Published: Thursday October 16, 2008
The United States economy shot warning flares yesterday that it was still in profound trouble despite the government's latest financial rescue plan.
Wall Street noticed and shares sank on worries the United States was in a recession or would soon be in one. The market for lending between banks – a key gauge of the plan's effectiveness – remained tight, although there were some signs of improvement.
President George W. Bush, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke sought to reassure anxious Americans that relief would come, but it would take time and patience for the plan's unprecedented steps to stabilise the system, induce banks to lend again, and – in time – help improve the economy.
Bush, in a cabinet meeting, said he was confident that in time, "this economy will come back".
Source: Nation Newspapers
http://www.nationnews.com/story/332139315300551.php
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