The U.S. economy will emerge from its current problems "better and stronger than ever," President Bush said Friday in a major speech on the economy at the Economic Club of New York.
Speaking just hours after the Federal Reserve helped to engineer a rescue loan for investment bank Bear Stearns, Bush said that, although times are tough, the economy is resilient.
The country has endured tough times before, he said. "Every time, this economy has bounced back better and stronger than before," Bush said, expressing his optimism in the future of the country.
Leaders in Washington, including Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson are "on top of it and will take appropriate actions," he said. Bernanke is doing a good job, he said.
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Sometimes, with all this attention paid to the elections, people forget that we have a president named George Bush in office now. But we do and he still does ...something, including giving advice about subject he probably doesn't know much about in order to have a good public image, sort of. This time, though, he is right. The economy is almost certainly going through a normal cycle which, although some phases may be perpetuated by the media, will continue, and this recession will be followed be an expansion. The question is, how long will this take?
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