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| Version 0 | Version 1 |
|---|---|
| Bush reassures over economic woes | Bush reassures over economic woes |
| (10 minutes later) | |
| President George Bush has attempted to restore confidence in the US economy, amid the deepening financial crisis. | President George Bush has attempted to restore confidence in the US economy, amid the deepening financial crisis. |
| Speaking at the Economic Club of New York the President acknowledged that growth had slowed but said that the economy is basically sound. | Speaking at the Economic Club of New York the President acknowledged that growth had slowed but said that the economy is basically sound. |
| He said the economy was "obviously going through a tough time." | He said the economy was "obviously going through a tough time." |
| His speech came shortly after one of Wall Street's leading investment banks, Bear Stearns, said it needed emergency funding due to the credit crisis. | His speech came shortly after one of Wall Street's leading investment banks, Bear Stearns, said it needed emergency funding due to the credit crisis. |
| The President said that the Bear Stearns situation was changing fast, but the US Federal Reserve and the US Treasury had the situation in hand. | |
| He also admitted that the credit crisis is having a knock-on effect to the broader economy by making banks less able to lend money. | |
| "Hard working Americans are concerned about their families and their bills, " the President said. | |
| Consumer confidence slips | |
| That was supported by the latest report on US consumer confidence from the University of Michigan. | |
| Its index of confidence slipped in early March compared to February to near record lows. | |
| "There was nearly unanimous agreement among consumers that the economy was now in recession," said Richard Curtin, director of the survey. | |
| President Bush said that tax rebates agreed with Congress would start taking effect later this year, which should help boost the economy. |