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- #41
What a bunch of hogwash.
What the GOP has to say:
"The bottom line is this: We're going through a tough time," Bush said to the crowded press briefing room full of television cameras. "But our economy has continued growing, consumers are spending, businesses are investing, exports continue increasing, and American productivity remains strong. We can have confidence in the long-term foundation of our economy, and I believe we will come through this challenge stronger than ever before."
Reality:
The nation's economy has been struggling for months, with some analysts citing a faltering housing market, rising gas and food prices and collapsing banks as evidence that the country has fallen into a recession. The national average for gas prices has been over $4 for seven consecutive weeks. IndyMac, a bank with $32 billion in assets, collapsed this month, becoming the fourth-largest financial institution ever to fail. Treasury Secretary Henry Paulson stepped in to propose a rescue plan for government-sponsored mortgage giants Fannie Mae and Freddie Mac. And the Federal Reserve has cut interest rates 3.25 percentage points since mid-September, down to the current level of 2 percent, with the Labor Department reporting recently that inflation had risen to its highest levels since 1981.