Events Calendar
In This Section
Stocks slump after rise in unemployment rate
Boeing to cut 4,500 jobs as airline demand falls
U.S. retailers slashed 66,000 jobs in December
Jobless rate jumps to 7.2 percent in December
Federal loan deals bar strikes at GM, Chrysler
Group says U.S. 'wet dumps,' like nine in Ohio, pose threat
U.S. retailers ring up dismal sales
Most Read Stories
Lakemore police say man killed his wife in standoff
Storm could bring heavy snow tonight, Saturday; Parking bans in effect
Palin says she's been exploited by Couric and Fey
Suspect in Lakemore standoff expected to recover
Suspected meth lab busted in Cuyahoga Falls
Police raid Akron gaming parlor
Skeptics urging check of home program
Blogs:
Akron Law Café:
College Football is Un-American
The Heldenfiles:
Thursday Viewing: "Grey's Anatomy," "Private Practice"
Tribe Matters:
Shapiro puts Indians in position to win
Patrick McManamon:
ESPN clears up a key to tonight's game
Browns Bulletin:
Browns may interview ex-Broncos GM
Cleveland Browns:
Mangini takes command
Cleveland Cavaliers:
Cleveland Cavaliers: Of Leprechauns and Losses
CavsHQ: A Fan's View:
The Countdown Begins - Cavs v. Celtics
Akron Zips:
Five things you should know about Miami
Varsity Letters:
Ignatius’ Kyle has busy offseason
Kent State Sports:
Volleyball players earn All-Academic honors
Car Chase:
January is auction time
See Jane Style:
Chicago Chic?
All Da King's Men:
Obama's Economic News Conference
Blog of Mass Destruction:
Shameful Things
HRLite House:
The Psychology Channel, Interesting Videos, Jobs in I-O, and Happy Birthday Elvis
Akron Gamer:
Games in '09: Resident Evil 5
Ohio Travels with Betty:
Does Ohio have an Andy Warhol Museum?
Sound Check:
Axl Rose speaks on Guns & Rose(s)
Let's Talk Real Estate:
Mortgage Forgiveness Debt Relief Act of 2007 Extended
By Deb Riechmann
Associated Press
POSTED: 02:24 p.m. EST, Dec 01, 2008
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 today. ''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 today. 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.
On the war in Iraq, Bush said the biggest regret of his presidency was the ''intelligence failure'' regarding the extent of the Saddam Hussein threat to the United States. With the support of Congress, Bush ordered the U.S.-led invasion of Iraq in March 2003 — a decision largely justified on grounds — later proved false — that Saddam was building weapons of mass destruction.
''A lot of people put their reputations on the line and said the weapons of mass destruction is a reason to remove Saddam Hussein,'' he said. ''That's not a do-over, but I wish the intelligence had been different, I guess.''
Asked if he would have ordered the U.S.-led invasion if intelligence reports had accurately indicated that Saddam did not have the weapons, Bush replied: ''You know, that's an interesting question. That is a do-over that I can't do. It's hard for me to speculate.''
On the presidential election, Bush called Barack Obama's victory a ''repudiation of Republicans.''
''I'm sure some people voted for Barack Obama because of me,'' said Bush, who leaves office with low approval ratings. ''I think most people voted for Barack Obama because they decided they wanted him to be in their living room for the next four years explaining policy. In other words, they made a conscious choice to put him in as president.''
As he leaves office, Bush said he felt responsible for the economic downturn because it's occurring on his watch, but he added: ''I think when the history of this period is written, people will realize a lot of the decisions that were made on Wall Street took place over a decade or so'' before he became president.
He said he would like to see ''instant liquidity'' in the markets given the extent of the financial rescue plan, yet he understands that fear has paralyzed the markets.
''It is hard for the average citizen to understand how frozen the system became and how over-leveraged the system became,'' Bush said. ''And so what we're watching is the de-leveraging of our financial markets, which is obviously affecting the growth of the economy.''
Last week, the Bush administration and the Federal Reserve pledged $800 billion to break through blockades on credit cards, auto loans, mortgages and other borrowing. The latest moves raised U.S. commitments to contain the financial crisis to nearly $7 trillion — though no one thinks the government will actually spend that much.
The figures include loans that are expected to be repaid, loan authorities to back mortgages, purchases of stock in banks, guarantees to support loans among banks and pledges backing other transactions.
''This economy will recover,'' Bush said in the interview conducted last Wednesday at the Camp David, Md., presidential retreat. ''And when it recovers, many of the assets backed by the government now will be redeemed, and we will — could conceivably — make money off of some of the holdings.''
Later in the interview, he said: ''I can't guarantee that we'll get all our money back, but it's conceivable we could.''
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 today. ''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 today. 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.
On the war in Iraq, Bush said the biggest regret of his presidency was the ''intelligence failure'' regarding the extent of the Saddam Hussein threat to the United States. With the support of Congress, Bush ordered the U.S.-led invasion of Iraq in March 2003 — a decision largely justified on grounds — later proved false — that Saddam was building weapons of mass destruction.
''A lot of people put their reputations on the line and said the weapons of mass destruction is a reason to remove Saddam Hussein,'' he said. ''That's not a do-over, but I wish the intelligence had been different, I guess.''
Asked if he would have ordered the U.S.-led invasion if intelligence reports had accurately indicated that Saddam did not have the weapons, Bush replied: ''You know, that's an interesting question. That is a do-over that I can't do. It's hard for me to speculate.''
On the presidential election, Bush called Barack Obama's victory a ''repudiation of Republicans.''
''I'm sure some people voted for Barack Obama because of me,'' said Bush, who leaves office with low approval ratings. ''I think most people voted for Barack Obama because they decided they wanted him to be in their living room for the next four years explaining policy. In other words, they made a conscious choice to put him in as president.''
As he leaves office, Bush said he felt responsible for the economic downturn because it's occurring on his watch, but he added: ''I think when the history of this period is written, people will realize a lot of the decisions that were made on Wall Street took place over a decade or so'' before he became president.
He said he would like to see ''instant liquidity'' in the markets given the extent of the financial rescue plan, yet he understands that fear has paralyzed the markets.
''It is hard for the average citizen to understand how frozen the system became and how over-leveraged the system became,'' Bush said. ''And so what we're watching is the de-leveraging of our financial markets, which is obviously affecting the growth of the economy.''
Last week, the Bush administration and the Federal Reserve pledged $800 billion to break through blockades on credit cards, auto loans, mortgages and other borrowing. The latest moves raised U.S. commitments to contain the financial crisis to nearly $7 trillion — though no one thinks the government will actually spend that much.
The figures include loans that are expected to be repaid, loan authorities to back mortgages, purchases of stock in banks, guarantees to support loans among banks and pledges backing other transactions.
''This economy will recover,'' Bush said in the interview conducted last Wednesday at the Camp David, Md., presidential retreat. ''And when it recovers, many of the assets backed by the government now will be redeemed, and we will — could conceivably — make money off of some of the holdings.''
Later in the interview, he said: ''I can't guarantee that we'll get all our money back, but it's conceivable we could.''
Comments
Click here to post your comments
Barberton, OH
Posted 02:41 PM, 12/01/2008
He's......sorry?......
Posted 02:45 PM, 12/01/2008
yea, he is sorry.
Posted 03:05 PM, 12/01/2008
I'll only forgive him if he performs seppuku.
Posted 03:06 PM, 12/01/2008
holy cow. he seems to actually be admitting to a mistake!?!? someone slipped a roofie in the turkey?