Out of Breath with the BnB 1-2 Punch

Today, Dr. Ben 'Helicopter' Bernanke and President Bush both talked about the economy, albeit at different venues.
According to the NYT, "In testimony before the Senate Banking Committee, Mr. Bernanke avoided the word “recession” in characterizing the current economy, noting instead that consumer spending and exports were keeping growth “at a sluggish pace” while the housing sector “continues to weaken.”

He added that spending for personal goods had “advanced at a modest pace so far this year, generally holding up somewhat better than might have been expected given the array of forces weighing on household finances and attitudes.”

While the risks to the overall economy were still “skewed to the downside,” he said, inflation “seems likely to move temporarily higher in the near term.”"

The same article quotes Mr. Bush as saying in a press conference that "“My hope is — is that people take a deep breath and realize that their deposits are protected by our government,” the president said. He added that economic growth “was not the growth we’d like” but expressed confidence that the country would overcome “a time of uncertainty.” The nation’s troubled financial system is "basically sound," he added." When a reporter asked what the short-term advice for Americans was in light of the high gas prices, Bush's main response was "There is no immediate fix. This took us a while to get in this problem; there is no short-term solution. I think it was in the Rose Garden where I issued this brilliant statement: If I had a magic wand -- but the President doesn't have a magic wand. You just can't say, low gas. It took us a while to get here and we need to have a good strategy to get out of it."

While Dr. Ben, along with Hank and Cox, is taking extra-ordinary measures to bail out and lend a helping hand to the financial and quasi-financial institutions with public money, Mr. Bush thinks that people should a deep breath and keep the faith. Perhaps he should add that by singing 'Don't Worry, be Happy" everything would be all right.