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President Bush Uses the D-Word

By Karen Tumulty | December 18, 2008 | +

In fact, he used it five times this morning in an appearance before the American Enterprise Institute:

And what makes this issue difficult to explain is — to the average guy is, why should I be using my money because of excesses on Wall Street? And I understand that frustration. I completely understand why people are nervous about it. I was in the Roosevelt Room and Chairman Bernanke and Secretary Paulson, after a month of every weekend where they’re calling, saying, we got to do this for AIG, or this for Fannie and Freddie, came in and said, the financial markets are completely frozen and if we don’t do something about it, it is conceivable we will see a depression greater than the Great Depression.

So I analyzed that and decided I didn’t want to be the President during a depression greater than the Great Depression, or the beginning of a depression greater than the Great Depression. So we moved, and moved hard. The autos obviously are very fragile and I’ve laid out a couple of principles. One, I am worried about a disorderly bankruptcy and what it would do to the psychology and the markets. They’re beginning to thaw, but there’s still a lot of uncertainty.

A depression greater than the Great Depression. Is this candor–or alarmism?

UPDATE: I asked Justin what he thought, and got this answer:

Greater than the Great Depression, huh? You mean like the depression of the 1870s? Karen wonders if these comments constitute candor or alarmism. I lean towards the former. It would have been nice if he’d decided to avert the depression back in 2005 or 2006, though.

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  • cincinnatus est exterminata!

    Candor. Wake me when they start calling it the First Great Depression.
    .
    30 years of false demand created by cheap credit which only cost us our manufacturing base…thank you Ronald Reagan!

  • postxian

    It makes no sense to try to parse the language of this bumbling moron.

  • trifecta55

    Remember, they used to call WWI “The War To End All Wars” until that nastiness broke out 20 years later.

  • trifecta55

    Here is a good sign that I am a political geek. I keep refreshing the Star Tribunes home page as the recount is going on. Coleman’s lead now is down to 15 votes. Out of 2.4 million votes cast between them.

  • cincinnatus est exterminata!

    Well, once Great Depression II is over, we have hyperinflation to look forward to. Good times.
    .
    That wasn’t dawn Ronnie, it was dusk.

  • queencersei

    Rember how long it took Bush or anyone from his office to even use the R word? I have one word for Bush…Hoover. Of course he may just think that is a vacuum.

  • queencersei

    And to think people, Bush was our MBA President!

  • g_crush

    .
    Well, in about a month we won’t have Bush around to throw shoes at anymore, except in mildly amusing web games like this one. Sock and Awe, baby!
    .
    So I analyzed that and decided I didn’t want to be the President during a depression greater than the Great Depression…
    .
    But to be the President engaging in the invasion of a country under false pretenses, or during a terrorist attack, or while running roughshod over civil rights, or encouraging divisiveness among his fellow citizens, or promoting laissez-faire economic policy…Good Times!
    .
    Worst. President. Ever. The ghost of Warren G. Harding can finally find some peace.

  • billiecat

    Well, for what it’s worth he’s left me in a funk. It’s not that great, though.

  • viciousmaniac

    And to think people, Bush was our MBA President!
    .
    Massive Bastardy Assh*le?
    .
    On-topic, that last paragraph reads frankly as a mea culpa.

  • Matt

    If Bush truly feels there will be a quasi-Depression if the auto industry collapses, why isn’t he expediting government funds to stave off more of the cuts we’ve already seen from GM and Chrysler? He’s either lying about the “D” word or is compromising his remaining principles for the ideological benefit of the GOP.

    http://www.political-buzz.com/

  • trifecta55

    I am genuinely scared. Denial helps. If that doesn’t work anymore, alcohol might follow.

  • Joe Bftsplk

    “I analyzed it and decided…”
    What intellectual prowess this must have required.
    Especially for someone not used to exercising it.

  • Cliff

    All right, it’s getting to the point where every time I read what he says I get dumber.
    .
    the financial markets are completely frozen and if we don’t do something about it, it is conceivable we will see a depression greater than the Great Depression.
    .
    So I analyzed that and decided I didn’t want to be the President during a depression greater than the Great Depression
    .
    That took analysis? He had to sit there and analyze whether or not he wanted to be the President that ushered in the Second Great Depression?
    The man’s a blistering retard! Obama’s going to have to repaint every inch of the White House to get rid of the stench of stupid!
    .
    So we moved, and moved hard.
    .
    Yeah, and you totally prevented the car factories from closing down. Oh, wait…
    .
    I say people need to start throwing their shoes at the fence around the White House.

  • Andy from MA

    What’s incredible is that KT and GWB got their MBAs from the same freakin’ school.

  • wvng

    What a terrible shame for Bush. All those awful things just happening during his presidency.

  • Karen Tumulty

    KT here–

    Yes, Andy, and we are both pulling down our class salary averages…

  • http://phd9.blogspot.com Paul Dirks

    A depression greater than the Great Depression. Is this candor–or alarmism?
    It’s just a little dog-whistle for some Republican Senators who think that it’s all in good fun to screw over the UAW that they’re playing with fire.

  • http://curiouscapitalist.blogs.time.com/2008/12/18/president-bush-wanted-to-avoid-a-depression-greater-than-the-great-depression/ The Curious Capitalist – TIME.com » Blog Archive President Bush wanted to avoid a depression greater than the Great Depression «

    [...] Posted by Justin Fox | Comments (0) | Permalink | Trackbacks (0) | Email This Karen Tumulty points me toward some depressing comments from President Bush this morning: I was in the Roosevelt Room and Chairman [...]

  • oizydoizy

    Cincinnatus -
    .
    Right on. Thank Reagan for the last 30 years, during which the public came to believe that an economy based on consumption was normal. Bush was just the last pilot to drive this plane into the ground.
    .
    Thank Reagan also for astutely helping co-found the Taliban in the 1980′s.
    .
    No one ever gives Carter credit, but even in office, he saw all of this coming. He asked the American public to decide their future, and boy, did they ever.

  • kbanginmotown

    @trifecta: This one would be called the “Greater Depression”. The next one, under president Jeb Bush, would be called the “Greatest Depression”.
    .
    @cliff: “I decided” – remember, he’s the decider. Can’t have anything happnin’ without him decidin’ ’bout it.
    .
    @PaulDirks: If the Big3 declare chapter 7/11, they’ll pull out of NASCAR and NASCAR will be ruined…that will be the payback for the southern GOP senators.
    .
    *sigh*…It’s snowing in Motown. Any news of a loan?

  • Art Pepper

    Hey, if he doesn’t want to be president during the Greater Depression, he can always step down a month early. I won’t mind at all.

  • http://businessblogs.postdown.com/2008/12/21/president-bush-wanted-to-avoid-a-depression-greater-than-the-great-depression/ Business & Finance Blogs » Blog Archive » President Bush wanted to avoid a depression greater than the Great Depression

    [...] Tumulty points me toward some depressing comments from President Bush this morning: I was in the Roosevelt Room and Chairman [...]

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