US President George W Bush Promises Solution of Financial Crisis
World | October 10, 2008, Friday
President Bush made a statement Friday to ease the nation??™s anxiety about the economy in the Rose Garden of the White House in Washington. File Photo
US President George W Bush promised the American people Friday that the U.S. government's financial rescues plan was aggressive enough and big enough to work even though it would take time to fully kick in.
"We are a prosperous nation with immense resources and a wide range of tools at our disposal. ... We can solve this crisis and we will," Bush said in his brief remarks, speaking from the White House Rose Garden, adding that recent market turmoil was being driven by "uncertainty and fear".
The President spoke as world markets continued to tumble Friday amid frozen credit markets, panic selling of stocks, a looming global recession and the Dow Jones industrials plunging below the 8,000 level in early trading before bouncing off the lows a little.
Bush's statement also came as finance ministers from G7 - the Group of Seven most industrialised nations - the US, Japan, Britain, Germany, France, Italy and Canada - gathered in Washington to address the crisis.
Bush plans to meet with the leaders on Saturday. Talks will also be held at the International Monetary Fund (IMF) in the US capital.
The president noted that major Western economies were working together in an attempt to stabilize markets and end the spreading panic.
"Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together," he said.
"We are a prosperous nation with immense resources and a wide range of tools at our disposal. ... We can solve this crisis and we will," Bush said in his brief remarks, speaking from the White House Rose Garden, adding that recent market turmoil was being driven by "uncertainty and fear".
The President spoke as world markets continued to tumble Friday amid frozen credit markets, panic selling of stocks, a looming global recession and the Dow Jones industrials plunging below the 8,000 level in early trading before bouncing off the lows a little.
Bush's statement also came as finance ministers from G7 - the Group of Seven most industrialised nations - the US, Japan, Britain, Germany, France, Italy and Canada - gathered in Washington to address the crisis.
Bush plans to meet with the leaders on Saturday. Talks will also be held at the International Monetary Fund (IMF) in the US capital.
The president noted that major Western economies were working together in an attempt to stabilize markets and end the spreading panic.
"Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together," he said.
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