Bush: Things Will Get Better

President George Bush told us yesterday the economy will get better and all patriotic Americans believe him.

"It was strong action by the Fed, and they did so because some financial institutions that borrowed money to buy securities in the housing industry must now repair their balance sheets before they can make further loans," the president said.

He also had kind words for his economic team. "Today's events are fast moving, but the chairman of the Federal Reserve and the secretary of the Treasury are on top of them and will take the appropriate steps to promote stability in our markets," Bush assured his audience.

More than $150 billion of tax rebate checks are scheduled to reach 130 million U.S. households in May, Bush said, adding that his economic advisors believed the money would boost consumer spending somewhat in the second quarter and would have "a greater effect in the third quarter."

In the meantime, he said, "The challenge is not to do anything foolish."