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| US to deal with economic turmoil: Bush |
| Bloomberg / Washington Sep 19, 2008, 00:11 IST |
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President George W Bush said his administration will take any actions necessary to stabilise markets in the face of a crisis that is shaking confidence in the nation’s financial system.
“The American people can be sure we will continue to act to strengthen and stabilise our financial markets and improve investor confidence,” the president said in a brief address from the White House.
Bush made no new policy announcements and stressed that he’s conferring with top economic advisers on a regular basis to confront the economic disruptions and panic that’s swept through global markets. He took no questions.
US markets opened higher in morning trading in New York following gains in Europe after the world’s largest central banks said they’d pump $247 billion into the global financial system to ease a credit crisis and stem a worldwide contagion.
The president cited those steps, along with the takeover of American International Group Inc by the US this week, the rescue of mortgage giants Fannie Mae and Freddie Mac and steps taken yesterday by the Securities and Exchange Commission to strengthen investor protections.
“These actions are necessary and they’re important, and the markets are adjusting to them,” the president, who canceled plans to travel outside Washington today, said.
More Meetings: It was Bush’s first public comment on the financial turmoil since a 160-word statement on September 15. The president planned to meet with economic advisers later today, spokeswoman Dana Perino said, including Treasury Secretary Henry Paulson.
Democratic presidential candidate Barack Obama issued a statement endorsing the Fed’s coordinated action to add liquidity to the world’s financial machinery.
“The current financial market turmoil is a major threat to our economy,” Obama said in an e-mailed statement, before Bush’s remarks.
“I recognise the need for today’s action by the Federal Reserve and their need to act quickly in a globally coordinated fashion to maintain the functioning of our financial system and the flow of credit to American households and businesses,” the Illinois senator said.
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