Economy: Bush Reassures, Bernanke Worries

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PlusEconomy: Bush Reassures, Bernanke WorriesEconomy: Bush Reassures, Bernanke WorriesThe Associated PressAmid financial turmoil and new layoffs, President Bush is trying to reassure Americans about the troubled economy, but Fed Chief Ben Bernanke is sounding more worried. (July 15)[Notes:ANCHOR VOICE] [Notes:Bush walk-in]It was his first formal news conference since April, and President Bush laced it with words of reassurance. [Notes:Housing slump video, then Fannie/Freddie]He said despite a deepening housing slump, troubled mortgage giants Fannie Mae and Freddie Mac are NOT going under ... [Notes:IndyMac]... and despite another bank failure, Americans should "take a deep breath" and not worry about their money. BUSH SOT: (7:48 from start) I think the system basically is sound. I truly do. I understand there is a lot of nervousness. (:05) [Notes:General file footage econ] He says there's still no recession, and some economic indicators are still up. BUSH SOT: (39:30 from start) "I believe there's a lot of positive things for our economy. But I will tell you it's not growing the way it should. And I'm sorry people are paying as high gasoline prices as they are." ("07) [Notes:To Bernanke]However, on Capitol Hill, Fed Chairman Ben Bernanke took a less rosy view. BERNANKE SOT: (10:17 approx, Jerry says in 2nd graf of his opening statement) "The economy continues to face numerous difficulties, including ongoing strains in financial markets, declining house prices, a softening labor market, and rising prices of oil food and some other commodities." (:12) [Notes:File footage gas pump, consumer prices]His worries include inflation running at its fastest clip in 27 years ... [Notes:More housing file footage]... and the sub-prime meltdown causing banks to stop lending. BERNANKE SOT: (10:44 a.m. approx) ''My concerns have turned more, er less, on the solvency of these institutions and more on their ability to extend the credit that our economy needs to keep growing.'' (:10) [Notes:GM file] Undescoring the worry, GM announced it's slashing truck production, laying off salaried workers and borrowing up to $3 billion -- and its stock hit a 54-year low. [Notes:Standup]Even an otherwise upbeat president is refusing to venture a guess as to when all this turmoil will end. Asked if he foresees an upturn before he leaves office, Bush replied, "I'm not an economist ... I'm an optimist."MS, The Associated Press, the White House

Category: News
Uploaded: July 15th, 2008 @ 3:43 pm
Author: AssociatedPress

Length: 01:44
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