Full Text: President Bush Statement on Economy September 18, 2008

September 18, 2008 by Pelikan
Filed under: Fannie Mae, Freddie Mac, U.S. Economy 

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.

END 10:17 A.M. EDT

(Source: White House Press Office)

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2 Comments on Full Text: President Bush Statement on Economy September 18, 2008

  1. The George Bush Economy – Looks Like a Bailout for the Investment Class : Clips & Comment on Thu, 18th Sep 2008 11:21 pm

    2. [...] The total silence on the economy and markets this week from the White House was finally broken today when President George W. Bush took to the podium – and said absolutely nothing of real substance. [...]

  2. Mayberry on Fri, 26th Sep 2008 10:43 pm

    3. Contrary to the latent peer influenced political ideology of today’s SUV minded American citizen, Pres. Bush, exactly like every Pres. before him, acts upon advisement and based on knowledge. We live in a free market economy. Pres. Bush’s previous actions related to the market are not untypical for an American Pres. Let me refer you to the primary economic theorists who patterned the American capitalist economy- Max Weber, John Adams. It was not until the Great Depression of 1929 that John Maynard Keynes actuated his economic theories for government intervention in the economic market. Even during that financial crisis, there was heated debate about government intervention in the economic market. Remember, America is not a socialist or communist country.

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