Economy in Trouble: Bush

President warns of overreaction to housing, credit crises
By Nick McMaster,  Newser Staff
Posted Mar 14, 2008 3:00 PM CDT
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)
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(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.