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

[tomas0808]

Sane people realize their limitations and don't involve 300 million people in their madness

[cindyfromfalls]

exactly....and we are seeing the same hubris in sarah palin who does not recognize her limitations and would also involve 300 million people in her madness!

[dalkowski]

"Sorry" as in "Sorry-a$$ excuse for a man."

[sawbuck]

Oh, so now it was 'the decisions of the 10 years prior to his presidency' that caused the meltdown. I seem to remember Bush doing a lot of bragging about how home ownership was at an all time high during his presidency. This guy is the biggest bull$hitter of all time. And from the guy who was going to bring accountability and morality 'back' to the white house. Goodbye and good riddance.

[PhilipTaylor]

He must of have experienced a "NIGHTMARE of MONESTROUS PROPORTIONS" to have made these statements! This was an ACT of a Paranoid, Guilty, and Fearful MAN!

[RussellH]

Wearing the hair shirt is such a departure for this pathetic president. Regarding his regrets on Iraq, I would hope he is also willing to admit that he "consulted" the wrong father? The one upstairs seems to have misled him; the one in Houston might have offered more prescient prudence, especially after Gulf I and Bush 41's refusal to march on to Baghdad!

[MCpiano]

Even as an outgoing president, Bush is apologizing, even though this financial crisis was brought on by the Democrats in Congress.

Bush was also gracious when he showed Obama around the White House.

Pretty soon Democrats will run out of excuses as the buck stops with them.

[trollsbwild]

What utter delusion. As if the war to the tune of $10bil a month had nothing to do with any economic fallout. The deregulation under this WH had nothing ot do with this meltdown, either.

The GOP owns the legacy of the last eight years. Deal with it, pal.

[DuganS1]

The war doesn't have anything to do with the economic fallout. And the vast majority of the deregulation was done before George W got into congress. As we all know, George W wanted tougher regulations on Feddie Mac and Fannie Mae but the Democrats wouldn't allow it.

[RRG64]

LOL- Get a grip.

Pretty soon Republicans might take personal responsibility and hold themselves accountable for this ditch they drove America into instead of always pointing fingers. Dumbphux.

[RRG64]

BUSH is a POS, just like Cheney and the Rest of the Apple Dumpling Gang.

[ssg13565]

> "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.

The decisions that were made over that decade may not have turned out so badly had Bush not come along and run such an incompetent administration. Part of law and rule making should include the possibility that some future administration will come along and destroy the assumptions under which you made perfectly reasonable decisions.

One of the strengths of our Constitution was that the authors did not assume people would always be competent or smart or honorable. Tough even they did not put in enough safeguards against a Bush-like administration.

[goodriddance]

"I'm sorry," eh. Rich, really, really rich. Too bad those unable to pay theirs bills due to unemployment can't write a letter to their creditors explaining, "I'm sorry," and all will be forgotten.

"I'm sorry" is an excuse few have the luxury to use.

Good Riddance to Pres. Bush

www.goodriddance.org

[littlebrowngirl]

Classic passive aggressive move. People are losing jobs and homes and he is throwing himself a pity party.

Grow up George!

[LBA7895]

George Bush has no comprehension of what the average American deals with on a monthly basis. he's the spoiled scion of a spoiled scion and his equally spoiled wife. None of them have ever missed a meal or a mortgage payment in their sheltered, privileged lives. They are all worthless POSes; thank God they will be GONE on 1/20/2009!

[DuganS1]

You can't lump together missing a mortgage payment and missing a meal. Unless you're homeless or a kid whose parents spent their money on drugs, no one misses a meal in this country.

[klandish]

Say what?

[LauraD]

What country do you live in?

Many meals are missed when you have to chose between having dinner and giving your kids dinner, or choose between eating today and keeping the house indifinately...you won't starve in a day, you know, but sleeping on the street is rarely a viable option to mose.

Many people in this country can describe their lives as such: "feast or famine." This is the plight of the laborer and numerous other types of professions that are subject to economic change. Either a job is held the money is rolling in and life is good, or someone is laid off and a steady diet of Ramen is in the near future until another position can be procured.

[StevenevetS]

Please wake up out of your delusion! If you opened your eyes, you would be amazed at the number of people in this country who go without eating - and often! Choose any food bank, Salvation Army store or Goodwill store. Stand at the entrance and talk to a few people. Hunger in America is rampant.

It's hard to get through to people like you who are deliberately (and smugly) uninformed.

[PhilipTaylor]

Clever, Yale University Graduate, and one who acted like every move made was completely correct and now says he was unprepared as he approaches the day where he is JUDGED!

Is this simply a way of saying it was just mistakes FOLKS?

We know his motivation was to "FEATHER THE NEST of the EXTREMELY WEALTHY" and these BANKSTERS have taken TRILLION of dollars stealing using NEW TRICKS that were never evaluated or regulated. He hired cronies who "Never Did Their Regulatory Jobs" but instead "Turned a Blind Eye" on illegal Schemes that threatened America's Future! Illegal PONZI Schemes, illegal Naked Shorting, Illegal Leveraging of the Markets, Oil, and other commodities, illegal FEES, illegal TRICK Mortgages, illegal Derivatives with Excessive FEES, illegal RATINGS, unethical Incomes to Executives, Traders, and Young Whizz Kids who devised new TRICKS to steal funds.

This was unprecedented Collusion, SHARED Thievery, Shared Corruption, Shared Bribery, Lack of Whistle Blowing, Lack of Regulators doing their Jobs, Excessive FEES, Excessive Incomes, and perhaps the largest theft of American and World Wealth in history.

I hope that as this Financial Crisis comes under control their will be a full investigation into WHO KNEW and DID WHAT AND WHEN? Also, we must recover stolen American and World Property stored in Off-Shore Facilities and in homes of these perpetrator.

One final suggestion since he now recognizes he is unprepared to LEAD, we should ask his administration to step down so America suffers no FURTHER HARM over the next 50 days!

[klandish]

I'm sorry, ssssoooo sorry.

[marykins123]

Let me get this straight - does this mean that Georgie finally has thought of that ONE mistake he has made? Amazing, just amazing that this guy was given EIGHT years of "play time"..... he "played" with his Monopoly money....he "played" with his toy soldiers. The only problem is - both weren't TOYS, they were real and Georgie hasn't quite grown up and is still in his "play time" phase of life and should never have been trusted with anything REAL.

[lovethesinner]

"I can't guarantee that we'll get all our money back, but it's conceivable we could."

Now if a statement like that doesn't inspire confidence, what possibly could? (apply massive sarcasm)

Hasn't anyone noticed... when Bush or Paulson speak on TV, the DOW nosedives. Remember that DHS guy who suggested we all needed to go out and get duct tape to improve our security?

I have a suggestion where we could put it.

[SwimminCA]

Hey George,

Stop passing the buck and own-up to your catastrophic stewardship of this once great country. Please, for the good of the country just LEAVE NOW. Pack up Cheney and the rest of the gang and just get the hell out before you do anymore damage!

[afgail]

Cleveland was the canary in the coal mine in 2001. Massive swaths of homes went into foreclosure. First Cleveland begged the federal reserve to tighten loan requirements. Nada. Then the Ohio legislature passed laws to regulate loan making and was slapped down by the federal regulatory agencies. The current financial market collapse was created by the Bushies for the benefit of the Bushies. Bush's crocadile tears fools no one.

[AdamWykle]

2 words Bush: SHUT UP