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Date Posted: 07:51:49 03/15/08 Sat
Author: A Voter to Impeach Bush
Subject: BUSH ACKNOWLEDGES WEAKNESS IN U.S. ECONOMY ... (ABOUT TIME!)
March 14, 2008
BUSH ACKNOWLEDGES WEAKNESS IN US ECONOMY
By JENNIFER LOVEN, Associated Press Writer
Trying to calm jitters about the economy, President Bush conceded on Friday that the country "obviously is going through a tough time" but expressed confidence that it will rebound. He cautioned against overreacting to fix the problems.
In a speech to The Economic Club of New York, Bush said this was not the first time the economy has been rattled and that he is certain that it will ride out its troubles. "These are uncertain times," he said.
The president spoke as evidence of an ailing economy piled up. The dollar fell, oil and gold hit record highs, the economy is shedding jobs, retail sales saw a big drop and the effects of a severe credit squeeze linger. Economic worries have replaced the Iraq war as the No. 1 concern of voters in this presidential election year.
Bush acknowledged that prices are up at the gas pump and grocery stores and housing values are down — leading to worries among everyday "hardworking Americans." But he said low unemployment and strong productivity are proof of the economy's fundamental strength and resilience.
"Every time, this economy has bounced back better and stronger than before," Bush said.
The president also praised the work of the Federal Reserve. After cutting interest rates several times, the Fed said Friday it has voted to endorse an arrangement to bolster troubled Bear Stearns Cos. and stands ready to provide added liquidity to combat a serious credit crisis.
"It was strong action by the Fed and they did so because some financial institutions that borrowed money to buy securities in the housing industry must now repair their balance sheets before they can make further loans," the president said.
"Today's events are fast moving, but the chairman of the Federal Reserve and the secretary of the treasury are on top of them and will take the appropriate steps to promote stability in our markets," Bush assured his audience.
The president chose American's financial center as the backdrop — and the titans of finance and commerce as the audience — for his attempts to calm nerves from Wall Street to Main Street.
The Economic Club of New York is an exclusive, wealthy, largely homogenous group of top executives. Speaking before the gathering had Bush somewhat literally preaching to the choir — the 101-year-old group's new chairman is Glen Hubbard, the first head of the White House Council of Economic Advisers for Bush.
He even drew a laugh when he opened his remarks with a not-so-veiled reference to the economy's ills. "It seems like I showed up in an interesting moment, a very interesting time," Bush said....
For the rest of the story, GO TO > > > http://www.kycbs.net/WallStreet.htm
For more reasons to IMPEACH GEORGE W. BUSH - NOW!, GO TO > > > http://www.kycbs.net/Impeach-Bush.htm
And to put in YOUR 2 CENTS WORTH (if you still have 2 cents), just post an answer to this message!
But, most important of all, GET MOVING!
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