President Bush gestures during a news conference at the White House in Washington, Thursday, Feb. 28, 2008. (AP Photo/J. Scott Applewhite)

Bush Says US Not Headed Into a Recession

TERENCE HUNT and JENNIFER LOVEN | February 28, 2008 10:40 PM EST | AP

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WASHINGTON — President Bush said Thursday the country is not recession-bound and, despite expressing concern about slowing economic growth, rejected for now any additional stimulus efforts. "We acted robustly," he said.

"We'll see the effects of this pro-growth package," Bush told reporters at a White House news conference, acknowledging that some lawmakers already are talking about a second stimulus package. "Why don't we let stimulus package 1, which seemed like a good idea at the time, have a chance to kick in?"

Bush's view of the economy was decidedly rosier than that of many economists, who say the country is nearing recession territory or may already be there. "I'm concerned about the economy," he said. "I don't think we're headed to recession. But no question, we're in a slowdown."

The centerpiece of government efforts to brace the wobbly economy is a package Congress passed and Bush signed last month. It will rush rebates ranging from $300 to $1,200 to millions of people and give tax incentives to businesses.

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."

Bush also telegraphed optimism about the U.S. dollar, which has been declining in value.

"I believe that our economy has got the fundamentals in place for us to ... grow and continue growing, more robustly hopefully than we're growing now," he said. "So we're still for a strong dollar."

Bush also used his news conference to press Congress to give telecommunications companies legal immunity for helping the government eavesdrop after the Sept. 11 terrorist attacks.

He continued a near-daily effort to prod lawmakers into passing his version of a law to make it easier for the government to conduct domestic eavesdropping on suspected terrorists' phone calls and e-mails. He says the country is in more danger now that a temporary surveillance law has expired.

The president and Congress are in a showdown over Bush's demand on the immunity issue.

Bush said the companies helped the government after being told "that their assistance was legal and vital to national security." "Allowing these lawsuits to proceed would be unfair," he said.

More important, Bush added, "the litigation process could lead to the disclosure of information about how we conduct surveillance and it would give al-Qaida and others a roadmap as to how to avoid the surveillance."

The Senate passed its version of the surveillance bill earlier this month, and it provides retroactive legal protection for telecommunications companies that wiretapped U.S. phone and computer lines at the government's request and without court permission. The House version, approved in October, does not include telecom immunity.

Telecom companies face around 40 lawsuits for their alleged role in wiretapping their American customers.

Senate Democrats appeared unwilling to budge.

As Bush began speaking, Senate Judiciary Committee Chairman Patrick Leahy, D-Vt., cast the president's position as a "tiresome campaign...to avoid accountability for the unlawful surveillance of Americans."

"The president once again is misusing his bully pulpit," Leahy said. "Once again they are showing they are not above fear-mongering if that's what it takes to get their way."

Bush criticized the Democratic presidential candidates over their attempts to disassociate themselves from the North American Free Trade Agreement, a free-trade pact between the U.S., Canada and Mexico. Bush said the deal is contributing to more and better-paying jobs for Americans.

"The idea of just unilaterally withdrawing from a trade treaty because of, you know, trying to score political points is not good policy," he said. "It's not good policy on the merits and it's not good policy as a message to send to people who have in good faith signed a treaty and worked with us on a treaty."

Democratic Sens. Hillary Rodham Clinton and Barack Obama are feuding over NAFTA as they compete for their party's presidential nomination, as the pact is deeply unpopular with blue-collar workers. Though neither has said they were ready to pull the United States out of the agreement, both say they would use the threat of doing so to pressure Mexico to renegotiate tougher labor, environmental and enforcement provisions.

Bush fended off a question about why he has yet to replace Fran Townsend, his White House-based terrorism adviser, who announced her resignation more than three months ago. He said the job is being ably filled by her former deputy, Joel Bagnal.

On another issue, Bush said that Turkey's offensive against Kurdish rebels in northern Iraq should be limited _ and should end as soon as possible. The ongoing fighting has put the United States in a touchy position, as it is close allies with both Iraq and Turkey. A long offensive along their border could jeopardize security in Iraq just as the U.S. is trying to stabilize the war-wracked country.

"The Turks need to move, move quickly, achieve their objective and get out," he said.

On Russia, Bush said he does not know much about Dmitry Medvedev, the handpicked successor to President Vladimir Putin who is coasting to the job. Bush said it will be interesting to see who represents Russia _ presumably either Medvedev or Putin _ at the Group of Eight meeting later this year in Japan.

The president advised his own successor to develop a personal relationship with whomever is in charge in Moscow.

"As you know, Putin's a straightforward, pretty tough character when it comes to his interests _ well so am I," Bush said. He said that he and Putin have "had some diplomatic head butts."

Bush also said, however, that the pair have "a cordial enough relationship to be able to deal with common threats and opportunities, and that's going to be important for the next president to maintain."

Bush also defended his stance of not talking directly with leaders of adversaries such as Iran and Cuba without setting preconditions. In doing so, he offered some of his strongest criticism yet of Raul Castro, who assumed Cuba's presidency on Sunday after his ailing brother Fidel, who ruled for decades, stepped aside.

"Sitting down at the table, having your picture taken with a tyrant such as Raul Castro, for example, lends the status of the office and the status of our country to him," Bush said.

He said that Raul Castro is "nothing more than an extension of what his brother did, which is ruin an island."

Following his news conference, Bush traveled to the Labor Department to meet with his economic advisers.

Afterward, he expressed confidence in the nation's ability to weather the economic downturn.

"We'll make it through this period just like we made it through other periods of uncertainty during my presidency," Bush said.


 
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The shrub probably is not in a recession, he lives in 'Denile' texas where everything is wonderful and his pockets are lined with the money the corporate america has paid him for him turning his attention(what little he has) somewhere else.
America we are screwed. Open you eyes, pay attention, there is NO way out of this mess, no matter who is elected. It would be nice to dump this mess is Mac's lap but he would probably do the same thing the shrub has done, pretend it does not exist.

    Favorite    Flag as abusive Posted 01:28 PM on 03/11/2008
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I think that there are many people who don't believe that there is a recession coming. I just read that the Trump International Hotel, here in Chicago will be offering, in their minibar, $25 bottles of water.
It's called "Bling H2O" and the bottle is embellished with Swarovski crystals.
So...to all the people out there who can go to this hotel and buy this WATER (and Bush is one of them), I'm sure they are all like "Recession? What Recession?"

    Favorite    Flag as abusive Posted 01:44 PM on 02/29/2008

Damn.

I had my doubts until Duhbya said we're not. Now I know we are.

    Favorite    Flag as abusive Posted 01:22 PM on 02/29/2008
- wm1066 I'm a Fan of wm1066 35 fans permalink
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I know.
Remember in "Little Big Man" when Custer told Dustin that he was the perfect reverse barometer'?
What ever he said would be the opposite of the truth, so he could rely on him to tell him a lie and then he would know what the truth was.
Although in the movie Little Big Man told him the truth and Custer took it as a lie.
But Bush has never spoken the truth his entire time in office so.....
BTW , two thirds of my friends have lost thier jobs in the last two years..

    Favorite    Flag as abusive Posted 04:16 PM on 02/29/2008
- johnnyjust I'm a Fan of johnnyjust 6 fans permalink

A recession is defined as six months of negative growth in the GDP.

So far we've had none.

    Favorite    Flag as abusive Posted 12:52 PM on 02/29/2008

False! The last numbers for GDP were calculated with 0.6 inflation index which is a lie. If you apply the real inflation index (2.8-3.5) you have negative GDP.

    Favorite    Flag as abusive Posted 02:33 PM on 02/29/2008
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It is possible that Bush doesn't know the defenition of the word 'Recession' or it may be his way of "subliminably" implying it's going to be a hell of a lot worse than recession. Either way, maybe he's being honest, after all Bush and his oil buddies are rolling in the dough.

    Favorite    Flag as abusive Posted 12:15 PM on 02/29/2008
- bmora I'm a Fan of bmora 8 fans permalink
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ignore that man behind the curtain.

    Favorite    Flag as abusive Posted 09:57 AM on 02/29/2008
- tumblewind I'm a Fan of tumblewind 2 fans permalink

I think Bush lives off in La-La land somewhere! The surge is working! News out of Iraq and Afghanistan is rosy! The economy isn't in a recession! And what ever else he can dream up in his poor feeble brain! i think he truly believes all the lies he tells. I don't think he is a normal person.

    Favorite    Flag as abusive Posted 09:42 AM on 02/29/2008

Don't forget: "Brownie you're doing a heck of a job."
So if this guy thinks we're not heading for a recession, we're screwed.

    Favorite    Flag as abusive Posted 04:00 PM on 02/29/2008

I'm still not sure weather this guy is smarter than all of us because he just got away with one of histories greatest crimes against his citizens, country and the world. Or is this guy just a stooge, still thinking we're going to find those weapons of mass destruction and that Al Quaida is everywhere.

    Favorite    Flag as abusive Posted 09:40 AM on 02/29/2008
- drkazmd65 I'm a Fan of drkazmd65 56 fans permalink
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Some of both Dan.

He is a stooge, but he knew (and knows) that he is the front-man stooge, and that his corporate buddies were there to back him up all the way.

And - since he is likely to get some of his Daddy's share of the Carlyle Group's private equity profits in inheretance sooner or later he was more than happy to be played as the 'stooge'

After all - with his friends being the stooge pays damned well.

    Favorite    Flag as abusive Posted 02:34 PM on 02/29/2008
- mgloraine I'm a Fan of mgloraine 30 fans permalink

We need to have all politicians making public statements of this sort attached to a lie-detector which will administer an electric shock of, say, 10,000 volts to the genitals whenever they spout falsehoods and BS the way Bush and Cheney do. I wouldn't expect it to make their pronouncements completely truthful, but there would be a lot fewer of them, and even Cheney and Bush would find it hard to keep their smirks in place while their nuts are smoking.

    Favorite    Flag as abusive Posted 09:18 AM on 02/29/2008
- mamacat I'm a Fan of mamacat 164 fans permalink

This, from the President who scared us with stories of mushroom clouds coming from Iraq. Not even Republicans believe him anymore - they are investing their huge tax breaks overseas, and making huge profits doing it.

    Favorite    Flag as abusive Posted 03:43 AM on 02/29/2008
- FogBelter I'm a Fan of FogBelter 299 fans permalink
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Did anyone verify that Bush understood what the word "Recession" meant?

    Favorite    Flag as abusive Posted 02:36 AM on 02/29/2008

He got Shit For Brains...................no I`m not kidding

    Favorite    Flag as abusive Posted 10:31 PM on 02/28/2008

Bush Says US Not Headed Into a Recession----From the war expert.

    Favorite    Flag as abusive Posted 10:03 PM on 02/28/2008
- Viper I'm a Fan of Viper 328 fans permalink

Bush is THE Decider. If he decides were not headed into a recession, then we are not headed into a recession.

Man you guys just dont understand the power of being THE Decider!

When your The Decider, facts dont matter as compared to when you are just a decider. The power is all in the "THE", It makes all the difference!. Class dismissed!

Regards

    Favorite    Flag as abusive Posted 12:44 PM on 02/29/2008

Does Decider mean Dictator? The wanker needs to be impeached for crimes against America.

    Favorite    Flag as abusive Posted 01:33 PM on 03/11/2008
- Moxo I'm a Fan of Moxo 12 fans permalink

Considering that his war has cost 50 to 60 times what he said it would... I'll take his economic prognotication with a grain of salt (I can't afford more than a grain anyhow).

    Favorite    Flag as abusive Posted 09:21 PM on 02/28/2008
- localman I'm a Fan of localman 7 fans permalink
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If you haven't learned yet that whatever this guy says the opposite is true then you are a quantifiable fucking idiot.

    Favorite    Flag as abusive Posted 05:53 PM on 02/28/2008

Shouldn't that read "...then you TOO are a quantifiable...", localman?

heh heh

    Favorite    Flag as abusive Posted 06:18 PM on 02/28/2008
- localman I'm a Fan of localman 7 fans permalink
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For me buying his cons is worse than him selling them t this point, especially when it's the same con man that's been conning them for 7 years.

    Favorite    Flag as abusive Posted 09:51 PM on 02/28/2008
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