US credit thaw 'will take time'
Updated on 17 October 2008
The government's drastic economic rescue efforts will eventually pay off, President George W. Bush insisted, offering calming words to anxious Americans but no suggestions of a quick revival as Wall Street braced for another wild day.
The economy didn't falter overnight, "and it's going to take a while for the credit system to thaw," Bush said just before the markets opened, speaking across a park from the White House at the US Chamber of Commerce building, a symbolic headquarters of American business.
Despite a flurry of radical actions by the Bush administration and the Federal Reserve, banks in the United States and abroad are still wary of lending money to each other and to their customers. The credit clog is depriving the wheezing US economy of oxygen.
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