forged registration
Registered on
Dec-17-2005
More User Info
|
Message #113377 posted by forged registration (Info) March 17, 2008 13:48:39 ET
Bush says economy is in 'challenging times' but administration is on top of situation
Published: Monday, March 17, 2008 | 12:08 PM ET
Canadian Press: Ben Feller, THE ASSOCIATED PRESS
WASHINGTON - U.S. President George W. Bush, trying to calm turmoil in financial markets, said Monday that his administration is "on top of the situation" in dealing with the slumping U.S. economy.
"One thing is for certain, we're in challenging times," Bush said after meeting with Treasury Secretary Henry Paulson and other senior economic advisers. "But another thing is for certain: We've taken strong, decisive action."
Bush commended the Federal Reserve for its urgent actions over the weekend. He praised Paulson for working with the Fed and showing "the country and the world that the United States is on top of the situation."
Bush spoke on a day of turmoil and plunging prices on global financial markets. Oil prices hit a record in Asian trading, U.S. stock index futures fell sharply and the U.S. dollar hit record lows.
The White House moved quickly to raise Bush's public profile Monday, and he continued to send an upbeat message, even in acknowledging a downturn that keeps roiling the economy and the country's people as well.
Bush said "our financial institutions are strong" and "our capital markets are functioning efficiently and effectively."
Still, Bush said his administration is monitoring economic developments closely.
"When need be, we'll act decisively in a way that continues to bring order to financial markets," Bush said.
He did not indicate any other steps his government might take, or when.
"In the long run, our economy is going to be fine," Bush said. "Right now we're dealing with a difficult situation."
The Federal Reserve, in an extraordinarily rare weekend move, became a lender of last resort for Wall Street investment houses to begin securing short-term emergency loans. The central bank also approved a cut in its emergency lending rate to financial institutions to 3.25 per cent from 3.50 per cent.
|
