President Bush spoke to the Economic Club of New York, during what he called an "interesting moment." Today the stock market has been extra volatile on news that the Federal Reserve Bank and JP Morgan bailed out investment bank Bear Stearns with emergency cash. . . . How interesting.
While somber and serious, George told the group that he is an "optimistic fella" and pronounced his faith in America's "resilient economy." Bush recounted recent woes, including low growth, lost jobs, rising prices, and the housing crisis, but said that the problems had been recognized early. He congratulated congressional Democrats for working with him to pass a stimulus package, and said he believes the US economy will come out of the tough times "better and stronger than ever."
Speaking of tough times, the dollar has now dropped below the Swiss Franc for the first time ever. Gold hit a historic peak above $1,000. Gas prices also reached another all-time high today. Do you feel as optimistic as our presidential fella?