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Bush Alert: President in Town to Talk Economy

Jen Chung

Published Mar 14, 2008

Modified Mar 14, 2008

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Jen Chung

Published Mar 14, 2008

Modified Mar 14, 2008

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Photograph of Bush speaking to the Economic Club of New York by Mary Altaffer/AP
Update: President Bush gave his speech at the Ecomonic Club - here's his opening:

First of all, in a free market, there's going to be good times and bad times. That's how markets work. There will be ups and downs. And after 52 consecutive months of job growth, which is a record, our economy obviously is going through a tough time. It's going through a tough time in the housing market, and it's going through a tough time in the financial markets.

And I want to spend a little time talking about that, but I want to remind you, this is not the first time since I've been the President that we have faced economic challenges. We inherited a recession. And then there was the attacks of September the 11th, 2001, which many of you saw firsthand, and you know full well how that affected our economy. And then we had corporate scandals. And I made the difficult decisions to confront the terrorists and extremists in two major fronts, Afghanistan and Iraq. And then we had devastating natural disasters. And the interesting thing, every time, this economy has bounced back better and stronger than before.

So I'm coming to you as an optimistic fellow. I've seen what happens when America deals with difficulty. I believe that we're a resilient economy, and I believe that the ingenuity and resolve of the American people is what helps us deal with these issues. And it's going to happen again.

You can read the rest here; he also said, "Today's events are fast moving, but the chairman of the Federal Reserve and the secretary of the Treasury are on top of them and will take the appropriate steps to promote stability in our markets."

Previously:
President Bush is headed to NYC today for a speech at the Economic Club of New York. The President will be urging Americans to have confidence in the economy; per WCBS 2, "The president is expected to say that the benefits of the tax relief and economic stimulus package should be felt soon, and the Federal Reserve is taking steps to encourage economic growth."

In other words, forget about oil prices, forget out the subprime mortgage crisis, forget about the other countries' economic growth, don't worry - be happy. Over on the legislative branch has other ideas: Representative Barney Frank and Senator Christopher Dodd did offer a plan yesterday "to let the Federal Housing Administration insure refinanced mortgages after lenders reduce principal to help struggling borrowers." And private analysts are worrying. Though the White House says not to expect any major announcement, what's interesting is that Bush decided to come now, accepting the Economic Club's "open invitation."

This also means that there will be a traffic mess in different parts of the city, including Midtown and the Upper West Side: The City says, "Due to the President's visit, drivers should expect closures in different areas of Manhattan related to security and increased motorcade traffic."

Tagged

Economic Club of New York

economy

president bush

Jen Chung

Jen Chung is a former WNYC and Gothamist editor.

Gothamist is funded by sponsors and member donations

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