Economy will bounce back: George Bush

Since Oct 9, 2007, when the Dow topped 14,000, investors have lost USD 8.3 trillion from pension funds, college savings plans, 401(k) self-funded retirement plans and other investments.

“The federal Government has responded to this crisis with systematic and aggressive measures to protect the financial security of the American people,” Bush said. “These actions will take more time to have their full impact. But they are big enough and bold enough to work.” Congress gave Bush a USD 700 billion plan to buy bad assets from banks and other institutions to shore up the financial industry.

Bush was to meet later at Camp David for talks on the economy with French President Nicolas Sarkozy and European Commission President Jose Manual Barroso, who were to stop in the United States on their way home from a summit in Canada.

In the Democrats’ weekly radio address, Rep Rahm Emanuel used the occasion for campaign criticism against John McCain, the Republican presidential nominee.

“On weekends like this, maybe you’re like me and my neighbours, working around the house, trying to save a few bucks,” said Emanuel, the chairman of the House Democratic Caucus.