Bush tries to quell economic crisis fears

AFP, July, 2008

WASHINGTON (AFP) — President George W. Bush Tuesday tried to quell crisis fears stalking the US economy, saying it would emerge stronger than ever from current troubles, though admitting Americans faced tough times.

With global shares tumbling and anxiety in the banking and mortgage sectors, Bush held a White House press conference to urge US Congress to act quickly on his plan to shore up housing finance giants Fannie Mae and Freddie Mac.

In a veiled swipe at Democratic presidential candidate Barack Obama, Bush rejected "artificial" timetables for withdrawing US troops from Iraq, and said he was disappointed with Russia and China for blocking Zimbabwe sanctions.

On the economy, Bush lamented that he did not have a "magic wand" to lower gasoline prices pummelling the budgets of many Americans, and empathized with their struggles.

"Our citizens are rightly concerned about the difficulties in the housing markets and high gasoline prices," ...