Bush promises a solution to the world economic disaster

Germany News.Net
Friday 10th October, 2008

President George Bush has told the US public that the US government's financial rescue plan will take time to kick in.

Bush, speaking in Washington, said the plan was robust enough to make a difference but would require enough time to ease the frozen credit markets and panic in the stock markets.

He said the looming global recession would be alleviated with a wide range of economic tools.

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

"Over the past few days, we have witnessed a startling drop in the stock market, much of it driven by uncertainty and fear," Mr Bush said. "This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being."

"Here's what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We're using these tools aggressively," he said.

"The plan we are executing is aggressive. It is the right plan. It will take time to have its full impact," said the president. "It is flexible enough to adapt as the situation changes. And it is big enough to work."

"The federal government will continue to take the actions necessary to restore stability to our financial markets and growth to our economy," said Mr Bush.

"This is an anxious time, but the American people can be confident in our economic future. We know what the problems are, we have the tools we need to fix them, and we're working swiftly to do so. Our economy is innovative, industrious and resilient because the American people who make up our economy are innovative, industrious and resilient. We all share a determination to solve this problem -- and that is exactly what we're going to do."

Finance ministers and central bankers from the Group of Seven, the United States, Japan, Britain, Germany, France Italy and Canada, are currently in Washington for a weekend meeting over the $700 billion bailout bill, which was signed into law last week.

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