President Bush has acknowledged that the United States is going through a difficult economic period, but he also has expressed optimism that the economy will rebound.
Mr. Bush made the remarks to the Economic Club of New York Friday.
His speech comes during a week when the dollar hit a new low and the price of oil and gold hit new highs.
The president acknowledged that economic growth has slowed, housing values have dropped, and gas and food prices have risen. But he said he believes the United States has taken important measures that will help turn the economy around.
He touted a government economic stimulus package aimed at promoting business and encouraging consumer spending with tax rebates. He also praised the Federal Reserve for cutting interest rates and aiding financial institutions that are struggling because of the credit crunch and problems in the housing market.
The president said a downturn in the housing market is the root cause of the country's latest economic woes.
Mr. Bush said he opposes several moves to deal with the crisis, including a proposal in which local and state governments would buy abandoned and foreclosed homes.
He also criticized a plan that would allow judges to change mortgage terms.
Source: By VOA News
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