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Economy Watch:
President Bush: "The Stimulus Package Has Been Positive"
The President And His Senior Economic Team Cite Rebate Payments
As Contributing To The Second Quarter’s 1.9 Percent Growth In GDP
"I believe the foundations of this economy are strong. I think with sound
policies and the ingenuity of the American people, we're going to
emerge better and stronger. We've done it in the past and we'll do it
again this time."
– President George W. Bush, 7/31/08
President Bush: "The Stimulus Package Was All Part Of Making Sure
That We Dealt With This Slowdown That Was Coming"
President George W. Bush: "[I]n the second quarter, the economy grew
at a rate of 1.9 percent." "I want to remind you a few months ago there
were predictions that the economy would shrink this quarter, not grow.
But in fact, the opposite has happened. As a matter of fact, it's more
than double the rate we saw in the first quarter; that's positive."
(President
George W. Bush, Remarks At The 2008 Annual Meeting Of The West
Virginia Coal Association, White Sulphur Springs, West Virginia,
7/31/08)
• "[W]e saw the slowdown early." "And that's why we passed the
stimulus package. ... [N]ow we've delivered $92 billion in stimulus
payments. It fits into my philosophy of government, which is I'd rather
you spend your money than the federal government spend your money.
... And people believe that the stimulus package should have a positive
effect in the third quarter."
Chairman Lazear: "The Economy Is Resilient Even In The Face Of Very
Strong Shock"
Council of Economic Advisers Chairman Ed Lazear: "We're also
encouraged that evidence suggests that the stimulus is working."
"What we've seen so far is people are spending the money, but there's
also money left to be spent, and we expect that that will continue to
boost the economy in the summer quarter and also through the next
quarter."
(CNBC's "Squawk On The Street," 7/31/08)
• "We're quite happy with the numbers." "The 2 percent, almost 2
percent, growth that we got this quarter, is, as you mentioned, double
what we had in the first quarter."
• "The optimists seem to have won the day on this one." "I think they've
been closer to right than the pessimists, and we do believe that the
effects that we've seen in terms of the stimulus will continue."
Director Hennessey: "We Need More Energy Supply"
National Economic Council Director Keith Hennessey: "What Congress
needs to do now is address specific sectors of the economy where you
have problems – energy." "Those are the areas where there's still
productive opportunities for the Congress to get something done."
(CNBC's "Squawk On The Street," 7/31/08)
• "[The votes have changed." "I think a majority of the House and the
Senate would support offshore drilling, but what
you have right now are leaders in the Democratically controlled
Congress saying we're not going to allow that to come
up for a vote."
Director Nussle: "Growth Is Always Good"
White House Budget Director James Nussle: "Growth is better than the
negative, the pessimism that was going on
throughout the marketplace, and for that matter, throughout
Washington." "[B]ut there's still challenges. We know that
energy is a challenge, one that we're constantly working on, one that
the President has put out policy on, and one that we're
challenging the Congress to get busy on." (CNBC's "Squawk On The
Street," 7/31/08)
• "There are people here in Washington that believe that the money
belongs to the government, and there's a big difference." "This
Administration believes that the money belongs to you and the people
who actually earn the money."
Director Nussle: "I think the politicians [in Congress] are much more
concerned about the polls than the economic data." "They're much
more concerned about the fact that they haven't done any appropriation
bills this year, that they haven't gotten an energy strategy through, the
trade legislation is languishing on the Hill. That's what they're
concerned about. They're not concerned about the economy."
• "[W]e have to keep on track of making sure we have an energy
strategy." "We need to open more trade through the Korean and
Colombia trade agreements that are on the Hill, and we need to control
spending so we don't ruin any opportunities by Congress running up
the deficit."
http://www.commerce
Press release: 31st July 2008
President Bush: "The Stimulus Package Has Been Positive"
The President And His Senior Economic Team Cite Rebate Payments
As Contributing To The Second Quarter’s 1.9 Percent Growth In GDP
"I believe the foundations of this economy are strong. I think with sound
policies and the ingenuity of the American people, we're going to
emerge better and stronger. We've done it in the past and we'll do it
again this time."
– President George W. Bush, 7/31/08
President Bush: "The Stimulus Package Was All Part Of Making Sure
That We Dealt With This Slowdown That Was Coming"
President George W. Bush: "[I]n the second quarter, the economy grew
at a rate of 1.9 percent." "I want to remind you a few months ago there
were predictions that the economy would shrink this quarter, not grow.
But in fact, the opposite has happened. As a matter of fact, it's more
than double the rate we saw in the first quarter; that's positive."
(President
George W. Bush, Remarks At The 2008 Annual Meeting Of The West
Virginia Coal Association, White Sulphur Springs, West Virginia,
7/31/08)
• "[W]e saw the slowdown early." "And that's why we passed the
stimulus package. ... [N]ow we've delivered $92 billion in stimulus
payments. It fits into my philosophy of government, which is I'd rather
you spend your money than the federal government spend your money.
... And people believe that the stimulus package should have a positive
effect in the third quarter."
Chairman Lazear: "The Economy Is Resilient Even In The Face Of Very
Strong Shock"
Council of Economic Advisers Chairman Ed Lazear: "We're also
encouraged that evidence suggests that the stimulus is working."
"What we've seen so far is people are spending the money, but there's
also money left to be spent, and we expect that that will continue to
boost the economy in the summer quarter and also through the next
quarter."
(CNBC's "Squawk On The Street," 7/31/08)
• "We're quite happy with the numbers." "The 2 percent, almost 2
percent, growth that we got this quarter, is, as you mentioned, double
what we had in the first quarter."
• "The optimists seem to have won the day on this one." "I think they've
been closer to right than the pessimists, and we do believe that the
effects that we've seen in terms of the stimulus will continue."
Director Hennessey: "We Need More Energy Supply"
National Economic Council Director Keith Hennessey: "What Congress
needs to do now is address specific sectors of the economy where you
have problems – energy." "Those are the areas where there's still
productive opportunities for the Congress to get something done."
(CNBC's "Squawk On The Street," 7/31/08)
• "[The votes have changed." "I think a majority of the House and the
Senate would support offshore drilling, but what
you have right now are leaders in the Democratically controlled
Congress saying we're not going to allow that to come
up for a vote."
Director Nussle: "Growth Is Always Good"
White House Budget Director James Nussle: "Growth is better than the
negative, the pessimism that was going on
throughout the marketplace, and for that matter, throughout
Washington." "[B]ut there's still challenges. We know that
energy is a challenge, one that we're constantly working on, one that
the President has put out policy on, and one that we're
challenging the Congress to get busy on." (CNBC's "Squawk On The
Street," 7/31/08)
• "There are people here in Washington that believe that the money
belongs to the government, and there's a big difference." "This
Administration believes that the money belongs to you and the people
who actually earn the money."
Director Nussle: "I think the politicians [in Congress] are much more
concerned about the polls than the economic data." "They're much
more concerned about the fact that they haven't done any appropriation
bills this year, that they haven't gotten an energy strategy through, the
trade legislation is languishing on the Hill. That's what they're
concerned about. They're not concerned about the economy."
• "[W]e have to keep on track of making sure we have an energy
strategy." "We need to open more trade through the Korean and
Colombia trade agreements that are on the Hill, and we need to control
spending so we don't ruin any opportunities by Congress running up
the deficit."
http://www.commerce
Press release: 31st July 2008
CURRENCY CONVERTER