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Sunday, 19 October 2008

US economy will rebound

WASHINGTON - PRESIDENT George W. Bush reassured Americans Saturday about the long-term health of the economy, insisting that the United States is still 'the best place in the world to start and run a business'.

'In the long run, the American people can have confidence that our economy will bounce back,' the US president said in his weekly radio address.

'America is the best place in the world to start and run a business, the most attractive destination for investors around the globe, and home to the most talented, enterprising, and creative workers in the world.'

The comments came as new data showed construction starts on new US homes slumped an additional 6.3 per cent in September to the lowest level since the recession in 1991.

Housing starts fell to an annualised rate of 817,000. That was down 31.1 per cent from a year ago in the latest evidence of the bursting of the housing bubble that has ravaged the US economy and led to the global financial crisis.

In hope of halting the downward slide, the US government is now using a portion of the 700 billion dollars authorised by Congress to inject capital directly into troubled banks by purchasing their equity shares.

'These actions will take more time to have their full impact,' Mr Bush cautioned.

'But they are big enough and bold enough to work.'

The president argued that the United States remained a country where all people have the freedom to realise their potential and pursue their dreams. -- AFP

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