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Economy in Trouble: Bush

Posted Mar 14, 08 3:00 PM CDT in Politics,  Business,  US 

(Newser) – The economy is experiencing difficulties, but President Bush said today he is certain a recovery will come soon, the AP reports. “In a free-market economy there will be good times and bad times” he said in a speech to the Economic Club of New York. “We’re going through a hard time.” Democrats wasted little time in rebutting, dispatching Chuck Schumer to invoke Herbert Hoover.

"The president seems to be on a different economic planet than most Americans," the New York senator said. Bush praised the Fed’s recent active stance but didn't mention the bailout of beleaguered brokerage firm Bear Stearns announced today. He did caution against an excess of government intervention, saying the nation should wait for the effects of the stimulus package and criticizing legislation pending in Congress.

Sources: Associated Press, New York Times, Bloomberg

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President Bush delivers a speech on the economy to members and guests of The Economic Club of New York, Friday, March 14, 2008, in New York.   (AP Photo/Mary Altaffer)
President Bush gestures while speaking about the economy during an address before The Economic Club of New York, Friday, March 14, 2008, in New York.   (AP Photo/Charles Dharapak)
President Bush pauses while speaking about the economy during an address before The Economic Club of New York, Friday, March 14, 2008, in New York.   (AP Photo/Charles Dharapak)
Catherine R. Kinney, Group executive vice president and Head of Global Listings, NYSE Euronext, left, applauds as President Bush arrives to deliver a speech on the economy to members and guests of The...   (AP Photo/Mary Altaffer)
President Bush stands with former Secretary of State Henry Kissinger after the president spoke about the economy during an addressing before The Economic Club of New York in New York, Friday, March 14,...   (AP Photo/Charles Dharapak)
President Bush speaks about the economy, Friday, March 14, 2008, during an address before The Economic Club of New York in New York.   (AP Photo/Charles Dharapak)
President Bush gestures while speaking about the economy, Friday, March 14, 2008, during an address before The Economic Club of New York in New York.   (AP Photo/Charles Dharapak)
President Bush delivers a speech on the economy to members and guests of The Economic Club of New York in New York, Friday, March 14, 2008.   (AP Photo/Mary Altaffer)
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George W. Bush  • Congress  • Federal Reserve  • recession  • subprime crisis  • economy  • stimulus package


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