RAW VIDEO: President Bush News Conference

Tools

Click here for a free download of the latest Adobe Flash Player.

Story Published: Jul 15, 2008 at 1:47 PM EDT

Story Updated: Jul 15, 2008 at 1:47 PM EDT

President Bush is offering reassuring words about the nation's financial system, describing it as ``basically sound.''

He's calling on lawmakers to quickly pass legislation to prop up mortgage giants Fannie Mae and Freddie Mac.

Bush says they play a central role in the nation's housing-finance system.

With soaring gas prices, the real estate slump and the mortgage troubles, Bush told a White House news conference it's ``been a
difficult time for many American families.''

But he said the nation's economy continues to grow -- if slowly.

Bush said depositors shouldn't worry about the safety of their money, since deposits are insured for up to $100,000.

On the economy, Bush defended his insistence that it's not in a recession. He said the traditional definition -- two quarters in a row of negative growth -- hasn't been met.

User Agreement

View comments

The following comments do not necessarily represent the views of WAGT. Users have agreed to these terms and in doing so accept full responsibility for their comments. Moderation is limited.

Add a comment

Name:

Comment: 500 Characters Left

WAGT and its affiliated companies are not responsible for the content of comments posted or for anything arising out of use of the above comments or other interaction among the users. Comments are posted on site immediately and without station moderation. If you feel a comment is inappropriate you may flag it for review. For guidelines on flagging comments see our Terms & Conditions. We reserve the right to screen, refuse to post, remove or edit user-generated content at any time and for any or no reason in our absolute and sole discretion without prior notice, although we have no duty to do so or to monitor any Public Forum.

I have read and agree to the terms

Hide comments

More Good Stuff

On Demand

More On Demand
This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.