Many Americans are worried about the state of the U.S. economy and
their own financial future, but President George Bush says the
financial crisis will ease.
The president tried to reassure Americans during his weekly radio address today (Saturday), calling a 700 billion-dollar plan to rescue the troubled financial industry "the right choice."
Mr. Bush signed the historic bailout bill into law Friday, but he
warned that not all of the legislation's measures will have an
The bill allows the government to buy failing investments from troubled
financial companies in an effort to restore lender and investor
confidence, and to restart economic growth.
But while President Bush praised lawmakers for working on the bailout
bill in bipartisan fashion, the Democrats used their weekly radio
address (given by Ohio Governor Ted Strickland) today to criticize the economic policies of Republican presidential nominee John McCain.
Treasury Secretary Henry Paulson said this week he will get right to
work hiring experts needed to manage the program. It is likely to take
at least a month before Wall Street firms receive any of the money.
A previous version of the bill was voted down in the House of
Representatives because of objections about the cost, and the concept
of using taxpayer money to rescue companies that made bad investments.
But the House approved the plan Friday after the Senate made some changes to the bill.
House Speaker Nancy Pelosi (a Democrat) promised to hold a congressional hearing to investigate parts of the financial industry.
President Bush says it is likely that the government and taxpayers will
be able to recoup most of the cost of the bailout eventually.