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Bush Tries To Cheerlead Economy Back To Health

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Nov 14, 2008 6:50 am US/Eastern

Bush Tries To Cheerlead Economy Back To Health

Schumer: President Doesn't Get It With Economy 'Going Down The Drain,' Says New Stimulus Package Is Needed

 Timeline: U.S. Credit Crunch & Financial Failures

 View Market Summaries & Leading Stock Changes
Reporting
Marcia Kramer
NEW YORK (CBS) ― Awash in another downpour of grim economic news as the jobless rate hit a seven-year high, President Bush came to Wall Street on Thursday to try and cheerlead the country back to some sort of economic health this holiday season.

And if determined cheerleading was enough to reverse the Wall Street meltdown, then President Bush's speech at Federal Hall, a stone's throw from the New York Stock Exchange, should have sent traders on a buying binge.

"Our actions are having an impact," Bush said at the Manhattan Institute. "Credit markets are beginning to thaw, businesses are gaining access to essential short-term financing and a measure of stability is returning to financial systems around the world."

But the Labor Department reported today that applications for unemployment benefits soared to the highest levels since just after 9/11, and the number of home foreclosures last month was 25 percent higher than the same month a year ago.

And with world leaders arriving in Washington on Friday for an economic summit, Bush urged officials not to abandon free market capitalism as they seek to solve the financial crisis.

"The answer is not to try and to reinvent the system. It is to fix the problems we face, make the reforms we need and move forward with the free market principles that have delivered prosperity and hope to people around the world," he said.

The Democrats chose New York's Sen. Chuck Schumer to deliver the response. He said Bush doesn't get it.

"With tens of thousands of New Yorkers losing their jobs every week, with middle class paychecks shrinking, the President seems to feel everything is just fine, he's almost whistling a happy tune," Schumer said. "I really find it sad and surprising that the President, instead of trying to roll up his sleeves and solve the problem, is saying, 'Well gee, it isn't bad.' It's pretty bad."

Schumer said if the government wants consumers to spend, it should step in and push them to do so with a new program. "We need a stimulus package, we need to pump some more money into the economy," he said. "It's sad the economy is going down the drain and the President clings to this free market ideology which is not going to get us out of the problem."

Some of the world leaders coming to meet with President Bush were disappointed not to also get a chance to talk with President-elect Barack Obama. Obama said he didn't want to step on Bush's toes, so he is sending two representatives.


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