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US is going through troubled times, Bush acknowledges


In a speech to the Economic Club of New York, US President George W. Bush said that the economy was going through troubled times.

Bush said “in a free market economy there will be good times and bad times” and acknowledged “we’re going through a hard time.”

Bush remarks came on the day when Federal Reserve provided credit for the troubled Bear Stearns investment company, quoted new York Times.

Bush acknowledged that economic growth has slowed and that Americans are worried about rising gasoline prices, falling home prices and a shaky jobs market.

Bush said, however, that he and Congress spotted the problems early and passed the relief package that will start kicking in soon.

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