President Bush says the economy is just peachy despite precipitous declines in the stock market and more people giving up the search for jobs:

The Bush administration [...] issued an upbeat report yesterday on the economy, proclaiming that despite lost savings, "America is on the road to recovery." It urged Americans to "share the president's confidence and optimism."

The report, distributed to numerous business leaders and others around the country as a nine-page memo from Commerce Secretary Donald L. Evans, argued that despite unease because of terrorism, war and corporate misdeeds, "there is more than ample cause for optimism about the economy" and asserted that "most of the economy is following a normal recovery pattern."

"Investors should stay on the sideline," said Mark Arbeter, Standard & Poor's chief technical analyst. "I wouldn't recommend people buy any stocks at this time."

WaPo link via Kos.