George H.W. Bush: “Well, Howard, if I can borrow a term from Wall Street, I am bullish on the economy. Not overly optimistic, not…”

“Well, Howard, if I can borrow a term from Wall Street, I am bullish on the economy. Not overly optimistic, not Pollyannic about it. But while some sectors are still sluggish, on the whole a turn- around in the economy appears to be in the making. I don't want to be in the prediction business. What a President says on this can adversely affect markets and all of that. But according to the just- released May unemployment report, over half of all industries added to their payrolls. Industrial production has also been rising. And such upward trends will continue, according to the Index of Leading Indicators. The index has risen for 3 consecutive months, a strong signal that the economic future looks bright. Now, I don't want to sound, as I say, euphoric because, frankly, some people are still hurting in this country and they're hurting badly. And this worries me; this concerns me. But things are beginning to move forward. And as far as your industry is concerned, I'm optimistic that it, too, will pick up as the rest of the economy gathers steam. Increased factory orders will have an impact on the advertising industry as businesses begin to move their products. So, I think there's reason to be optimistic. This recession has lasted perhaps longer than we would have thought. It hasn't been as deep as many have predicted. Let's see where we go. I think things are looking much more promising as I speak to you here.”