President Bush is correct.
Yeah I said it...GW has either started or has stopped listening to someone about the economy. He actually has made a few true statements. i just wonder if it is too little too late.
...He also called on the Democratic-run Congress to follow his example and lift a ban on offshore drilling to help increase domestic oil production.
"I readily concede it won't produce a barrel of oil tomorrow, but it will reverse the psychology," Bush told a White House news conference — his first since late April.
Bush said the two troubled mortgage companies play a central role in the nation's housing-finance system and that government action to help them were not bailouts because the two would remain shareholder-owned companies.
"I don't think the government ought to be involved in bailing out companies," Bush said.
The administration and the Federal Reserve announced an emergency rescue plan Sunday to bolster Fannie Mae and Freddie Mac, which hold or guarantee more than $5 trillion in mortgages — almost half of the nation's total.
The plan would temporarily increase a long-standing Treasury line of credit that could be provided to either company. Treasury also said it would, if necessary, buy stock in the companies to make sure they have enough money to operate.
The Fed also announced that it would allow Fannie and Freddie to get loans directly from the Fed — a privilege previously granted only to commercial banks until this March, when the Fed extended the borrowing to investment banks to deal with the collapse of Bear Stearns.
At the same time, a housing package was heading toward final congressional passage. It would modernize the Federal Housing Administration and create a new regulator and tighter controls for Fannie Mae and Freddie Mac.
It's this legislation that Bush urged Congress to pass as soon as possible.
Congress could move as early as this week on the housing legislation to send it to Bush. First, though, House and Senate leaders must strike a deal in consultation with Treasury Secretary Henry Paulson to resolve key differences so Bush, who has threatened to veto the measure, will sign it.
Bush defended his insistence that the U.S. economy was not in a recession, even though many economists believe it is.
He said the traditional definition of a recession — two quarters in a row of negative growth — had not been met.
"I'm not an economist, but I do believe we're growing," he said. "I'm an optimist. I believe there's a lot of positive things for the economy."
He acknowledged, however, that "it's not growing as it should." ...............
These are more points toward proving what I feel are the primary reasons for a great many of our economic and social troubles/concerns.
Greed and Moral Decline. You can only tax/take from the people so long, until they have nothing. After that where do you go from there? A man may gain the world lest loose his soul.
Please watch this video however you can find it...Netflix, buy, rent, whatever it takes. It will open your eyes I promise...it opened mine. It is called "Enron: The Smartest Guys in the Room."
Also watch this.... http://www.pbs.org/wgbh/pages/frontline/shows/regulation/view/
...He also called on the Democratic-run Congress to follow his example and lift a ban on offshore drilling to help increase domestic oil production.
"I readily concede it won't produce a barrel of oil tomorrow, but it will reverse the psychology," Bush told a White House news conference — his first since late April.
Bush said the two troubled mortgage companies play a central role in the nation's housing-finance system and that government action to help them were not bailouts because the two would remain shareholder-owned companies.
"I don't think the government ought to be involved in bailing out companies," Bush said.
The administration and the Federal Reserve announced an emergency rescue plan Sunday to bolster Fannie Mae and Freddie Mac, which hold or guarantee more than $5 trillion in mortgages — almost half of the nation's total.
The plan would temporarily increase a long-standing Treasury line of credit that could be provided to either company. Treasury also said it would, if necessary, buy stock in the companies to make sure they have enough money to operate.
The Fed also announced that it would allow Fannie and Freddie to get loans directly from the Fed — a privilege previously granted only to commercial banks until this March, when the Fed extended the borrowing to investment banks to deal with the collapse of Bear Stearns.
At the same time, a housing package was heading toward final congressional passage. It would modernize the Federal Housing Administration and create a new regulator and tighter controls for Fannie Mae and Freddie Mac.
It's this legislation that Bush urged Congress to pass as soon as possible.
Congress could move as early as this week on the housing legislation to send it to Bush. First, though, House and Senate leaders must strike a deal in consultation with Treasury Secretary Henry Paulson to resolve key differences so Bush, who has threatened to veto the measure, will sign it.
Bush defended his insistence that the U.S. economy was not in a recession, even though many economists believe it is.
He said the traditional definition of a recession — two quarters in a row of negative growth — had not been met.
"I'm not an economist, but I do believe we're growing," he said. "I'm an optimist. I believe there's a lot of positive things for the economy."
He acknowledged, however, that "it's not growing as it should." ...............
These are more points toward proving what I feel are the primary reasons for a great many of our economic and social troubles/concerns.
Greed and Moral Decline. You can only tax/take from the people so long, until they have nothing. After that where do you go from there? A man may gain the world lest loose his soul.
Please watch this video however you can find it...Netflix, buy, rent, whatever it takes. It will open your eyes I promise...it opened mine. It is called "Enron: The Smartest Guys in the Room."
Also watch this.... http://www.pbs.org/wgbh/pages/frontline/shows/regulation/view/
Comments