Economic ‘panic’ is easing, Bush says

The US president says that now Americans have begun to feel more positive about their country’s economy.

In Louisiana, the President said in a business meeting with business leaders that people had a more positive approach towards economic panic.

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While Federal Reserve chief Ben Bernanke said that we might need more spending to fight the slowdown.

Mr Bernanke said that American economy was weak for many quarters instead of saying that the US economy was in recession.

‘If a fresh economic stimulus package is given at that time, it would be more appropriate’ he explained in the US House of Representative budget committee.

While a White House spokesman explained that Bush administration was considering a new package and would seek guidance from others in this connection.

The President had an optimistic tone in his address at the Central Louisiana Chamber of Commerce.

“I can see that there is a change in people’s attitude if compared to a period of intense concerns and it was a near panic that was getting more relaxed now.” The President said.

The US economy was badly hit by a series of crises in the credit and financial sectors.

According to some analysts, the US economy will shrink further this year and early next year.

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