Tags: Bush | markets | action

Bush: We've Taken Strong Action to Calm Markets

Monday, 17 Mar 2008 11:42 AM

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON -- U.S. President George W. Bush acknowledged on Monday that the economy is going through "challenging times" and said he supported actions taken by the Federal Reserve to restore order to roiled financial markets.

Speaking to reporters after a meeting with top economic advisers, Bush said his message to the country and the world is that "the United States is on top of the situation."

"We're in challenging times," Bush said after the Fed on Sunday announced emergency measures to stem a fast-spreading global financial crisis.

"We've taken strong and decisive action," Bush added.

"The Federal Reserve has moved quickly to bring order to the financial market. Secretary Paulson is supportive of that action as am I," he said.

The Federal Reserve on Sunday lowered the discount rate it charges on direct loans to banks and announced a new lending program to provide credit to other big Wall Street firms, the latest in a series of moves to try to stabilize financial markets.

The Fed also agreed to fund up to $30 billion of Bear Stearns' less liquid assets as part of JP Morgan's proposed acquisition of the troubled investment banking firm.

"Our financial institutions are strong and ... our capital markets are functioning efficiently and effectively," Bush said. "We obviously will continue to monitor the situation and when need be we'll act decisively in a way that continues to bring order to the financial markets."

"In the long run our economy's going to be fine. Right now we're dealing with a difficult situation."

© Reuters 2007. All rights reserved.

-

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Obama Sought Immigration Order for 'Fullest Extent' of His Legal Authority

Friday, 28 Nov 2014 22:11 PM

Months before his landmark announcement about executive action on immigration, President Barack Obama entered into disc . . .

Rick Perry Revs Up Campaign for 2016

Friday, 28 Nov 2014 21:33 PM

Texas Gov. Rick Perry will spend his last month in office meeting with more than 500 major GOP bundlers and donors in De . . .

Pope Francis Heads to Istanbul in Symbolic Visit

Friday, 28 Nov 2014 21:21 PM

Pope Francis on Saturday heads to Istanbul for the second leg of his first trip to Turkey, in a richly-symbolic visit se . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved