But the weak dollar, he said, had almost nothing to do with it.
Congress, too, wants a weaker dollar to help American industry.
For one thing, these companies continue to benefit from the weaker dollar.
Now, the rest of the world cannot afford to have a weak dollar.
So right now a weaker dollar is in America's interests.
The weak dollar does not seem to have affected business.
He said the weak dollar might make phone companies better investments, but still not good ones.
Sales fell 11 percent, to £2.9 billion, in part because of the weak dollar.
The weak dollar has probably reduced this total of $294 billion since 1985.
This does not mean that the Bush administration would say it wants a weaker dollar.