Bush sorry economic crisis has cut jobs, 401 (k)s

AP on Yahoo ^ | 12/1/08 | Deb Reichmann - ap

[NormsRevenge]

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.

[Kid Shelleen]

Did any Democrats apologize? Barney? Nancy?

[wmfights]

And all due to get worse under a socialist administration.

My thinking exactly!

I think our schools do such a bad job of teaching economics at the high school level (if it's done at all) that there is no understanding of how capital moves based on return. China is one destination right now, but long term I think it will be India that attracts the greatest investment. America is doing everything to chase away investment especially with our head long rush to "mommy govt" to solve everything.

The Pubs could have fought against this, but didn't and with the bailout have made themselves irrelevant.

[mysterio]

The jobs left because you can pay someone a couple bucks an hour in Mexico, no benefits, and no worker safety laws. Want that here in the US so we can “compete?” I sure don’t.

[rabscuttle385]

However, if we start running Trillion dollar deficits it won't be that long before our bond rating tanks and then what?

The nightmare that is life on the Federal Plantation comes to and end.

[wmfights]

The jobs left because you can pay someone a couple bucks an hour in Mexico, no benefits, and no worker safety laws.

Yeah, those evil big business types wanted their investment to be in a nation with incredible corruption, drug lords running communities, and a less than ideal infrastructure. Obviously, businesses moved there despite these problems. The problems they encountered here must have seemed worse.

[dennisw]

Actually, Bush should share some blame. As the result of his cowardice and lack of leadership against Democrats, he has allowed Freddie and Fannie to effect rest of the economy

Bush made a much larger mistake by not clamping down on Wall Street's credit default swap explosion. Derivatives were allowed to run wild. Most of the bailouts are for derivatives

[NormsRevenge]

If anyone caught Coast to Coast last night with George Snorey, he had Alex Jones on during the first hour. Folk may want to take a listen to that segment and keep an open-mind and look at what has gone down under the reign of Bush 1 Clinton and Bush 2 .. or not. The last couple months especially only add more fuel to the fire as to what lies ahead for this nation and FRee peoples everywhere.

The frog legs are already cooked, the body and head are warming nicely.

[mustang buff]

This recession is not part of a normal business cycle. This was caused by lack of regulation, greed, lax loan standards and corruption. We’re living in a phantom economy, a bubble economy. The prosperity was false. You should check your facts before you tell someone to shut up. Bush makes conservatives look bad because he is not a fiscal conservative. Look at all the taxpayer money being thrown around. This mountain of debt is huge!