Posted on 09/18/2008 6:02:42 PM PDT by longtermmemmory
Eager to show that he feels people's pain, President Bush told the country Thursday his administration is working feverishly to calm turmoil in the financial markets. With reports swirling of possibly imminent new government action, the president met with his treasury secretary and the head of the Federal Reserve.
Nothing was announced immediately after the 40-minute meeting at the White House, which included Securities and Exchange Commission Chairman Christopher Cox, along with Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke.
White House spokesman Tony Fratto would not comment on whether any decisions were made at the session, or whether any announcements would be forthcoming later Thursday. News reports said Paulson was considering having the government create an entity to take over banks' bad debt.
"The president and his senior economic advisers had a very good discussion about the serious conditions in the financial markets," Fratto said.
Bush was supposed to spend the day in Alabama and Florida raising money for Republicans and talking energy policy. He canceled his trip and sent Vice President Dick Cheney to sub for him at the fundraisers to focus on the worst financial meltdown since the Great Depression.
"The American people are concerned about the situation in our financial markets and our economy," Bush said. "And I share their concerns."
The tumult in financial markets and the disappearance of corporate giants have shaken people's faith in the economy. On Wall Street, the fear is that more significant financial companies will fall, causing a spillover effect within the United States and on world markets.
In brief formal remarks outside the Oval Office, Bush sought to show that the administration is moving swiftly and aggressively by taking "extraordinary measures."
(Excerpt) Read more at news.yahoo.com ...
Well the world’s ending I wonder if I have enough time to ask that kind of hot russian chick in my Operating systems class out.
Perhaps he’s planning to accept responsibility for how his shoving illegal aliens down our throat has affected our economy? Nah, someone else’s head will probably roll.
June 2002:
“Now, we’ve got a problem here in America that we have to address. Too many American families, too many minorities do not own a home. There is a home ownership gap in America. The difference between Anglo America and African American and Hispanic home ownership is too big. And we’ve got to focus the attention on this nation to address this.
And it starts with setting a goal. And so by the year 2010, we must increase minority home owners by at least 5.5 million. In order to close the homeownership gap, we’ve got to set a big goal for America, and focus our attention and resources on that goal.” - GWBush
So the mortgage issue is due to illegals? You gots some real smarts. I mean that as a compliment.
Wow a 40 minute meeting! Bush must be tired now. He will take a two week vacation. He deserves it.
Given a couple of the comments on this thread, I can only assume that the mental acuity of the BDS sufferers at FR is now at sub zero levels.
Where did this new, repeated phrase, “working hard on economic turmoil” come from?
Are the media trying to infer that he misspoke or that he is working on creating turmoil?
“Given a couple of the comments on this thread, I can only assume that the mental acuity of the BDS sufferers at FR is now at sub zero levels.”
Bush’s fault.
There are none so blind as those who refuse to see (or diagnose their own malady)!
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