Bush Considers New Economic Stimulus

White House Weighs New Measures As Unemployment, Oil Prices Soar

(CBS/ AP)  President Bush is considering new measures to help stimulate the battered economy, the White House said Friday as unemployment and oil prices soared and Wall Street sank.

White House counselor Ed Gillespie said Bush's advisers are constantly looking at options for new economic proposals.

"There's a short window for the president here when it comes to new policy. We understand that," Gillespie said. "So I guess what I'm saying is, don't rule it out."

Gillespie spoke before a Bush speech on the economy, timed around the ceremonial swearing-in of the president's new housing secretary, Steven Preston. In his remarks, Bush stuck to promoting his existing economic policies.

The government's $168 billion stimulus package, passed in February, began getting tax rebate checks to people last month and helped to energize shoppers. "We're beginning to see signs that the stimulus may be working," Bush said at the Department of Housing and Urban Development.

But analysts believe consumers still are anxious, and a weakening job market could make people feel less inclined to spend. This, and talk that the economy already has fallen into its first recession since 2001, has led to questions about whether a second stimulus might be warranted.

The first one provided rebate checks for individuals and extra tax breaks for businesses. The White House has insisted it needed to wait to see the full effects of the existing stimulus before discussing any new steps.

The president did not unveil any new proposals during his speech, nor even hint whether he believes any are necessary.

Instead, he called on the Democratic-controlled Congress to pass long-sought existing priorities of his, such as making tax cuts passed during his presidency permanent and allowing expanded oil exploration in the United States.

"Unfortunately, these policies are being blocked by the Democratic Congress," he said. "I call on the congressional leaders to put partisanship aside and work with me to enact these important issues for the American people."

Earlier Friday, a government report showed that the nation's unemployment rate jumped to 5.5 percent last month, the biggest monthly rise since 1986 and another sign of a deeply troubled economy. Dwindling job opportunities are combined with continuing hardship in the housing, credit and financial sectors.

But White House spokesman Scott Stanzel said the unemployment numbers, while too high for Bush's liking, were still under the average figures for the '70s, '80s and '90s, reports CBS News White House correspondent Mark Knoller.

Bush noted that a surge of young new entrants to the job market contributed to the worse-than-expected numbers. But, he said, "it's clearly a sign that is consistent with slow economic growth."

"This is a time of turbulence in the housing market and slow growth for our overall economy," the president said.

It was a day of turmoil on Wall Street, as well. The Dow Jones industrials fell nearly 400 points after oil prices shot up by more than $11 a barrel and neared $140 a barrel. - and wiped out investors' recent optimism about the economy in the process.

White House press secretary Dana Perino said Bush was very concerned about high energy prices and the need to increase domestic oil exploration and production. She said there was no imminent announcement of any new economic stimulus.

Gillespie said Bush would continue urging Congress to pass policies dealing with tax relief, gas prices and housing and that the administration is "always considering policy options."

Preston, formerly the head of the Small Business Administration, is to be Bush's point man on the slumping housing market and subprime lending crisis. He is likely to be the administration's lead negotiator as Congress and the White House work on legislation to allow the Federal Housing Administration to insure up to $300 billion in refinanced mortgages, including many in which the mortgages exceed the value of their homes.

[leftyintexas]

obama8years''s response to the oil crisis is oh so typical of the bush followers ....drill here, drill there, drill everywhere. No matter about the environment. We need more oil and we need it to feed our gas gusslers! That is just plain dumb thinking. The solution lies elsewhere. We need a new source of fuel that replaces oil. The high gas prices will spur new research into alternative sources. One thing is for sure, the price of gas isn''t going to come down just because we start drilling in the Arctic region. It would take many years for the production process to go into effect and by then we would be even more dependent on oil. We need an alternative not more of the same problem.

[forthepeopl1]

go ahead america keep pooring your money in wall street..if it matters about fdic ins. right.

what a joke this congress and whitehouse is.

get ready for the greatest depression that ever has been in this country




LandSource Communities Development LLC, a real estate partnership involving the nation''s largest public employees pension fund, has filed for Chapter 11 bankruptcy protection.

The California Public Employees'' Retirement System is a major investor in LandSource, which announced the bankruptcy filing in U.S. Bankruptcy Court in Delaware late Sunday in a news release. The partnership''s assets include 15,000 acres of undeveloped land north of Los Angeles in the Santa Clarita Valley.

LandSource had been trying to restructure a $1.24 billion debt for months, the company said. It received a default notice on April 22 after missing a payment when a decline in the assessed value of the Southern California land holding triggered an additional charge.

"LandSource believes chapter 11 provides the most effective means for the partnership to preserve the values of its business... while it works with creditors to achieve a long-term restructuring," spokeswoman Tamara Taylor said in the release.

Attempts to reach Taylor, LandSource and CalPERS early Monday before business hours were unsuccessful.

[hsmagst]

"The nations major oil suppliers have set out in a strategic effort to orchestrate a financial triple play, a coordinated effort that would reduce supply, raise prices at the pump and relax environmental regulations. Unfortunately, in each case, it is the consumer who takes the hit. Yada, yada,yada



Now do a little more research on when the refineries closed in CA.....most closed in the early ''80''s due to the tree huggers applying pressure and complaining about the age of the refineries and whether they could meet new gas formulations. We have not built a new refinery, even though they have been proposed, in over 30 years. The closest we are getting is the vote in South Dakota to build a new one which will meet all current environmental standards. Along with that in CA is the stopping of new offshore exploration, supposedly because of environmental issues, such as the potential of leaks.....which is pretty stupid given that oil bubbles up and washes up on beaches all the time. Its a natural occurance when pressure builds up. Our congres has stopped oil shale production in Colorado while Canada processes it in wholesale volume....which we buy.

[smurfcrusher]

I guess the liberals have to make a choice.

A. Get to Work and drill for Oil here in america
B. Become a third world country, but have abundance of Caribou Porcupines.
---------------------------

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Posted by obama8years at 08:02 AM : Jun 08, 2008


What an ironic name, "Obama8years". Why not mention conservation and alternate energy, like the REAL Obama talks about?
King George opposed stricter gas mileage requirements ("Cafe" rules) and as a result, gas-guzzling SUVs dominated the roads for years. Do you think this lowered demand?!
When Gore suggested a .50cent gas tax years ago the RepubliCons had a fit. If it passed, it would have encouraged conservation. Do you get it?

King George''s needless war consumes immense amounts of fuel, make no mistake. I suppose you think the Worst President Ever is doing a "heckuva job" too? Rather like that Horse Trader he put in charge of FEMA when Katrina hit... Proof Positive that stupidity is not an asset. Keep that in mind for your future posts.

[ioweign]

I guess the liberals have to make a choice.

A. Get to Work and drill for Oil here in america
B. Become a third world country, but have abundance of Caribou Porcupines.
---------------------------
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Posted by obama8years at 08:02 AM : Jun 08, 2008

Have you seen any long lines at gas stations because of gasoline shortages ??

[obama8years]

Lets Put this race Issue Behind us, Obama has. He repudiated Rev Wright. He no longer goes to the church. He doesnt beleive in the Black Theology. He wasnt at church when Rev Wright Said Inflamatory things. He apologised for the Clinging to Gun comment.
Obama is a Uniter and he is for Hope and Change. Obama has the experience and the support to reach over and unite the party. Obama will unite the races. He said in his speech that its time for race dialog. Lets begin the dialog and then the healing. Obama has nothing but good intentions and his so called associates he no longer are friends with. So give Obama a chance he can make this country better than even Jimmy Carter did.

[justsane-2009]

yeah, that last "stimulus" worked so well...

[watcher269-2009]

Ahhh, More Bushit Stimulus! Yup - Bush Stimulus already has taken gasoline from $1.55 to $4.25 now he wants to add more stimulus and take gasoline to $6.95 a gallon.

Yep! Republicans sure know how to F**K a society.

Bend over for some more Bushit Stimulus!

Don''t forget to get your kiss after you''ve been F''d!

And Smile too.

[antoniof123]

We are in trouble now George has decided that we need another stimulus. This is great this idiot doesn''t understand that this is the result of adding money supply into the economy i.e. keep borrowing. Well, you idots who kept supporting him have now convinced the swing voter to swing. You idiots should have listened to us in 2006 instead of the neo con party. But look at the bright side you will not have to worry about that after this election.

[underdogus]

$4.12 (US).. and that''s gas priced at $90.00 a barrel.wait till they re-adjust the price at $138.54 a barrel

[singingrick]

Good news!

Bush has a 3 trillion dollar stimulus package that''''s going to create 500 thousand new jobs.

Unfortunately, the jobs are all in the Iraqi Army.

Thanks for voting Republican.

[underdogus]

2.48$ a gal of gas (Mexico) 4.12$ (US).. build the fence huh? you friggin minuteman b.astards

[vnveteran72]

Mergers, Manipulation and Mirages: How Oil Companies Keep Gasoline Prices High, and Why the Energy Bill Doesn%u2019t Help

Summary:

The United States has allowed multiple large, vertically integrated oil companies to merge over
the last five years, placing control of the market in too few hands. The result: uncompetitive
domestic gasoline markets. Large oil companies can more easily control domestic gasoline prices
by exploiting their ever-greater market share, keeping prices artificially high long enough to rake
in easy profits but not so long that consumers reduce their dependence on oil.

The largest five oil companies operating in the United States (ExxonMobil, ChevronTexaco,
ConocoPhillips, BP and Royal Dutch Shell) now control:

- 14.2% of global oil production (nearly as much as the entire Middle East members of the
OPEC cartel).
- 48% of the domestic oil production (which is significant given the fact that the U.S. is the
3rd largest oil producer in the world).
- 50.3% of domestic refinery capacity.
- 61.8% of the retail gasoline market.
7
- These same five companies also control 21.3% of domestic natural gas production.

It is therefore little wonder why these top companies enjoyed after-tax profits of $60 billion in
2003 alone.

Starting to catch on yet, retardds???

[fiberglass3]

There is no question that the future of transportation will be measured in kilowatts not MPG''s.
I felt that once we started banning smoking in public places, it wouldn''t be long before we would start to apply those standards to clean up the air outside as well.
As a matter of national security we need to help the US auto manufacturers in making the conversion to produce electric vehicles. It%u2019s happening anyway. Do a web search. There are many companies in the USA and Canada working with magnets, electric motors, capacators and high energy electric batteries. Even ExxonMobile has announced that they have developed a thin plastic polymer film that can be used in lithium ion batteries for hybrid vehicles. The future is here and it was all being brought about by the high price of oil.

[watcher269-2009]

Come on now guys - Bush came in "Dumba *** Lasta" in his economics class at Yale. Give him a Break - Cheerleading is HARD work.

He''s relying on McSame to help dig him out of this Economic Crisis.

[vnveteran72]

Time to Arrest Shrub, Darth, Kindasleezy, and ALL the Neocon Nazis, and Slap the Cuffs on ALL the Oil Company Executives that CONSPIRED to subvert National Security by Artificially Fixing Prices and Reducing Refining Capacity, in order to make untold $Billions$.
It has already been substantiated by a CONGRESSIONAL INVESTIGATION, but to this day, NOTHING has been done.
Contact your Representatives in Congress and DEMAND they uphold their Oaths of Office, the Constitution, and Rule of Law!!! They work for US, not the other way around, and MUST be held accountable for their Criminal Inaction!!! Remind them that if they FAIL to act immediately, you will circulate a petition STATE WIDE, to have them Recalled or Impeached.

[vnveteran72]

"As observed over the last few years and as projected well into the future, the most critical factor facing the refining industry on the West Coast is the surplus refining capacity, and the surplus gasoline production capacity. The same situation exists for the entire U.S. refining industry. Supply significantly exceeds demand year-round. This results in very poor refinery margins, and very poor refinery financial results. Significant events need to occur to assist in reducing supplies and/or increasing the demand for gasoline."

-Internal Texaco document, March 7, 1996


"A senior energy analyst at the recent API (American Petroleum Institute) convention warned that if the U.S. petroleum industry doesn%u2019t reduce its refining capacity, it will never see any substantial increase in refining margins...However, refining utilization has been rising, sustaining high levels of operations, thereby keeping prices low."

-Internal Chevron document, November 30, 1995

Neocon Nazis: "But, but,...Shrub said it wuz the Rag Heads".......*sniff*...."and I STILL belive him"....
LMMFAO

[watcher269-2009]

"If we do not lead by example then we cannot lead."


---------------

C''mon now - if you can''t give up Golf to support our troops - You are un-American - you hate our troops - now giving up golf by someone shows TRUE patriotism and courage that the rest of you out there just couldn''t muster the strength to do.

Give up golf man - and you too will be a TRUE leader!

Oh the sacrifices a President must make for his true beliefs and morals.

[vnveteran72]

I guess the liberals have to make a choice.

A. Get to Work and drill for Oil here in america
B. Become a third world country, but have abundance of Caribou Porcupines.
------------------------------------------------------
Posted by obama8years at 08:02 AM : Jun 08, 2008
+ report abuse


Stop drinking the KKKoolaide, Sponge Brain.....LMMFAO

There''s NO domestic shortage of Oil, there''s NO domestic shortage of Refinery Capacity, only that which has been PURPOSELY PLANNED and IMPLEMENTED by Big Oil!!!
Please get your GED, you might hurt yourself trying to think with such a Tiny Arsenal of Brain Cells....
......or better yet, stop drinking that Neocon KKKoolaide, it''s Rotting your Tiny Noggin...LMMFAO....

[sistatee-2009]

My stimulus check went for lotto tickets, cigarettes and booze. Now WHO gonna pay my rent! Huh!