President Bush Says Anxiety Feeding Market Instability

WASHINGTON (AP) - President Bush said Friday that the government's financial rescue plan was aggressive enough and big enough to work, but would take time to fully kick in.

"We are a prosperous nation with immense resources and a wide range of tools at our disposal ... We can solve this crisis and we will," Bush said in brief remarks from the White House Rose

Bush spoke as leaders of the world's leading economies gathered in Washington amid frozen credit markets, panic selling in stock markets and a looming global recession.

The president noted that major Western economies were working together in an attempt to stabilize markets and end the spreading panic.

"Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together," Bush said.

Finance ministers and central bankers from the Group of Seven - the United States, Japan, Britain, Germany, France Italy and Canada - were here for a weekend meeting. Bush plans to meet with the leaders on Saturday.

Bush said he understood how Americans could be concerned about their economic future, "that anxiety can feed anxiety and that can make it hard to see all that's being done to solve the problem."

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  • by Kevin Location: Kentucky on Oct 13, 2008 at 05:15 PM
    Wait until Obama spreads the wealth around.
  • by Howdy Doody on Oct 13, 2008 at 04:14 PM
    ..........bla bla bla go ahead and waste vote for obama and when he dont win you can riot and loot and burn stuff bla bla bla.......................
  • by hadit Location: Danville on Oct 13, 2008 at 08:42 AM
    I think it is time for "Howdy Doody" and his cartoon cast of characters to wake up and look at the shape the econmy is in. In my opion, most of this was driven by the price of crude oil. All we hear is how many $$$ in profits the oil companys are making. Enough is enough and D.C. better start looking at the middle class American blue collar workers to get a feel of what the economy is doing !!!!!!
  • by Sue Location: Ky on Oct 13, 2008 at 07:35 AM
    Oh well it's to little to late for Bush to act like he is concerned about the stock market!! A lot of working people have already lost most of their retirement -- but of course Bush doesn't worry about his retirement!!!!!
  • by Brent Location: Mt. Sterling on Oct 13, 2008 at 06:21 AM
    Think about how things have changed since November 2006. At that time gas was under $2.50 a gallon, unemployment was under 5 percent and the stock market was going up. Then we elected a bunch more Democrats and sent them to Washington to run things, gas went over $4, the economy started to tank and then the mortgage crisis hit. Republicans have tried for years to pull the plug on Fannie Mae and Freddie Mac and were blocked at every turn by Democrats. This is a crisis of confidence in our banking system and capitalism in general,not a crisis of deregulation. Our economy and markets need less regulation, not more. I totally disagree with the Socialist plans laid out by the President and the Treasury Secretary to deal with all of this.
  • by TG on Oct 13, 2008 at 05:39 AM
    Well, this has been the worst 8 years I can remember. I went thru the Carter years and it was painful, but nothing like this. This "one" party can take all the credit, not pun intended here, for the mess this country is in. Bush had 6 year with his buddies beside him and by the way the voting went in the last election, people were fed up with is control of the high office with his cronies in place. Lost lots of seats to the dem's and he wasn't happy. Well, it was his policy and his "I'm bigger than anyone else" attitude that got him where he is. I'll be so glad to see him leave and the quicker the better. He is totally to blame for all that is going on in this world today..... BTW, oil is up over $4 a barrel today so he should be very, very, very happy !!!!!!!!!!
  • by Another Idiot Location: Obamas Cave on Oct 12, 2008 at 05:49 PM
    ...............and Bush made the river go dry....................
  • by Anonymous on Oct 12, 2008 at 12:52 PM
    According to the Dutch Minister of Finance that met in this meeting w/ Bush, he said that Bush doesn't seem to care at all anymore since the election is coming up and his term in the White House is ending. Wow what a great President. Can't wait till January!!!
  • by Brian Location: Ashland on Oct 12, 2008 at 09:29 AM
    John, you have hit the point EXACTLY! Fred, this "gravy train" first left the station in Plains Ga. during the Carter years. Check out a little something called the CONSUMER REINVESTMENT INITIATIVE. That helped fuel this mess with BOTH PARTIES being part of it year after year. Lance, 30 years of "failed republican policies" isn't the sole cause. 30 years ago, the idiot from Plains was at the helm with the 21% interest rates for loans amongst other things. Even as a Republican, I feel that W has done POORLY IN A LOT OF RESPECTS. the end of the day folks, if you look at everything, you CANNOT drop this current financial meltdown squarely in the laps of the Republicans. Even Bill Clinton in 1995 warned of impending disaster with these questionalble loans. But those in his own party as well as MANY others didn't listen. Thats a BIG factor of why we are here today.
  • by john Location: ky on Oct 12, 2008 at 04:07 AM
    both parties got us in this mess.i just hope the next president and congress can get us out of this mess
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