President George W. Bush spoke today from the White House Rose Garden regarding our nation’s economy and in particular, the recent stock market fluctuations of the last 7 days. With an air of resolute calm, President Bush remarked, “We can solve this crisis and we will.”
President Bush continued, “The plan we are executing is aggressive. It is the right plan. It will take time to have its full impact. It is flexible enough to adapt as the situation changes. And it is big enough to work.” He also noted the increased anxiety across the nation, “That anxiety can feed anxiety and that can make it hard to see all that’s being done to solve the problem.”
President Bush continued to assure people to remain calm and confident that the government is doing everything in their power to solve the situation as quickly as possible. He then outlined several key points in his strategy to thaw frozen credit markets and enable loans to flow again.
• Government buy-out of troubled assets. This may include mortgages, but could also extend to bank stocks.
• Teaming with Finance ministers and central bankers from the Group of Seven — the United States, Japan, Britain, Germany, France Italy and Canada – to discuss how each country can aid in the global economy. Bush plans to meet with the leaders on Saturday.
• Government insurance on bank and credit union deposit accounts raised to $250,000 with a federal coverage on money market accounts. Money market accounts have never before had federal coverage by the FDIC.
• Rigorous enforcement by the Securities and Exchange Commission of illegal stock market manipulation.
Such points President Bush feels will help our economy stabilize and add a sense of security in our financial systems. “We are a prosperous nation with immense resources and a wide range of tools at our disposal.” President Bush said, “The federal government has a comprehensive strategy to address the challenges in our economy.”
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