“We are not forecasting a recession,” Perino said. “Clearly there is a slowdown.”
This is the understatement of the year.
Not forecasting a recession? We are in a recession.
The administration’s initial efforts also failed to reassure global stock markets, which plunged Monday on rising fears that trouble in the U.S. economy could translate into weaker economic activity worldwide.
Showing posts with label Recession. Show all posts
Showing posts with label Recession. Show all posts
Jan 22, 2008
White House may agree to go above $150 billion in economic aid
Jan 19, 2008
Bush Prods Saudi Arabia on Oil Prices
King Abdullah and President Bush at the king’s horse farm near the Saudi capital, Riyadh. Mr. Bush has raised the issue of oil prices with leaders during his trip.
Speaking to a group of Saudi entrepreneurs and later to reporters, Mr. Bush expressed concern about the economy in some of his starkest language yet, saying that rising oil costs and gasoline prices were causing hardship for American families. He vowed to raise the issue with the Saudi leader, King Abdullah, during a meeting and dinner at the king’s lush horse farm in the desert outside of Riyadh, the capital.
“My point to His Majesty is going to be, when consumers have less purchasing power because of high prices of gasoline — in other words, when it affects their families, it could cause this economy to slow down,” the president said in an expansive interview summarizing his eight-day trip to the Middle East. “If the economy slows down, there will be less barrels of oil purchased.”
Saudi Arabia, he said, shared the president’s concern that a downturn in the American economy could have profound effects around the world, including on the oil market. He even raised the prospect of “recession,” a word Mr. Bush studiously avoided in the interview, even when pressed about “the R-word.” But Mr. Naimi said Saudi Arabia would raise production only “when the market justifies it.”
Source: NY Times
Sphere: Related Content
Jan 18, 2008
Bush calls for $145 billion stimulus package
Federal Reserve Chairman Ben Bernanke entered the stimulus debate Thursday, endorsing the idea of putting money into the hands of those who would spend it quickly and boost the flagging economy.
In other words give money to the ones who need it most so they will run right out and spend it. I don't know about you but this sounds like putting a band-aid on an oozing sore.
Too little too late Bush.
Read More^
Jan 17, 2008
Bush, Bernanke endorse economic stimulus
WASHINGTON - President Bush and Federal Reserve Chairman Ben Bernanke on Thursday embraced calls for an economic stimulus package to avert recession. Bernanke said such a plan should be aimed at quickly getting cash into the hands of people, especially those with low and moderate incomes.
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Related: Can the government stimulate the economy?
Jan 3, 2008
Quick Read -This Can't be Good
After six years of uninterrupted growth, the outlook for the U.S. economy in 2008 has darkened considerably in just the past month.
While many economists say it’s too soon to know whether a recession is coming, forecasters say the latest economic figures don’t look promising.
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