From the White House: 'A tough quarter, and that's just reality'

White House Press Secretary Dana Perino doesn't do economic forecasts. No reasonable White House spokesperson would.

So, let's just call today's discussion from the briefing room lectern, prompted by former Fed Chairman Alan Greenspan's testimony on Capitol Hill, the "Economic Reality Show."

She said:

We're in for what is probably going to be a tough quarter, and that's just reality. I don't forecast from here, but I just was looking at reality, and how long it's going to take for people to return this country to job growth. It could be a while.

Just wait, she said, until the $700-billion package (a.k.a. the Wall Street bailout) kicks in.

Which it hasn't.

Indeed, she said, it was probably accurate to say that not a single dollar had yet changed hands as a result of the plan.

-- James Gerstenzang

Photo credit: Ron Edmonds / Associated Press