Bush: Economic recovery will take time

WASHINGTON, Oct. 18 (UPI) -- U.S. President George Bush said Saturday that it will take time for the impact of his administration's attempts to revive the economy to become apparent.

Bush said during his weekly Presidential Radio Address that government efforts like the recent $250 billion bank bailout plan will help the struggling economy, but their "full impact" will not be readily apparent.

"The federal government has responded to this crisis with systematic and aggressive measures to protect the financial security of the American people," the president said. "These actions will take more time to have their full impact. But they are big enough and bold enough to work."

Bush also defended his administration's controversial efforts to buy shares in U.S. banks to help shore up the country's economic system.

"As a strong believer in free markets, I would oppose such measures under ordinary circumstances. But these are no ordinary circumstances," Bush said. "Had the government not acted, the hole in our financial system would have grown larger, families and businesses would have had an even tougher time getting loans, and ultimately the government would have been forced to respond with even more drastic and costly measures later on."