Crisis Will Be Resolved, Bush Pledges
Posted on: Friday, 10 October 2008, 12:10 CDT
U.S. President George Bush sought to reassure Americans Friday that the financial crisis will be resolved and market stability will be restored.
"This is an anxious time," Bush said. "But the American people can be confident in our economic future."
He said he recognized "this is a deeply unsettling period" and Americans were concerned about their retirement accounts, investment and their economic well-being.
"The United States government is acting," he said, "to resolve this crisis and restore stability to our markets."
The U.S. Federal Reserve has injected "hundreds of billions of dollars" into key markets to boost liquidity and has worked with its global counterparts to cut interest rates to free up credit, Bush said.
He assured Americans that their deposits in banks and credit unions were insured up to $250,000 and that the government has an insurance program for money market funds, saying "every penny is safe."
If investors try to take advantage of the crisis to manipulate the market, they will be prosecuted under Security and Exchange Commission rules, he said.
Federal officials will use a number of tools to help banks rebuild capital, he said.
Because the U.S. financial crisis has spilled to international markets, "we're working with partners around the world to ensure our actions are coordinated and effective," Bush said.
The bailout plan is aggressive but will take time for its full impact to be felt, Bush said.
"It is the right plan," Bush said. "It is big enough to work."
Source: United Press International
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