Shrugging off the latest worrying economic numbers, President Bush says he doesn't think America's h
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(28 Feb 2008) HEADLINE: Bush,
(28 Feb 2008) HEADLINE: Bush, Fed chief upbeat despite new numbers
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CAPTION: Shrugging off the latest worrying economic numbers, President Bush says he doesn't think America's headed for recession, and Fed Chief Ben Bernanke says inflation's still under control. (Feb. 28)
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[Notes:ANCHOR VOICE]
[Notes:Economy B-roll, super graphic "Growth Oct.-Dec. 0.6%"]
It's the latest sign the economy's in a tailspin: growth figures showing a near-stall at the end of last year ...
[Notes:Housing foreclosure B-roll etc.]
... as damage from the housing slump spreads to other sectors.
[Notes:Bush econ team meeting]
President Bush acknowledges a "slowdown". But as he met with top advisers, he said it does NOT mean a recession's coming.
BUSH SOT: (At end of fotoop) "We're going to do just fine. This is a resilient economy. We've got good, hard-working people in America. And we'll make it through this period, just like we've made it through other periods of uncertainty during my presidency." (:12)
[Notes:Consumer prices/shopping B-roll]
But the figures ALSO show a worrying spurt in INFLATION -- which has SOME fearing a return of that '70s monster, "stagflation."
[Notes:MOS -- let's keep it short, plz]
MOS: "Everything is so expensive right now.....clothes for kids used to be a little more cheaper but now it's high, really high." (:12)
[Notes:To Bernanke at hearing]
On Capitol Hill, the head of the Fed downplayed "stagflation" talk.
BERNANKE SOT: "I don't think we're anywhere near the situation that prevailed in the 1970s. I do expect inflation to come down, if it doesn't we'll have to react to it." (:10)
[Notes:Stimulus plan rebate checks (or money-printing) B-roll]
Meantime, the president is counting on rebate checks he and Congress have agreed on to give the economy the boost it needs.
[Notes:Congress Dems, then public works (bridges/roads) B-roll]
But with those not shipping 'till May some lawmakers want a SECOND stimulus plan, featuring a rush of spending on roads and bridges.
[Notes:Back to newser]
Bush doesn't think much of that idea.
BUSH SOT: (9:50 from start) "Stimulus package two and all that stuff -- why don't we let stimulus package one, which seemed like a good idea at the time, have a chance to kick in." (:08)
[Notes:Jobless center B-roll, store sales B-roll]
However, many economists fear those checks will arrive too late for those who've lost jobs -- and many Americans won't spend enough to give hard-pressed businesses a lift.
[Notes:Standup close]
Which leaves the president in the position of a missile commander who's fired at a distant and fast-moving target. He's hoping rebate checks that won't hit the economy 'till late spring will blast a recession some economists think may have already arrived.
MS, The Associated Press, the White House
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---------------------------------------
CAPTION: Shrugging off the latest worrying economic numbers, President Bush says he doesn't think America's headed for recession, and Fed Chief Ben Bernanke says inflation's still under control. (Feb. 28)
----------------------------------------
[Notes:ANCHOR VOICE]
[Notes:Economy B-roll, super graphic "Growth Oct.-Dec. 0.6%"]
It's the latest sign the economy's in a tailspin: growth figures showing a near-stall at the end of last year ...
[Notes:Housing foreclosure B-roll etc.]
... as damage from the housing slump spreads to other sectors.
[Notes:Bush econ team meeting]
President Bush acknowledges a "slowdown". But as he met with top advisers, he said it does NOT mean a recession's coming.
BUSH SOT: (At end of fotoop) "We're going to do just fine. This is a resilient economy. We've got good, hard-working people in America. And we'll make it through this period, just like we've made it through other periods of uncertainty during my presidency." (:12)
[Notes:Consumer prices/shopping B-roll]
But the figures ALSO show a worrying spurt in INFLATION -- which has SOME fearing a return of that '70s monster, "stagflation."
[Notes:MOS -- let's keep it short, plz]
MOS: "Everything is so expensive right now.....clothes for kids used to be a little more cheaper but now it's high, really high." (:12)
[Notes:To Bernanke at hearing]
On Capitol Hill, the head of the Fed downplayed "stagflation" talk.
BERNANKE SOT: "I don't think we're anywhere near the situation that prevailed in the 1970s. I do expect inflation to come down, if it doesn't we'll have to react to it." (:10)
[Notes:Stimulus plan rebate checks (or money-printing) B-roll]
Meantime, the president is counting on rebate checks he and Congress have agreed on to give the economy the boost it needs.
[Notes:Congress Dems, then public works (bridges/roads) B-roll]
But with those not shipping 'till May some lawmakers want a SECOND stimulus plan, featuring a rush of spending on roads and bridges.
[Notes:Back to newser]
Bush doesn't think much of that idea.
BUSH SOT: (9:50 from start) "Stimulus package two and all that stuff -- why don't we let stimulus package one, which seemed like a good idea at the time, have a chance to kick in." (:08)
[Notes:Jobless center B-roll, store sales B-roll]
However, many economists fear those checks will arrive too late for those who've lost jobs -- and many Americans won't spend enough to give hard-pressed businesses a lift.
[Notes:Standup close]
Which leaves the president in the position of a missile commander who's fired at a distant and fast-moving target. He's hoping rebate checks that won't hit the economy 'till late spring will blast a recession some economists think may have already arrived.
MS, The Associated Press, the White House
Find out more about AP Archive: http://www.aparchive.com/HowWeWork
Twitter: Twitter: AP_Archive
Facebook: Facebook: APArchives
Instagram: Instagram: APNews
You can license this story through AP Archive: http://www.aparchive.com/metadata/you...
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