President Bush in a meeting said that government’s drastic economic rescue efforts will eventually pay off and there is no need for Americans to get anxious about credit crisis but he didn’t give any quick revival.
The economic crisis didn’t occur in one night and situation does not change in overnight. It is an ongoing process and it takes some time to soften the credit crisis. Bush has given a hope for the investors before the markets open, in U.S. Chamber of Commerce from White House. There are many outbreaks radical actions by Bush administration and Federal Reserve, banks in all countries are still wary of lending money to each other and to their customers.
From more than a year there exist financial and credit problems but it took dangerous turn in the last two months. There is painful a recession in both U.S. economy as well as world economy. This result in slashing a trillion dollars of wealth from markets in one day and only a part of them are back. Bush defended the recent deep government interferences into private business, which would be extraordinary for any U.S. administration.
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