July 15th, 2008
12:00 PM ET
10 years ago

Bush: 'It's been a difficult time'

Bush discussed the country's economic woes Tuesday.

Bush discussed the country's economic woes Tuesday.

NEW YORK (CNNMoney.com) - Under the backdrop of a deteriorating economic picture, President Bush said Tuesday he is taking action to help people with falling home values and high gas prices.

Watch: Bush says system 'basically sound'

Bush highlighted plans to stabilize the mortgage lenders Fannie Mae and Freddie Mac and lift the ban on offshore oil drilling as two steps his administration is taking to address some of the nation's economic ills.

Watch: Bush: A 'tough time'

'It's been a difficult time for American families," Bush said at a press conference. "We must ensure we can continue providing credit during this time of stress."

Full story

Filed under: Popular Posts • President Bush
soundoff (266 Responses)
  1. Gramma Faye /Idaho

    I am so sick of each side blaming the other. He had those yrs to have Congress and the Sen do something when the GOP was in control.
    Both sides are "do nothings" but play politics and power plays using the American people as pawns. They have no idea how to play nice.
    Now if we impeached Bush we end up with a more dangerous Chaney. If we go down the line with impeachment we end up with that piece of no brains fluff Pelosi, So Right now America is between a rock and a hard spot.
    What ever God you believe in pray to him for help for us and the rest of the world.

    July 15, 2008 01:24 pm at 1:24 pm |
  2. Jim - Tucson

    It took some nudging from one of the reporters, but he actually said the word CONSERVATION when talking about oil. Now how about a energy conservation plan. It wouldn't take much money. Run some ads on TV. Give out those stickers you put on your light switches. Remember the 70's, there wasn't a light switch in the country that didn't have sticker saying "turn off the lights when not in use". Reduce the speed limit to at least 70 or even 65. This solution will have an immediate impact on the price of energy.

    July 15, 2008 01:26 pm at 1:26 pm |
  3. Justin, Ohio

    I do believe Bush has made mistakes since he has been President, however I don't believe all the problems of the United States are his fault. You cannot blame him for mortgage companies giving out credit to those that CAN'T afford to pay back the loans in the first place and this has been going on for years. You can't blame him for the price of oil either. He wants to drill more but there are people stopping him. Anyone that thinks that oil speculators (aka traders) are the problem must not understand how trading works. Because of the increase in demand for oil and the same supply of oil that has been on the market for much too long, these speculators then have reason to believe that the cost of oil due to demand is going to increase. You can say what you will about the war in Iraq, but that doesn't change the facts on every other subject.

    July 15, 2008 01:26 pm at 1:26 pm |
  4. Donald, Canton NC

    Ahhh, shucks, Bush says American families have a a difficult time!!!

    And how would he know? He didn't even know the price of a gallon of gasoline a couple of months ago when questioned by a reported.

    He and his Administration are following the same foot-steps of the Senior Bush Presidency. I seem to remember a huge savings and loan disaster with one of the son's involved.

    And now this idiot is destroying the banking and mortgage industry due to lack of oversight and accountability.

    Where and when it will end is anyone's guess. Neither Presidential candidate or Congress has an idea other than posturing on TV and running off at the mouth.

    Maybe when the national language is CHINESE or SPANISH will anyone wake up, but by then it will be too late.

    July 15, 2008 01:28 pm at 1:28 pm |
  5. Bulldog

    First McCain said Obama was irresponsible for saying he would attack Al Queida in Pakistan if their was solid intelligence. Since calling Obama 'irresponsilbe' our miliarty has attacked Al Queida 4 times in Pakistan.

    McCain calls Obama naive and reckless for wanting to set a timetable to get out of Iraq. Next thing you know the sovereign Iraq government demands we set a timetable.

    McCain calls Obama reckless and an appeaser for saying he will sit down with leaders of countries unfriendly to the U.S. 3 months later the U.S. successfully appeases and negoitiates with N. Korea ('axis of evil') and they begin to dismantle their nuclear plants.

    Who has the judgement?

    July 15, 2008 01:28 pm at 1:28 pm |
  6. Dr.Mimi De La Cruz




    July 15, 2008 01:29 pm at 1:29 pm |
  7. rick in nc

    To John "Mohammad Akmad" Jones

    You won't be so happy after a couple of years of McCain and his expansion of the Iraq war while ignoring the plight of the average American....oh, but you're not average....never mind....but, in the mean time, why don't you see if your smugness will fit where the sun don't shine, JERK!

    July 15, 2008 01:29 pm at 1:29 pm |
  8. Xavier, Saint Louis, MO

    Bush is a complete idiot! Our economy has fallen every since the Iraq war started. And the longer we stay in Iraq the worst our economy is going to get!

    July 15, 2008 01:29 pm at 1:29 pm |
  9. Southern resident

    HE'S complaining????? A difficult time for HIM????

    Then he jumps into Air Force One, and off he goes.... around the country, around the world, to the Olympics....La-de-dah! What about gas prices and conserving energy??

    July 15, 2008 01:30 pm at 1:30 pm |
  10. Brennan - Seattle, WA

    The solution to the problem is lower taxes to zero. When the economy was doing just slightly poor, the Bush/McCain plan was to lower taxes and increase spending. Now that it is doing really poorly we should cut taxes all together and just spend like crazy. Lets double down.

    Find me an economist who thinks that the Bush/McCain tax plan has worked and I will show you an idiot.

    July 15, 2008 01:31 pm at 1:31 pm |
  11. Bulldog

    "BOMB BOMB BOMB BOMB BOMB IRAN….Shiites no i mean Sunni…i don't know about the economy…is that what i voted?…that's one way to kill Iranians…i am not going to be a great communicator…i speak for me-John McCains greatest hits"

    Now thats funny, but completely true.

    July 15, 2008 01:32 pm at 1:32 pm |
  12. Janet Jacme

    We, collectively, voted for George Bush, not once but twice.

    We are not a smart country. That's why the New Yorker cover scandal isn't about free speech or satire.

    It's about an instant gratification society, where people don't want to think, they allow themselves to be spoon feed what to think by others. We've got 26% of people polled who WRONGLY believe Obama is a Muslim, was sworn in with his hand on the Koran.

    In that environment, the New Yorker cartoon perpetuates a GOP lie about Mr. Obama and any correction in the text of the article is lost.

    Don't expect critical thinking from dummies...

    July 15, 2008 01:33 pm at 1:33 pm |
  13. Another old white woman for Obama

    Lame Duck Quacking. Wonder how much GB SR had to pay for his diploma.
    Mindless, insipid rhetoric.
    If brains were gas, he wouldnt have enough to power a pissant around a pinhead.
    Go away Dumbya and McCain. Dont let the door.........Well, you know the rest.

    July 15, 2008 01:35 pm at 1:35 pm |
  14. SUE, Michigan

    Lift the ban on drilling? That would help in about 5 years! The man is clueless! We don't have the refinery capacity for any more oil-tell the oil companies to refine the oil available now, and to reopen the hundreds of CAPPED wells they already have access to. But no, that might bring the price down and hurt their profits. I do not trust Bush to have any solution that will benefit the consumer and hurt his oil buddies. He is a liar and should be impeached!

    July 15, 2008 01:36 pm at 1:36 pm |
  15. beevee

    Had we only avoided going to war with Iraq and focussed on domestic policies our econmy would not have been in this sad state of affairs today. Have'nt we learnt anything yet?

    July 15, 2008 01:37 pm at 1:37 pm |
  16. Texans for Obama

    I listened to to President Bush, who sounded like he was clueless as usual. One reporter asked him "Why he did not tell the American people to conserve on energy or a crisis will occur. His response was " they should be able tobalance their oiwn check books and think for themselves" Wow! This is why America is in shambles with our economy! He could not even intelligently answer reporters questions.

    Then I listened to Obama speech on foreign policy. This man my not have the experience that McCain has in the senate but he has his information outlined like someone who rfeally has completed his research and articulated all his facts with intelligence. Mccain was giving his speech on foreign policy also. He was sounded like the person with the least amount of exxperience on foreign policy. He is clueless. Both McCain and Bush are old school. Bush even referred to his age a few times. . McCain is way too old. Obama showed both of them who is the best person to become President today!
    Go Obama, you are the winner!

    July 15, 2008 01:37 pm at 1:37 pm |
  17. Concerned in Alabama

    After 8 years he just finally figured this out!

    July 15, 2008 01:38 pm at 1:38 pm |
  18. Kristy in Georgia

    The repubs ought to put a muzzle on this guy. He isn't helping McCain's prospects; if George is forgetful at 62 then how forgetful is McCain going to be at 72 (if he were to become president) ? And Lord help us if he was a 2-termer. That'd put him nearing 80 trying to run the ship.

    Imagine this future press conference:

    Reporter: Mr. President, why did you secretly bomb Mexico, a strong U.S. ally, without permission from Congress?

    President McCain: I don't remember. That's the honest-to-God's truth. I don't even know where I am right now.

    July 15, 2008 01:39 pm at 1:39 pm |
  19. Allan

    Does anyone else remember him claiming that the economy was "fundamentally sound" as well? Guess he went to Economics 101 with McSame and they both got a D-.

    July 15, 2008 01:39 pm at 1:39 pm |
  20. Ex-Republican for Obama

    These are the times I feel like a master marksmen.
    The target is WAY too easy, I won't even try.

    July 15, 2008 01:44 pm at 1:44 pm |
  21. DJ, LA, CA

    "Basically sound" ... "tough times". Gee don't think too hard there George. I can see you are really taking some serious action by blaming high prices on the offshore drilling ban that you father signed in 1990.

    July 15, 2008 01:45 pm at 1:45 pm |
  22. Real Change

    I'm not even going to comment on this one. This is too easy.

    July 15, 2008 01:45 pm at 1:45 pm |
  23. Jen

    No ship Sherlock.

    July 15, 2008 01:46 pm at 1:46 pm |
  24. David

    188 days...and counting!!

    July 15, 2008 01:46 pm at 1:46 pm |
  25. 14 year old in SF CA

    over 4,000 dead young men and women, another 20,000 wounded . a failing economy. every nation hates us. i think the last 8 years have been wonderful Bush. whats that we should vote for McBush.


    July 15, 2008 01:47 pm at 1:47 pm |
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