lily
03-15-2008, 12:10 AM
Like I'm going to take financial advice from someone who was surprised when he heard that gas may go to $4.00.
Someone who said it was wrong to"overcorrect" with excessive government intervention........right after another bailout.
(http://www.washingtonpost.com/wp-dyn/content/article/2008/03/14/AR2008031401537.html?hpid=topnews)
Bush Acknowledges That Economy 'Is Going Through a Tough Time'
Inflation Report May Strengthen Argument for Fed Rate Cut
Bush Acknowledges Weakness in U.S. Economy
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 about a rebound.
Washington Post Staff Writers
Friday, March 14, 2008; 4:14 PM
NEW YORK, March 14 -- President Bush acknowledged Friday that the economy
"obviously is going through a tough time," but he warned against trying to
"overcorrect" with excessive government intervention.
Addressing the Economic Club of New York just hours after a bailout for Bear
Stearns rocked Wall Street, Bush joked that he arrived at an "interesting
moment" and agreed that housing and financial markets are shaky. But he
characterized the current slowdown as part of the natural "ups and downs" of
the economy that will eventually improve.
"I'm coming to you as an optimistic fellow," he told the elite crowd of
investors, economists and corporate titans. "I've seen what happens when
America deals with difficulty. I believe that we're a resilient economy. And
I believe that the ingenuity and resolve of the American people is what
helps us deal with these issues and it's going to happen again."
The speech was part of a broader effort by the president to strike a balance
between staying positive in the face of economic turmoil without appearing
out of touch with the stresses affecting everyday Americans. In addition to
the Economic Club talk, he gave an interview to CNBC, met with the Wall
Street Journal editorial board and taped his Saturday radio address on the
economy, trying to bolster spirits throughout.
Bush did not mention by name Bear Stearns, whose troubles triggered a
sell-off on Wall Street. J.P. Morgan Chase and the Federal Reserve Bank of
New York on Friday morning moved to provide temporary funding to Bear
Stearns, the venerable Wall Street firm that has seen two hedge funds fail
in the wake of the subprime mortgage crisis. But he praised the "strong
action" by the Fed and promised that the central bank and Treasury
Department "will take the appropriate steps to promote stability in our
markets."
Someone who said it was wrong to"overcorrect" with excessive government intervention........right after another bailout.
(http://www.washingtonpost.com/wp-dyn/content/article/2008/03/14/AR2008031401537.html?hpid=topnews)
Bush Acknowledges That Economy 'Is Going Through a Tough Time'
Inflation Report May Strengthen Argument for Fed Rate Cut
Bush Acknowledges Weakness in U.S. Economy
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 about a rebound.
Washington Post Staff Writers
Friday, March 14, 2008; 4:14 PM
NEW YORK, March 14 -- President Bush acknowledged Friday that the economy
"obviously is going through a tough time," but he warned against trying to
"overcorrect" with excessive government intervention.
Addressing the Economic Club of New York just hours after a bailout for Bear
Stearns rocked Wall Street, Bush joked that he arrived at an "interesting
moment" and agreed that housing and financial markets are shaky. But he
characterized the current slowdown as part of the natural "ups and downs" of
the economy that will eventually improve.
"I'm coming to you as an optimistic fellow," he told the elite crowd of
investors, economists and corporate titans. "I've seen what happens when
America deals with difficulty. I believe that we're a resilient economy. And
I believe that the ingenuity and resolve of the American people is what
helps us deal with these issues and it's going to happen again."
The speech was part of a broader effort by the president to strike a balance
between staying positive in the face of economic turmoil without appearing
out of touch with the stresses affecting everyday Americans. In addition to
the Economic Club talk, he gave an interview to CNBC, met with the Wall
Street Journal editorial board and taped his Saturday radio address on the
economy, trying to bolster spirits throughout.
Bush did not mention by name Bear Stearns, whose troubles triggered a
sell-off on Wall Street. J.P. Morgan Chase and the Federal Reserve Bank of
New York on Friday morning moved to provide temporary funding to Bear
Stearns, the venerable Wall Street firm that has seen two hedge funds fail
in the wake of the subprime mortgage crisis. But he praised the "strong
action" by the Fed and promised that the central bank and Treasury
Department "will take the appropriate steps to promote stability in our
markets."