• economy:
• bush
• reassures
• bernanke
• worries

[thid1]

"i think the system basically is sound, i truly do..."

i think our president is a fucking retard, i truly do.

[fshnt]

ummmm, sorry President Bush...we're just not stupid like you think we are. Oh, and you are not only "not an economist"...you are NOT EVEN A HALF DECENT PRESIDENT. Please just leave. Just for Christ's sake do us all a favor and LEAVE.

[danka2000]

Yeah Bush, you could have done something on the gas prices. If you are sorry, then you could have done something. Those oil companies and their speculators were out of control last summer.

[19770326]

oh george.

how did you get elected...twice!

[NearingZero]

"YouTube" COPY&PASTE

Queda do império romano -- Nero Legendado [PARTE 5] PT-BR

[jjlinert]

Bush's stimulus package wasn't stimulating enough - at least for the US economy. (Maybe laura's bush is stimulated.)

[gloomunster]

Apologise to the shit! It's offended by being compared to his brain!

[rockondon]

if your gonna piss our taxes away on a cia

employee (bin laden) atleast talk about him

just a little so people wont get confused on

why were wasting money in the middle east???

chevrons drilling and killin us at the pump

[DianeDi]

I just have to say this.... Bush is not an economist or an optimist - he is an idiot and a liar!

[asp2488]

4) Magazine sales have dropped 20% in the year due to cutbacks by consumers

5) Gas prices show no sign of decline in the near future

6) The unemployment rate is set to climb to 6% in a month, the highest in a decade.

7) Overall, the economy is stalling and sooner or later, push will come to shove, and we will see if our nation can come out on top.

Hopefully change will occur before we are hit with a dead heat in our nation's economy.

[asp2488]

I do not comprehend Bush's claim that the economy is growing in any respect. Here are a list of reasons:

1) Starbucks is closing 700 stores nationwide within the end of the fiscal year

2) American Airlines and other airline companies are cutting back a third of their employee positions and flights

3) Fannie Mae and Freddie Mac stocks continue to drop radically and their instability is horrendous to the stock market as a whole

[javster327]

You're joking right? If not.  Do us all a favor and go swallow a knife.