Investment-blog.net: Stocks, Emerging markets, Bonds, Currencies and Commodities

Bush: US Govt ‘On Top Of The Situation’ In Markets

Last Update: 3/17/2008 9:59:00 AM

WASHINGTON (Dow Jones)–U.S. President George W. Bush gave assurances Monday that
financial markets are continuing to function, adding that the U.S. is “on top of
the situation.”

“One thing is for certain, we’re in challenging times,” Bush told reporters after
meeting with his top economic aides. “The United States is on top of the
situation.”

Speaking after the Federal Reserve’s moves late Sunday to shore up money markets,
and J.P. Morgan Chase’s (JPM) cut-rate purchase of Bear Stearns Cos. (BSC), Bush
said he supported the central bank’s action.

“The Federal Reserve has moved quickly to bring order to the financial markets,”
he said.

Flanked by Treasury Secretary Henry Paulson and other officials, Bush said the
meeting reaffirmed that U.S. “financial institutions are strong and that our
capital markest are functioning efficiently and effectively.”

But he left the door open to more government action: “When need be, we’ll act
decisively” to bring order to financial markets.

Did you like this? If so, please bookmark it,

about it, and subscribe to the blog RSS feed.

Possibly Related Posts:

• WW I was created by the bankers as was WW II.
• Because of our debt, we could end up left out of the recovery.
• US Financial Stocks Drop After Oppenheimer Comment On Capital Need
• Money velocity is also a part of the picture.
• Savings is not a “problem,” but a solution.

Did you like this? If so, please bookmark it, about it, and subscribe to the blog RSS feed.