Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 25, 2008 9:57:29 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Gov't Will Do 'What It Takes' for Economy: Paulson

Posted Mar 16, 08 4:55 PM CDT in Politics 

(Newser) – Treasury Secretary Henry Paulson vowed today to do “what it takes” to uphold a weak economy, the AP reports. “No one is debating the fact that this economy has slowed way down,” he said on the Sunday show circuit. "We feel it, we know it, the American people know it." He also backed the Federal Reserve move to fund Bear Stearns, calling it necessary to keep “disruption from spilling out into the real economy.”

Paulson is “convinced” that banks will “come out of this situation very strong," but officials are still scrambling: President Bush plans to meet financial gurus tomorrow and the Federal Reserve is mulling a new rate cut Tuesday. Some analysts predict a full percentage point reduction. On ABC, Nancy Pelosi blasted Bush for acting “too late," while on Fox Sen. Charles Schumer compared Bush’s "hands-off attitude" to Herbert Hoover’s.

Source Associated Press

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Pelosi, Dems Hijack Colombia Free-Trade Deal

    Apr 9, 08 6:58 PM CDT
    Pelosi, Dems Hijack Colombia Free-Trade Deal Congressional Democrats thumbed their noses today at Bush's renewed efforts to pass a free-trade pact with Colombia. Bush sent the bill over Monday, mandating Congress to vote yea or nay within 90 days. Or so he thought. Nancy Pelosi is changing the House rules and won't allow a vote until the White House attends to more pressing domestic issues, the New York Times reports. More »

  • Market 'Fix' Just Feeds the Beast

    Mar 31, 08 5:08 PM CDT
    Market 'Fix' Just Feeds the Beast The Treasury plan unveiled today will never rein in free-wheeling markets because it isn't intended to, Paul Krugman writes in the New York Times. President Bush, who for 7 years has slashed at regulations, ignores how well they harness deposit-taking banks. And he denies that "non-depository" banks like Bear Stearns need them too. More »

  • Americans Blame War for Economic Woes: Poll

    Mar 19, 08 1:31 PM CDT
    Americans Blame War for Economic Woes: Poll The Iraq war and the current economic crisis aren’t unrelated issues in the minds of most Americans, a CNN poll finds. 71% said the war, which began five years ago today, helped cause the economic storm. Just 32% support the mission, with 61% saying the new president should withdraw most troops “within a few months of taking office.” More »

  • Economy in 'Sharp Decline,' Paulson Admits

    Mar 19, 08 5:46 AM CDT
    Economy in 'Sharp Decline,' Paulson Admits Hank Paulson came closer than ever to conceding that the economy is in recession in a series of interviews yesterday, Reuters reports. Weary after a weekend in which he helped to broker Bear Stearns' fire sale to JPMorgan, the treasury secretary avoided the R-word but admitted: "There's no doubt that the American people know that the economy has turned down sharply. So to me much less important is the label that's placed on it today." More »

  • Economy in Trouble: Bush

    Mar 14, 08 3:00 PM CDT
    Economy in Trouble: Bush 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. More »

House Speaker Nancy Pelosi, D-Calif. speaks during a news conference on Capitol Hill in Washington in this Jan. 29, 2008 file photo. Pelosi says it would be damaging to the Democratic party for its leaders...   (AP Photo)
Treasury Secretary Henry Paulson gestures during a news conference at the National Press Club in Washington, Thursday March 13, 2008.   (AP Photo/Jose Luis Magana)
In this photo provided by FOX News, Treasury Secretary Henry Paulson appears on "Fox News Sunday" in Washington, Sunday, March 16, 2008.   (AP Photo/FOX News Sunday, Freddie Lee)
In this photo provided by ABC News, Treasury Secretary Henry Paulson appears on ABC's This Week with George Stephanopolous from Washington, Sunday, March 16, 2008.   (AP Photo/ABC News, Lauren Victoria Burke)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 3)

Tags

George W. Bush  • recession  • economy  • Bear Stearns  • Nancy Pelosi  • Henry Paulson  • Charles Schumer


Loading...

Loading...

Today's Most Popular


Other Politics Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »