Words of encouragement from GW on the direction of the economy.
The U.S. president said the government has acted on several fronts, including injecting hundreds of billions of dollars into the financial system, coordinating a global cut in interest rates, and expanding the amount of money that is insured in savings accounts.
“Fellow citizens, we can solve this crisis and we will,” Bush said.
`Aggressive’ Plan
“The plan we are executing is aggressive,” Bush said. “It will take time to have its full impact. It is flexible enough to adapt as the situation changes. And it is big enough to work.”
Bush meets tomorrow with finance ministers from the Group of Seven industrial nations, as his predecessor, former President Bill Clinton, did with the group during a 1998 financial crisis.
Tomorrow’s meeting will be at 7:15 a.m. at the White House, and the president will make a statement at 8:05 a.m., White House spokeswoman Dana Perino said.
Perino, responding to questions, said Bush remains “open to the idea of a G-8 meeting at some point.” The G-7 includes the U.S., U.K., France, Germany, Italy, Japan and Canada. The G-8 includes Russia as well.
The G-7 ministers and central bankers are meeting today in Washington, facing a breakdown in investor confidence in their ability to end the credit freeze endangering the global economy.
Threatened by the worst economic outlook in a quarter century, officials arrived in Washington still without the broad- based strategy that investors were seeking, raising the risk of further turmoil if their remedies disappoint.
Among the options: a proposal by U.K. Chancellor Alistair Darling for nations to guarantee lending between banks, a suggestion that U.S. Treasury Secretary Henry Paulson hasn’t ruled out.
I feel so much better about everything now. But may I suggest that they need to pick a tool and get to f*cking work!