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With three more financial outlets collapsing under the economical meltdown last week, queues of angry people outside banks with no access to their money, inflation at its highest rate for 27 years and scores of economists predicting a recession may tip into a full blown depression, president Bush reacted by declaring that the economy is still fundamentally sound.
"I think the system basically is sound, I truly do," Bush said. "And I understand there’s a lot of nervousness. . . . But the economy is growing, productivity is high, trade is up, people are working. It’s not as good as we’d like, but . . . to the extent that we find weakness, we’ll move."
Bush joked that he had now heard of $4.00 per gallon gas, after he notoriously denied any knowledge of those forecasts in a press briefing in March.
A sound system seemingly encompasses one that has led to 27 year highs for inflation rates. A report released by the Labor Department today revealed that on a 12-month basis the producer price index soared 9.2 percent in June, the largest increase since June 1981.