Bush: Financial rescue plan will take some time - Cincinnati News, FOX19-WXIX TV

Bush: Financial rescue plan will take some time

CINCINNATI (AP) - President Bush says the economy is going to be "just fine" in the long run but that the taxpayer-supported economic rescue plan will take time to work.

The president spoke in Cincinnati as Wall Street suffered through another traumatic session Monday, with the Dow Jones industrials plunging as much as 800 points and setting a new record for a one-day point drop.

Bush said: "I believe that in the long run, this economy is going to be just fine." He said it will take the Treasury Department some time to enact a $700 billion plan to buy up troubled assets from financial firms so that credit will start flowing again to consumers.

The president added that the country has been through rough times before, and "we're going to come through just fine."

Bush was in Cincinnati to speak at "The Presidency and the Courts," a conference organized by Ashland University and the Cincinnati Lawyers Chapter of the Federalist Society.

In his prepared remarks, Bush said he has appointed more than one-third of all sitting federal judges. He says few issues are more hotly debated or have a more lasting impact on the country.

With his low poll ratings, Bush isn't exactly welcome beside candidates at actual campaign rallies. So, he's giving indirect help, with speeches as well as fund-raising efforts that have landed the GOP 2.5 million dollars over the last four days.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

Powered by Frankly