In a brief press conference Friday morning in the White House Rose Garden, President George Bush told Americans and the world that the U.S. has "the tools necessary" to solve the current economic crisis roiling the markets.
President Bush reminded listeners that his administration has taken aggressive emergency action that includes two different plans to stabilize the housing market. He assured people that money remains safe in bank accounts, including added money market funds protection. The Federal Reserve has poured money into the banking system; and the Treasury has access to up to $700 billion to buy debt, he said.
Bush promised to continue to take action: "We can solve this crisis and we will."
Bush also confirmed plans to speak with leaders around the globe. He said: "Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together." According to reports, Bush will be hosting the finance ministers of the world for a meeting on Saturday to discuss additional action to bolster confidence in the financial markets.Treasury Secretary Henry Paulson also plans a press conference later today to discuss the measures from members of the Group of Seven, or G7, industrial nations who are meeting this weekend to discuss a coordinated response to the global credit crisis.
Bush's mid-morning speech came as the U.S. stock market was sent reeling for the eight straight day. The Dow Jones Industrial Average soon after the 9:30 a.m. opening bell sank nearly 700 points to below 8000 for the first time in more than five years. In recent trading, the index had eased off that session low to a 440-point loss at 8137.