ID :
23860
Sat, 10/11/2008 - 09:56
Auther :
Shortlink :
http://m.oananews.org//node/23860
The shortlink copeid
Bush reaffirms gov't is capable of calming market
By Hwang Doo-hyong
WASHINGTON, Oct. 10 (Yonhap) -- U.S. President George W. Bush Friday reaffirmed that his government has the necessary tools to address the current economic crisis, blaming uncertainties over a credit crunch for freezing the financial system.
"The federal government has a comprehensive strategy and the tools necessary to
address the challenges in our economy. Fellow citizens, we can solve this crisis,
and we will," Bush said in a nationally televised address at the White House Rose
Garden.
Bush made the speech as major European and Asian markets lost up to 10 percent in
Friday's trading amid concerns that the ongoing financial turmoil is a signal of
an imminent global recession similar to the Great Depression. Some have predicted
the demise of American capitalism.
The Dow Jones industrial average continued an eight-day free fall in early
trading with the index shedding nearly 700 points to fall below the 8,000 point
mark at the opening bell before regaining somewhat to a loss of about 300 points
in mid-morning trading.
The plunge came on the tails of rate cuts by central banks worldwide. Bush is set
to meet with finance ministers of the world's seven biggest economies at the
White House Saturday on the sidelines of the annual assembly of the International
Monetary Fund to discuss measures to soothe dampened investor sentiments.
"Over the past few days, we have witnessed a startling drop in the stock market,
much of it driven by uncertainty and fear," Bush said, adding the mortgage crisis
froze credit "which is keeping American businesses from financing their daily
transactions and creating uncertainty throughout our economy."
"This uncertainty has led to anxiety among our people, and that is
understandable," he said. "That anxiety can feed anxiety, and that could make it
hard to see all that is being done to solve the problem."
Bush, however, asserted that his government is determined to restore stability.
"We are a prosperous nation with immense resources and a wide range of tools at
our disposal," he said. "We're using these tools aggressively."
He said the US$700 billion bailout plan will be implemented in an aggressive,
effective and quick manner. "It will take time to have its full impact," he
added.
Bush noted that the Federal Deposit Insurance Corporation has expanded savings
guarantees and that the Securities and Exchange Commission has been detecting
fraud and manipulation in the market and that his government has launched two
initiatives to help responsible borrowers and homeowners avoid bankruptcy and
foreclosure.
hdh@yna.co.kr
(END)
WASHINGTON, Oct. 10 (Yonhap) -- U.S. President George W. Bush Friday reaffirmed that his government has the necessary tools to address the current economic crisis, blaming uncertainties over a credit crunch for freezing the financial system.
"The federal government has a comprehensive strategy and the tools necessary to
address the challenges in our economy. Fellow citizens, we can solve this crisis,
and we will," Bush said in a nationally televised address at the White House Rose
Garden.
Bush made the speech as major European and Asian markets lost up to 10 percent in
Friday's trading amid concerns that the ongoing financial turmoil is a signal of
an imminent global recession similar to the Great Depression. Some have predicted
the demise of American capitalism.
The Dow Jones industrial average continued an eight-day free fall in early
trading with the index shedding nearly 700 points to fall below the 8,000 point
mark at the opening bell before regaining somewhat to a loss of about 300 points
in mid-morning trading.
The plunge came on the tails of rate cuts by central banks worldwide. Bush is set
to meet with finance ministers of the world's seven biggest economies at the
White House Saturday on the sidelines of the annual assembly of the International
Monetary Fund to discuss measures to soothe dampened investor sentiments.
"Over the past few days, we have witnessed a startling drop in the stock market,
much of it driven by uncertainty and fear," Bush said, adding the mortgage crisis
froze credit "which is keeping American businesses from financing their daily
transactions and creating uncertainty throughout our economy."
"This uncertainty has led to anxiety among our people, and that is
understandable," he said. "That anxiety can feed anxiety, and that could make it
hard to see all that is being done to solve the problem."
Bush, however, asserted that his government is determined to restore stability.
"We are a prosperous nation with immense resources and a wide range of tools at
our disposal," he said. "We're using these tools aggressively."
He said the US$700 billion bailout plan will be implemented in an aggressive,
effective and quick manner. "It will take time to have its full impact," he
added.
Bush noted that the Federal Deposit Insurance Corporation has expanded savings
guarantees and that the Securities and Exchange Commission has been detecting
fraud and manipulation in the market and that his government has launched two
initiatives to help responsible borrowers and homeowners avoid bankruptcy and
foreclosure.
hdh@yna.co.kr
(END)
