Bush: "I'm Sorry" About The Economic Crisis

WASHINGTON — President George W. Bush expressed remorse that the global financial crisis has cost jobs and harmed retirement accounts and said he'll back more government intervention if needed to ease the recession.

"I'm sorry it's happening, of course," Bush said in a wide-ranging interview with ABC's "World News," which was airing Monday. "Obviously I don't like the idea of people losing jobs, or being worried about their 401(k)s. On the other hand, the American people got to know that we will safeguard the system. I mean, we're in. And if we need to be in more, we will."

The U.S. economy fell into a recession in December 2007, the National Bureau of Economic Research reported on Monday. Many economists believe the current downturn will last until the middle of 2009 and will be the most severe slump since the 1981-82 recession.

Bush said he felt responsible for the economic downturn because it's occurring on his watch, but he added: "I think when the history of this period is written, people will realize a lot of the decisions that were made on Wall Street took place over a decade or so" before he became president.

He said he would like to see "instant liquidity" in the markets given the extent of the financial rescue plan, yet he understands that fear has paralyzed the markets.

"It is hard for the average citizen to understand how frozen the system became and how over-leveraged the system became," Bush said. "And so what we're watching is the de-leveraging of our financial markets, which is obviously affecting the growth of the economy."

Last week, the Bush administration and the Federal Reserve pledged $800 billion to break through blockades on credit cards, auto loans, mortgages and other borrowing. The latest moves raised U.S. commitments to contain the financial crisis to nearly $7 trillion _ though no one thinks the government will actually spend that much.

The figures include loans that are expected to be repaid, loan authorities to back mortgages, purchases of stock in banks, guarantees to support loans among banks and pledges backing other transactions.

"This economy will recover," Bush said in the interview conducted last Wednesday at the Camp David, Md., presidential retreat. "And when it recovers, many of the assets backed by the government now will be redeemed, and we will _ could conceivably _ make money off of some of the holdings."

Later in the interview, he said: "I can't guarantee that we'll get all our money back, but it's conceivable we could."

Comments

[cindyfromfalls]

Had GWB and Karl Rove, etc., been honest they would have faced the fact that this man was not up to the job he stole in 2000. Had they given one crap about what was in the best interest of the country he would never have even run for a job he was not smart enough to do.....Take note sarah palin and those who would support her....if you have a shred of decency mrs. palin you will not run for a job you are even less qualified to do that was this very sad man...I fear America is not smart enough to learn the lessons of GWB (or the governor would not have even one supporter) so I can only hope that any that would run would only do so if they are qualified--and that would not be you sarah palin!!!!!!

[DAE]

GWB and KR did just what they set out to do, fleece America. They were very successful and accomplished their whole agenda, the oil profiteers, the war-mongers and banksters made out like bandits, pocketing trillions of dollars while the American people were left holding the bag. They knew they had only 8 years in which to do it all, and then slink off to their redoubts, mouthing 'mea culpas' all the way.

[rodnacious]

I am sorry too Mr. Bush - sorry that all of those people that you sent to Iraq and Afghanistan are never going to be the same. I am sorry that the economy is going south in a handbasket causing many to not be able to retire. I am sorry that many more will suffer from lost of work, homeless, and destitution while many on Wall Street and Big Business take home golden parachutes at the working class' expense.

i am sorry that you were ever elected President of the most powerful nation becuase we are nothing like we were before you became president of the United States of America.

[ksuparents]

Really George? Really?

[Excitedforfuture]

So he says it's been happening for at least a decade? WTF? He did nothing to prevent it, even after it was brought to his attention. He further deregulated so that his crony friends could make more money.

THERE'S NO WAY YOU CAN BLAME THIS ON THE DEMOCRATS, BUSHY!!! I swear they will never admit TRICKLE DOWN DOES NOT WORK!! It doesn't even make sense!!!

GET OUT GET OUT GET OUT GET OUT!!!!!!!!!!!!!!!!!!!!

[helmboy]

Reagan started it with deregulation. Moral: Vote republican with your life. SHow your low IQ, vote R.

[Avembe]

Just get the F... O-U-T!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GET........THE .............HELL......O----U-------T!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Dystopic]

Barbra kept her special needs child, just like Bristol

[nogimmicks]

It means that seven trillion dollars is the amount those bankers have actually stolen/wasted. The right response is to return at least some of the stolen money and start a series of criminal investigations. Instead of giving them more money.

[Chibikim]

As Comic Book Guy From the Simpsons would say..
"Worst President...EVER!"

[Bitsko]

LOL! "Oh, loneliness and cheeseburgers are a dangerous mix. "

[jedimonk]

The balls on this freaking guy...8 years of bullheaded, arrogant and defiant leadership ...Now he wants our pity? Is this what it has come to? crying to every newscaster to save your pathetic legacy? Just what good is his admission of mistakes good for at this point? if he really cared about this nation, he would have...anyway Jan.20th cannot come soon enough.

[Karma7]

I don't believe anything he says

[GoodDay]

The entire world economy depends on the US consumers. What Bush should have been doing, instead of giving these huge tax cuts to the super rich, was making sure all of us had enough money to spend as consumers. As it is now, Bush will go down in history as a very failed President. As it is now, even the super rich who got all these tax breaks will lose money due to the Bush administration - failure.

[lbrillante]

He's not sorry. If he were sorry he would be fighting to do something to help. Instead he is selling off more drilling rights in pristine, beautiful areas that are national treasures and putting more rules in place that will make americans less safe. That is not a man who is sorry. Are we supposed to forgive him now because he said 'sorry'.

[Dystopic]

they will never go thru. Even if they are in Utah.

[Bitsko]

"On the other hand, the American people got to know that we will safeguard the system. I mean, we're in. And if we need to be in more, we will."

What does that even mean, George?

[jazzdad51]

I guess he still thinks he's speaking for the American people when he says "we".... You're out george...just go away.

[Excitedforfuture]

I don't know, but I don't want him to do anything else!!! I don't want him to try to fix the mess he created!

[fishgirl26]

We're not playing poker George!!! We don't get markers...we're not in a casino!

[kellygrrrl]

maybe he should sit his SorryA$$ in a GitmoCell and think about it

[Georgia1992]

Too late, you've screwed us and you knew actually what you were doing; and didn't really care. The presidency was all about YOU, the rich and wealthy. Go hide permanently.

[justus1]

Very well said. He knew and he knows. He sold most of the Americans citizens cheep.
Floks of my generation ( just at retirement) will never recover. The generation just below will have a hell of a Bush Cheney hole to dig out of. Happy Retirement MR PRESIDENT

[drkazmd65]

As part of that 'generation just below' you justus1,... it is not going to be a hole we get out of before we hit (what used to be) retirement age. Generation "X" will have to deal with the consequences, hardships, and belt-tightening - with an outside chance that in 10-15 years we leave something stable and capable of long-term growth to our kids & grandkids.

Meantime - I am guessing that my Mother-in-law will be moving in with us come a year or two tops, and there is an outside chance that at least one of my nieces will be too. My own parents might be OK, but that will remain to be seen as well.

Maybe communally we will all manage to get by.