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<DIV class=cnnBlogContentDateHead>December 5th, 2008</DIV>
<DIV class=cnnBlogContentTitle><A
title="Permanent Link: Bush acknowledges recession"
href="http://cnnwire.blogs.cnn.com/2008/12/05/bush-acknowledges-recession/"
rel=bookmark><STRONG><FONT size=7>Bush
acknowledges recession</FONT></STRONG></A></DIV>
<DIV class=cnnGryTmeStmp>Posted: 12:30 PM ET</DIV>
<DIV class=cnnBlogContentPost>
<DIV class=snap_preview>
<P>WASHINGTON (CNN) — President George W. Bush, reacting to the latest
unemployment figures, acknowledged Friday that the U.S. economy is in a
recession and stated that the downturn is a result “of severe problems in our
housing, credit and financial markets, which have resulted in significant job
losses.”</P>
<P>Bush, speaking to reporters outside the Oval Office, said the administration
is “focusing on the root causes of the economic downturn in order to return our
economy to health.” </P>
<P>The economy shed 533,000 jobs in November — the largest monthly job loss
since December 1974, according to a Labor Department report released Friday. For
the year, the number of jobs lost now stands at 1.9 million.</P>
<P><FONT color=#ff0000>The most urgent issue facing the economy, Bush noted, “is
the problem in the credit markets. Businesses and consumers need access to
credit at affordable rates to spend and invest.”</FONT></P>
<P> </P>
<P><FONT size=2></FONT> </P>
<P><FONT size=2>You stupid ass, Bush! </FONT></P>
<P><FONT size=2>The most important problem facing the economy is the lack of
jobs. Without income, families cannot pay bills or obtain credit.
Without customers, namely families short on cash, businesses cannot pay bills or
obtain credit. Over a trillion dollars now <STRONG><FONT
color=#ff0000>given</FONT></STRONG> to banks but none to create jobs.</FONT></P>
<P><FONT size=2>W.</FONT></P></DIV></DIV></DIV></BODY></HTML>