[Bette_Midler]

Bush: Don’t Ask Me About The Economy, I Got A ‘B In Econ 101′

Today in his press conference, a reporter asked President Bush whether there was a “risk of a recession.” Bush declined to answer, pointing out that he’s never been very good at “Econ 101″:

QUESTION: Do you think there’s a risk of a recession? How do you rate that?

BUSH: You know, you need to talk to economists. I think I got a B in Econ 101. I got an A, however, in keeping taxes low and being fiscally responsible with the people’s money.

Bush is the one who needs to spend a little more time talking to economists. Many of them have been predicting that the administration’s loose regulatory policies may soon lead to a recession:

Former Federal Reserve Chairman Alan Greenspan said the odds of a recession remain ’somewhat more’ than one in three even after this week’s cut in interest rates, with home prices likely to drop further and hurt consumer spending. [9/20/07]

Yale University economist Robert Shiller, an “economist who has long predicted this decade’s housing market bubble would deflate said the residential real estate downturn could spiral into ‘the most severe since the Great Depression’ and could lead to a recession.” [9/19/07]

CBO Director Peter Orszag notes that “the housing issues and problems in the subprime mortgage markets have created a yellow level of concern. ‘The risk of a recession is clearly elevated,’ he says.” [9/18/07]

As for fiscal responsibility, Bush’s tax cuts have “been the single largest contributor to the reemergence of substantial budget deficits.” “Between 2001 and 2006, the passage of the Bush tax cuts without the offsetting savings have cost $1.2 trillion in lost revenues, or more than 80 percent of the cumulative deficit during this period.”



UPDATE: Michael Roston takes a look back at Bush’s college transcripts. Bush received grades of 71 and 72 in Economics — a grade that “would correspond with a C-.”


video and article here thinkprogress.org

[Wannabeknowitall]

Can someone crazy please shoot him for the sake of America.

He is so fucking stupid and he's an awful liar.
He thinks someone actually believes he got a B in Econ 101?

[Cam'ron Giles]

Oh lord...*waiting for Samsung to tear you a new one*

[miffedmax]

Samsung doesn't really tear anybody new ones. She just sort of gums your ankles.

[sfselesfan]

Economy 101 - Lesson 1 - Statements of incompetence from the leader of the largest economy in the world is NOT GOOD FOR THE ECONOMY.

SF

[skanky~skanketta]

OMG! I feel so smart I had an A. to thinnk he's so proudly announcing it to the whole world is hilarious.

[Cam'ron Giles]

Originally Posted by miffedmax

Samsung doesn't really tear anybody new ones. She just sort of gums your ankles.

[cellophane]

I got an A, but I still don't know anything.

[GrandSlam05]

Originally Posted by miffedmax

Samsung doesn't really tear anybody new ones. She just sort of gums your ankles.

ROFLMAO. Nicely put!

[GrandSlam05]

I think I took Econ 101 in high school (for college credit). Probably one of the most worthless classes ever esp for me since I ended up majoring in chem. It gives you all these stupid theories but none of them really are applicable to the real world.
I agree with what someone else said, a "B" was probably the best grade he ever got (without having to pay money).

[kittyking]

Newsflash: George Bush passes Economics
*so what?*

[RJWCapriati]

[Infiniti2001]

What a friggin' idiot! He has an MBA from Harvard. I wonder if you can
revoke a degree? Even an MBA from a local state college should be embarassed to say they don't understand basic economics. I say freeze all his bank accounts, reduce his salary to miimum wage and let HIM live on it

[samsung101]

The guy makes a joke, and it's taken literally.
Typical.


Uh, no, we're not in a recession.
By definition, the answer is no.

Fact is we were in a very slight recesssion when Clinton left office.
I know, that's hard to believe. The papers put that fact at about page
30 after he left office. Not before the election though, that would have
been bad.


Inflation is in check.
Unemployment is still extremely low, and has been for most of his term.
Interest rates are extremely low yet again.

We are not in the double digit interest rate, double digit unemployment, and
double digit inflation days of Jimmy Carter - our great President.

Think of it: double digit unemployment and interest rates, that's a nice combo
to achieve Jimmuh.

Fact is the President is right, our economy by and large is strong. It has
major problem areas in housing, the sub prime market bust, and the value of the
dollar. But, the dollar was falling under Clinton, and it had little to do w/what
any President can do. It has to do with the growth of the Euro and the Chinese
industrial boom. We don't have much impact on either of those areas.


Housing market boom years are being followed by the usual bust period.
This is a steep decline in what were record building years. True.

The difference is the sub-prime (aka lending money to people w/lousy credit
records) market blew up. As it was due to. But, people went into it upon
the advice of such people as Greenspan. Don't borrow what you know you can
never pay back, don't borrow more than your means allow you to. Adjustable
rate means it can go up or down....way up.



Lots of jobs lost due to this sub prime bust period.I don't see it getting
really better for a year at least. That doesn't mean home builders are not still
building homes, and people are not still buying. They're just making major adjustments
in both areas: what type of homes to build (smaller) and what to buy (smaller and
less expensive).

However,fact is most Americans who want a job, have one. Most Americans who have
a home loan are making their payments on time and in full. Most Americans have access
to health care. Most Americans have access to higher education in one form or another if
they want it. Most other nations cannot say that.

[Dawn Marie]

Originally Posted by miffedmax

Samsung doesn't really tear anybody new ones. She just sort of gums your ankles.

LMAO! HAHAHAHAHAHHAAHAH!!!!!