President Bush Says Government is Working Aggressively On Bringing Back Stability
Speaking from the White House Friday morning, President George W. Bush has promised the American people the U.S. government is working "aggressively" to restore stability to the economy. He said recent market turmoil was being driven by "uncertainty and fear".
He spoke as world markets tumbled amid rising fears of a global recession, despite interest rate cuts and huge cash injections by central banks.
He also defended the recent $700 billion rescue plan for Wall Street.
President Bush said the bail-out package he signed into law a week ago was big enough but added "it will take time to have its full impact".
"We are a prosperous nation with immense resources and a wide range of tools at our disposal. We are using these tools aggressively."
Acknowledging mounting worry among people about their retirement and investment accounts, he pledged: "We can solve this crisis, and we will."
He said the U.S. was working "closely with our partners from around the world" to steady the panic-stricken markets.
"Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together," he said.
His statement came as finance ministers from the Group of Seven most industrialized nations - the U.S., Japan, Britain, Germany, France, Italy and Canada - gathered in Washington.
Talks will also be held at the International Monetary Fund (IMF) in the US capital.
Wall Street has lost more than a fifth of its value in the past 10 trading days and is heading for one of its biggest weekly falls since the Dow Jones index was created 112 years ago.
Published on October 10, 2008
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