Bush's Economic Proposal Fails to Stop Stocks' Slide
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U.S. stocks posted their steepest weekly drop since July 2002 after President Bush's proposal to stimulate the economy failed to allay investors' concern about a possible recession. Stocks also were hit last week by a flow of weak economic data.
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On the home front and around the world, President Bush has failed the United States. His economic record is one of record deficits, loss of jobs, creation of low-wage jobs.
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President George W. Bush said on Friday the U.S. economy was on a solid footing despite a weak December employment report, a slumping housing market and near record oil prices.
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Equity markets are stifled by lower-than-expected numbers in the government&#39;s report on gross domestic product. BY MICHAEL J. MARTINEZ.
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Analysts said President Bushâs plan to aid troubled homeowners facing foreclosure fell short of the broad reforms needed to help people meet mortgage payments.
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Amid new worries about a possible recession, the housing slump and rising oil prices, President Bush is exploring an economic stimulus package to reinforce the U.S. economy.
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Many analysts doubt that Congress will fully embrace the president's recommendations, and the greetings from Wall Street economists on Monday were not encouraging.
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Stubbornly high bond yields discouraged investors from extending Wall Streetâs recovery from last weekâs losses.
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President George W. Bush on Thursday said he would consider "all options" to help the U.S. economy weather a deep housing slump but the economy was fundamentally strong.
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The current proposal would boost the wrong part of the economy.
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Stocks cut gains on Friday after President Bush said it was not the government's job to bail out speculators in connection with losses in the home mortgage and credit market sectors.
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Stocks fell slightly on Monday after a  meeting of rich and developing nations offered no resolution to  arrest the dollar's fall, adding to worries about the U.S.  economy and foreigners' appetite for U.S. stocks.
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Treasury Secretary Henry Paulson said on Monday the Bush administration was considering how to give the economy a boost as it weathers a housing correction, but didn't want to rush.
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Volatile trading dogged world stock markets on Friday ahead of a key announcement from US President George W. Bush aimed at stimulating the battered US economy.
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President Bush's economic advisers warned on) Sunday that high energy prices have become a drag on the U.S. economy and not a threat to growth, chipping away at Bush's upbeat election-year projections and increasing pressure on him to act.
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The Bush administrationâs de facto weak-dollar policyâits preferred âcureâ for the American trade deficitâis not working.
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Stocks rose on Friday on optimism a plan by President Bush to help struggling subprime mortgage borrowers avoid foreclosure would help loosen credit conditions that have rattled financial markets.