While more than 70 percent of economists now believe the nation is in a recession, President Bush continues to insist the foundation of the economy is solid. He spoke on Friday at the Economic Club of New York.

President Bush: “I’m coming to you as an optimistic fellow. I’ve seen what happens when America deals with difficulty. I believe that we’re a resilient economy, and I believe that the ingenuity and resolve of the American people is what helps us deal with these issues, and it’s going to happen again.”

Also on Friday, Treasury Secretary Henry Paulson defended the Federal Reserve’s efforts to bail out Bear Stearns.

Henry Paulson: “I think we made the right decision. I think the Federal Reserve made the right decision here. And again, I don’t know what to say other than what I’ve just said, is we’ve got strong financial institutions. Our markets are the envy of the world. They’re resilient, they’re innovative, they’re flexible. I think we move very quickly to address situations in this country.”