don't miss the video at the end.
http://news.bbc.co.uk/2/hi/business/7269529.stm<snip>
Thursday, 28 February 2008
Bush claims no recession for US
George Bush
President Bush said the economy had slowed down
President George W Bush has said the US economy is not heading towards recession but is in a "slowdown".
He said tax measures, which are due to start in May, were designed to get consumers shopping again.
But Federal Reserve chairman Ben Bernanke, said keeping the economy growing was becoming more difficult.
Mr Bernanke said its job of encouraging growth was harder than in 2001, when the US suffered a recession, because of rising inflation and energy prices.
Rising energy prices were creating "inflationary stress", he said.
These were "complicating" the Fed's attempts to bolster the economy according to Mr Bernanke, as measures to control inflation may dampen economic growth.
Rising prices
In his first day of evidence to the US Congress on Wednesday, he hinted the Fed would cut rates further to ease fears of recession.
Mr Bernanke was speaking as government figures showed the economy expanding at its slowest rate since 2002 and the price of oil continued to rise. It hit over $100 dollars a barrel in trading in New York.
He predicted the US would avoid 1970s style stagflation, when soaring rates of inflation accompanied a slowing economy.
"I don't think we're anywhere near the situation that prevailed in the 1970s," he told the Senate Banking Committee. "I do expect inflation will come down."
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March 8, 2008
Removed from reality, Bernanke, Bush deny recession
“The Federal Reserve is not currently forecasting a recession,” Bernanke said. “We are forecasting slow growth.” (MSNBC)
On one issue particularly worrisome to American consumers, there are indications that paying $4 for a gallon of gasoline is not out of the question once the summer driving season arrives. Asked about that, Bush said “That’s interesting. I hadn’t heard that. … I know it’s high now.” (AP)
“I would say, by any commonsense definition, we are in a recession,” Buffett said.(AP)
http://hardknocklife.wordpress.com/2008/03/08/removed-from-reality-bernanke-bush-deny-recession/------------------------------------------
http://www.huffingtonpost.com/tag/george-bush-recessionIt's never his fault
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Apr 29, 2008
Bush sees 'slow' economy, sidesteps recession talk
WASHINGTON (AFP) — President George W. Bush said Tuesday he sees "a very slow economy" but sidestepped questions about whether he believes a recession is at hand.
At a White House news conference, Bush cautioned of "very difficult economic times," while arguing for the need to extend tax cuts to help stimulate activity.
The president also rejected the notion of stopping purchases or tapping the US strategic oil reserve, saying the action would not affect prices.
Bush said he had not been briefed on the initial estimate for first quarter gross domestic product (GDP) due to be released Wednesday.
"I think (the report) will show that it's a very slow economy. I can't guess what the number will be," he said.
Analysts on average were expecting the Commerce Department report to show a slow 0.5 percent expansion pace, but some say the figure could be negative, reflecting a likely recession in the world's biggest economy.
Bush declined to say whether he believed a recession has begun or is coming. Most economists define a recession as two quarters of declining economic activity.
http://afp.google.com/article/ALeqM5iygoDXcX83zXc07XQl3ybSu2GbUg-------------------------
25/09/2008
Bush gives recession warnings
President George W Bush has told Americans they face a long and painful recession if Congress doesn't pass his $US700 billion Wall Street rescue plan.
Inaction, he said, could wipe out banks, threaten retirement nest eggs, sink house prices, and destroy jobs.
While President Bush piled on the pressure, the two men who want his job entered the fray.
Washington correspondent Mark Simkin reports.
MARK SIMKIN, NORTH AMERICA CORRESPONDENT: George W Bush cancelled a fundraiser and returned to the White House.
He took his case for a Wall Street bailout directly to the people who'll be paying for it; the taxpayers.
GEORGE W BUSH, US PRESIDENT: Our entire economy is in danger.
http://www.abc.net.au/lateline/content/2008/s2374598.htm---------------------
And the winner
http://www.youtube.com/watch?v=BKtGzfBdzqU
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