Washington, October 18: : The US government's drastic economic rescue efforts eventually will pay off, President George W. Bush insisted Friday, offering calming words to anxious Americans but no suggestion of a quick revival as Wall Street went through another up-and-down day. The economy did not falter overnight, "and it's going to take a while for the credit system to thaw," Bush said. He spoke just before the markets opened, appearing across a park from the White House at the US Chamber of Commerce building, a symbolic headquarters of American business.
Despite a flurry of radical actions by the Bush administration and the Federal Reserve, banks in the United States and abroad remained wary of lending money to each other or to their customers. The credit clog is depriving the wheezing US economy of oxygen.
Financial and credit problems have dragged on for more than a year and took a dangerous turn for the worse last month. All the fallout threatens to plunge the US economy, and with it the world's economy, into a painful recession.
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