However, Clinton takes a harsh view of former President George W Bush on economy for not moving earlier to stem the downturn and blames Republicans for not acting sooner to help struggling homeowners.

"Look, American people, I think, know the President (Obama) has tried to reach out to Republicans," Clinton told ABC News. "And it takes two to tango. I think there are some of them who really believe that just-say-no politics is good politics."

"It was – briefly, only briefly – in the '90s. It isn't anymore," he said. "So, sooner or later, I think if he just keeps chugging along, just keeps the door open, invite 'em to every economic conference, invite 'em to every meeting, eventually, he'll start getting some votes" in Congress, Clinton said.

"I personally believe, based on my experience over the years with the economy, that if we moved aggressively on this home problem a year and a half ago, even a year ago, as much as 90 per cent of the current crisis could have been avoided," he said.

Regarding Obama's bleak warnings that "the economy could get worse before it gets better," and that the stimulus programme is only the beginning of the end of the financial crisis, Clinton said "I like the fact that he didn't come in and give us a bunch of happy talk. I'm glad he shot straight with us."

But the former President, while giving 'A' grade to Obama for his first month in office, added "I just want the American people to know that he's confident that we are gonna get out of this and he feels good about the long run."

Clinton, ABC News says, thinks Obama, who was inaugurated on January 20, should talk to the public in greater depth about the economy.

"I like trying to educate the American people about the dimensions and scope of this economic crisis," Clinton said. "I just would like him to end by saying that he is hopeful and completely convinced we're gonna come through this."

Clinton said that though the economic problems are large, he expects the stimulus money to help.

"I think you will see some good economic news from the stimulus fairly soon," Clinton told the television network.

“I think you'll start to see people express gratitude for getting the unemployment benefits, the tax cuts and the food stamps. And you'll see the money flowing through the economy. Then I think you'll see every state be able to quantify how much better shape they're in, because of the education and health money."

Advocating that Obama should talk to public in greater depth about the economy and put on a "more positive face", Bill Clinton told ABC News that he likes trying to educate the American people about dimensions and scope of economic crisis.

"I just would like him to end by saying that he is hopeful and completely convinced we're gonna come through this."

Replying to a question, he said that some good economic news form stimulus would come out fairly soon. "I think you'll start to see people express gratitude for getting the unemployment benefits, the tax cuts and the food stamps. And you'll see the money flowing through the economy. Then I think you'll see every state be able to quantify how much better shape they're in, because of the education and health money," Clinton said.

Clinton, who presided over a balanced budget as President, said he views the USD 787 billion stimulus programme as a "bridge over troubled water."

He said he is not concerned with the massive amounts of spending in the legislation, because something needs to be done to revive the economy.