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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. Email this story to a friend
Comments on this story
kawahchan 10-10-08, 01:13 PM |
Bush promises a solution to the world economic disaster
McCAIN-PALIN : Nowadays it is hard for American people to trust each others, it takes a lot of encouragement to American people to trust a black Obama’s risky and contradictious economic package. Don’t talk too complexity of the world economic disaster; just talk about the lasting Sacramento’s majority of Democrats and those Obama’s supporters are BEGGING on the Republicans to honor a short-term $4 billion bailout loan before Nov. 4th Election Day to feed Obama’s people and the Democrats well-backed AFL-CIO union-workers to survive. Will Californian taxpayers really want to indulge Democrats' imploring for the $4 bn dollar bailout ? We Californians to cast our California’s 55 Electoral Votes to 2008 McCAIN-PALIN for President to respond our egotistic dignity and self-esteem to Obama’s people begging for $4 bn dollar bailout loan.
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Anonymous 10-10-08, 07:17 PM |
What is killing America?
If you look what CEOs pay themselves? very very large disproportionate amounts of company money and the global crisis is a direct result of their incompetence! In some case straight out theft. Australia has had a number of large disasters, but we have searched for the reasons why and jailed those irresponsible. Until american government makes these people personnably accountable to the share holders.. No point shareholders handing over anymore money for them to buy their champagne
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Tom - Australia 10-10-08, 09:17 PM |
Look outside the square
Maybe you need to take a look to Australia for smarter Economic Control.
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alies 10-11-08, 01:57 AM |
on this issue
the ecosystem protection will prevent the financial crises
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Haman Cheize 10-11-08, 02:21 AM |
Quick calculation
How about a quick 3rd grade calculation.
Get ready there are alot of zeros!!!
700 000 000 000$
/100 000 000 foreclosed homes=7000$
THAT’S AT LEAST A COUPLE OF MORTGAGE PAYMENTS FOR MOST HOUSEHOLDS!!!!!
Now, I doubt that there are 100M foreclosed homes or facing foreclosure. But you get the idea!
I think WE the people would have loved that type of bailout!
Bush could have ran for office again (with WE the people cheering) and WE THE PEEPS WOULD BE LOVING THE BUSH for another 4 to 5 years!
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Sammy 10-10-08, 02:12 PM |
Another trick
Yes this economic turmoil is another trick for the wealthy bankers, and the financial institutions to rob the common people of their hard earned money.
These wealthy bankers and the big fanancial institutions transfer their money to foreign banks, and then filing for bankruptcy leaving the poor investor holding the empty bag, and at the same time creating a state of fear so that other investors withdraw their money from these banks that are at risk, and helping them to go bankrupt, at the same time making it possible for other banks who are well heeled to go and purchase at a bargan price, leaving the poor saver loosing his hard earned money.
I believe that all of these banks and financial institutions should be thoroughly investigated and controlled by the government, and those who have cheated, or speculated with public, or private funds should be punished, but most of all they should restore the money that they have speculated, or received, or transfered to their families, or associates, in a form of easy loans.
Sammy
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Anonymous 10-10-08, 02:23 PM |
Sammy you have but the tip of the iceburg
Sammy;108324: Yes this economic turmoil is another trick for the wealthy bankers, and the financial institutions to rob the common people of their hard earned money.
These wealthy bankers and the big fanancial institutions transfer their money to foreign banks, and then filing for bankruptcy leaving the poor investor holding the empty bag, and at the same time creating a state of fear so that other investors withdraw their money from these banks that are at risk, and helping them to go bankrupt, at the same time making it possible for other banks who are well heeled to go and purchase at a bargan price, leaving the poor saver loosing his hard earned money.
I believe that all of these banks and financial institutions should be thoroughly investigated and controlled by the government, and those who have cheated, or speculated with public, or private funds should be punished, but most of all they should restore the money that they have speculated, or received, or transfered to their families, or associates, in a form of easy loans.
Sammy
This has been done to destroy the US currency and force a change to the Amero and bring on the North American Union.
Key players have made billions on this.
This is economic terrorism in action.
Please listen to this pod cast with an open mind.
http://www.infowars.com/stream.pls
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Alonzo Real Mercado 10-10-08, 02:24 PM |
Bush promises a solution to the world economic disaster
The US economy is not backed by the gold standard anymore. The US treasury can print trainloads of paper money and distribute it the US banks. What is holding up the US economy are the Japanese, Saudis, and the Chinese who are hanging on to their dollar investments. Once they cash in or convert their US dollar holding the world will be awash in worthless US dollars.
The US national deficit is in the trillions, and the USA has no chance of ever balancing that. It is a great accomplishment for the USA if it can balance its ANNUAL BUDGET. The trade deficit with China is around 300 billions.The war in Iraq is costing billions the USA a year. So many relief programs at home have been announced and abandoned. There is so much money programmed for projects that can not be found. It is one whole soggy, stinking mess that Dubya has dug himself and his administration in. If Mac wins, it will be another 4 years of the same suffering and bleeding.
As a Canadian I feel that our economy is stronger than that of the USA. Yet our dollar is worth only US$0.80. This is garbage. Our Canadian dollar should be par or worth more than the US dollar which continues to lose its value. Shame on the Canadian officials for allowing this to happen.
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CRAZY RIGHT NOW-PHIL 10-11-08, 02:27 AM |
CRISIS STRIKES
BE IT AN ARTIFICIAL TURMOIL OR A GENUINE ONE, EVERYBODY HAS TO BE CALM. AT THE END OF THE DAY ONLY WHO WAITS PATIENTLY WINS.
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