Bush: Gramm Right, McCain Wrong

The president doesn’t think the economy is a disaster.

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John McCain and Barack Obama may think the economy is in "a shambles," but President Bush said today in his morning news conference that the economy was showing "remarkable resilience." And while it was "not growing as it should," he said, it was "growing nonetheless." In essence, he agrees with former McCain adviser Phil Gramm, who said that we are not in a recession—though Bush gave no indication that he thinks all those dour consumers are a bunch of whiners. Other interesting tidbits to come out of the presser:

1) Bush thinks expanded oil drilling will change the psychology of the oil markets.

2) GM shouldn't expect a federal bailout.

3) We are in a transition period away from the era of hydrocarbons.

4) Bush does not have a "magic wand" to fix the economy overnight.

5) He is open to a second stimulus package.

6) Raising taxes would be stupid in a weak economy.