Below is the text of Bush's statement this morning on the financial
crisis. He thanked Paulson for working over the weekend. What
devotion, what patriotism! These folks are committed public servants.
President Bush gave assurances this morning that financial markets are
continuing to function, adding that the U.S. is “on top of the
situation.”
“One thing is for certain, we’re in challenging times,” Bush told
reporters after meeting with his top economic aides. “The United
States is on top of the situation.”
Speaking after the Federal Reserve’s moves late Sunday to shore up
money markets, and J.P. Morgan Chase’s cut-rate purchase of Bear
Stearns Cos., Bush said he supported the central bank’s action.
“The Federal Reserve has moved quickly to bring order to the financial
markets,” he said.
Flanked by Treasury Secretary Henry Paulson and other officials, Bush
said the meeting reaffirmed that U.S. “financial institutions are
strong and that our capital markets are functioning efficiently and
effectively.”
But he left the door open to more government action: “When need be,
we’ll act decisively” to bring order to financial markets.
Full text of Bush’s statement:
Mr. Secretary, thank you very much for coming by today to talk about
the economic situation. We’ll be meeting later on this afternoon with
the President’s Task Force on Financial Markets.
First of all, the secretary has given me an update. One thing is for
certain — we’re in challenging times. But another thing is for certain
— that we’ve taken strong and decisive action. The Federal Reserve has
moved quickly to bring order to the financial markets.
Secretary Paulson has been — is supportive of that action, as am I.
And I want to thank you, Mr. Secretary, for working over the weekend.
You’ve shown the country and the world that the United States is on
top of the situation.
Secondly, you’ve reaffirmed the fact that our financial institutions
are strong and that our capital markets are functioning efficiently
and effectively. We obviously will continue to monitor the situation
and when need be, will act decisively, in a way that continues to
bring order to the financial markets.
In the long run, our economy is going to be fine. Right now we’re
dealing with a difficult situation and, Mr. Secretary, I want to thank
you very much for your steady and strong and consistent leadership.
Thank you very much.
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