THE PRESIDENT: The American people are concerned about the situation in our financial markets and our economy, and I share their concerns.
I’ve canceled my travel today to stay in Washington, where I will continue to closely monitor the situation in our financial markets and consult with my economic advisors. I spoke to Secretary Paulson this morning, and I will meet with him later on today.
In recent weeks, the federal government has taken extraordinary measures to address the challenges confronting our financial markets. We’ve taken control of Fannie Mae and Freddie Mac — the home finance agencies — to help promote market stability and to ensure they can continue to play a role in helping our housing market recover. This week, the Federal Reserve acted to prevent the disorderly failure of the insurance company AIG — a development that could have caused a severe disruption in our financial markets and threatened other sectors of the economy. Yesterday, the Security and Exchange Commission took action to strengthen investor protections and step up its enforcement actions against illegal market manipulation. Last night, the Federal Reserve, in coordination with central banks around the world, took a substantial step to provide additional liquidity to the U.S. financial system.
These actions are necessary, and they’re important. And the markets are adjusting to them. Our financial markets continue to deal with serious challenges. As our recent actions demonstrate, my administration is focused on meeting these challenges. The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence.
Thank you.
(WhiteHouse / YWN)
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10 Responses
Bush would be well served seeking work in the private sector after January. In particular, securing a job with Oscar Meyer in the baloney department seems to be a good match.
No one in the Bush administration knows what they are doing. If they did, the multiple messes our country finds itself in would not be occurring. If Bush REALLY knew what “must” be done, then we would not be in this mess to begin with. This is what happens when we elect men who “look” in way that makes us more comfortable, but in truth are not educated or overly intelligent.
If Bush was evaluated on his job performance in the same manner as are most employees, he would have been fired years ago – I defy anyone to name one major Bush initiative that has been successful. This week we have the results of an emasculated SEC and all but vanished securities regulations to add to the failed results of Republican policy. And McCain is supposed to be accepted as an agent to change this fiasco? His sudden so-called conversion on the need for finacial regulation does not inspire any confidence with me – and imagine Ms “Hires-her elementry-school-friends-for-cabinet-postions Palin” having to deal with this mess. Grrrrrrrrrr!!!!!!!!
Yad Melochim V’sarim B’yad Hashem
Bush could be saying “bla bla bla bla bla bla bla” and it would sound the same.
Oh please, since when are bad investment’s Bush’s fault. If you don’t know how to invest and diversify, DON’T! It’s not his fault!
Can’t you guys give President Bush a break.
Is it HIS fault that the banks were VERY greedy.
Is it HIS fault that people took out mortgages that they could not afford?
By the same token #2 and #3 Did you ever thank President Bush(and the RBS”O of course) for protecting this Country so that there was B”H no other attack.
May Hashem continue to watch and protect this great country and send us leaders such as President Bush that understand the enemy.
What does Bush have to do with this?
Isn’t this the Fed. Res. problem??
Hmmmm.
All you bleeding heart libs that posted before me,
From IBD:
Remember this when a Democrat-led Congress holds hearings — as House Speaker Nancy Pelosi now promises — and lambastes “the private sector” and “Bush economic policies” for these market meltdowns. Neither deserves the blame.
President Bush tried to reform Fannie and Freddie in 2004 but was rebuffed. A Democrat-led Congress, with some help from weak GOP members, has made repeated mistakes in turning our world-class financial system into an over-regulated, politicized piggy bank for Democratic causes and candidates (see editorial above).
Virtually all the mistakes have been caused by errors in regulation — not by “corporate greed,” as liberal Democrats would have it. Corporations follow the signals and guidelines set by Washington. When those are faulty, bad things happen and taxpayers pay.
Remember this, too, when Congress cranks up hearings and vilifies one CEO after another for “looting” their companies. It was Congress that created the subprime crisis. Any promises that it makes to solve it should be viewed with serious skepticism.
This was brought to President Clinton’s attention in 1998 but he & his democratic House failed to do anything about it. There is evidence of this but of course you wont hear about it in the drive by media.
mark levin – what right wing propaganda machine did that spin come out of?