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To put Wall Street's woes in context, President George Bush made a speech on the overall state of the economy. ABC and CBS assigned their White House correspondents to cover what turned out to be a pep talk. "He unveiled no new solutions, asking for time…and prescribing a large dose of positive thinking," was how Jim Axelrod summarized it on CBS. When addressing the rising costs of food and fuel he "offered a little empathy but not much else." On ABC, Martha Raddatz (embargoed link) rattled off rising gasoline prices plus "troublesome job numbers, a worsening housing crisis, the falling dollar and consumer confidence shaken" and quoted a President who "tried to sound confident." The soundbite: "So I am coming to you as an optimistic fellow!"
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