Tuesday, July 15, 2008

Comic relief

Speaking of Jr.

Bush: Troubled financial system basically sound

"I don't think the government ought to be involved in bailing out companies," Bush said

Um, what was that little story about IndyMac?

"I think the system is basically sound, I truly do," Bush said. "I understand there's a lot of nervousness. The economy is growing. Productivity is high. Trade's up. People are working _ it's not as good as we'd like. And to the extent that we'll find weakness, we'll move."
Bush defended his insistence that the U.S. economy was not in a recession, even though many economists believe it is.

"I'm not an economist, but I do believe we're growing," he said. "I'm an optimist. I believe there's a lot of positive things for the economy."

Optimist, or oblivious?

Aww, Bush. He's so funny.

And in other news: GM to cut salaried workers, production, dividend

General Motors Corp. said Tuesday it will lay off salaried workers, cut truck production, suspend its dividend and borrow $2 billion to $3 billion to weather a severe downturn in the U.S. market.

GM said last month it would close plants in Janesville, Wis.; Oshawa, Ontario; Silao, Mexico; and Moraine, Ohio, but Henderson would not say which closures would be accelerated or when the closures would take place.
The company also will make thousands of job cuts at other truck assembly and parts factories, Henderson said.

Not to mention all the other industries affected by GM cuts.
What does Bush, the eternal optimist think about that?

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