WASHINGTON -- With stock markets tumbling all over the world, President Bush issued a statement from the Rose Garden today promising aggressive action in concert with other nations to shore up banks and stabilize markets.
"We are a prosperous nation with immense resources and a wide range of tools at our disposal," he said in a nine-minute speech. "We can solve this crisis and we will."
With the credit crunch still threatening to choke world economies, Bush's words had little immediate impact on the Dow Jones, which continued to drop even as he spoke. In the past 10 days, since Congress gave final approval to a $700-billion rescue plan for the nation's financial services sector, Bush has issued six public statements while the market has continued to lose money.
Outlining a series of steps the U.S. government is taking to try to stanch the credit freeze and restore confidence that is battered after historic losses in stock value, Bush acknowledged that this is "an anxious time," but said the American people "can be confident. We know what the problems are, we have the tools to fix them and we're working swiftly to do so."
Calling the American people "innovative and resourceful," Bush also suggested that much of the "startling drop" in the stock market has been driven by fear. "The anxiety is understandable," he said, adding, "Anxiety can feed anxiety and that can make it hard to see all that's being done to solve the problem."
Bush's comments come as leaders of the world's leading industrial economies -- Britain, Canada, France, Germany, Italy, Japan and the United States -- are meeting in Washington to coordinate a concerted strategy.Outlining a series of steps the U.S. government is taking to try to stanch the credit freeze and restore confidence that is battered after historic losses in stock value, Bush acknowledged that this is "an anxious time," but said the American people "can be confident. We know what the problems are, we have the tools to fix them and we're working swiftly to do so."
Calling the American people "innovative and resourceful," Bush also suggested that much of the "startling drop" in the stock market has been driven by fear. "The anxiety is understandable," he said, adding, "Anxiety can feed anxiety and that can make it hard to see all that's being done to solve the problem."
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