Bob Costas presses George Bush on the rise of China and the leverage (or lack thereof) of the United States in helping shape our relationship with them. What does it say about the state of political journalism in this country when a sportscaster -- alebit a well-informed and politically-engaged one -- shows them up in an interview with the President of the United States?

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Q But given China's growing strength and America's own problems, realistically how much leverage and influence does the U.S. have here?

THE PRESIDENT: First of all, I don't see America having problems. I see America as a nation that is a world leader, that has got great values.

I appreciate the optimism -- especially given the light-hearted atmosphere of the Olympic games -- but let's get realistic here. I don't expect the president to go into a policy speech about the collapsing housing market or unemployment (not to mention our adventures in the middle East) but don't talk to us like we're children who can't handle the reality of our nation's problems.

Full transcript available at WhiteHouse.gov.