Bush Says Administration Is `on Top' of Economic Issues as Markets Tumble

[marmar]

from Bloomberg:



Bush Says Ready for More Action on Markets If Needed (Update3)

By Roger Runningen and Catherine Dodge

March 17 (Bloomberg) -- President George W. Bush sought to reassure Americans as stocks and the dollar tumbled after the Federal Reserve struggled to prevent a meltdown in financial markets, saying he's prepared to act ``decisively'' if needed.

``One thing for certain is we're in challenging times,'' Bush told reporters today at the White House. ``The U.S. is on top of the situation.''

The government is monitoring all financial markets ``and when need be, we will act decisively, in a way that continues to bring order to the financial markets,'' Bush said. He spoke after meeting with Treasury Secretary Henry Paulson; Budget Director Jim Nussle; Ed Lazear, chairman of his Council of Economic Advisers; and Keith Hennessey, director of the National Economic Council.

In emergency action yesterday, the Fed reduced the rate on direct loans to banks by a quarter of a percentage point to 3.25 percent and extended borrowing authority to the 20 firms that buy Treasury securities directly from the central bank.

``The aim of the actions of the Fed taken yesterday were to minimize broader market disruptions,'' White House Press Secretary Dana Perino told reporters this morning. ``The actions the Fed took yesterday do not amount to a bailout.'' ......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=atnBHWllLewE&refer=home

[denem]

1. Floating on top

:evilgrin:

[acmavm]

2. All their dead weight is pushing the markets down, down, down.

[Speck Tater]

3. "does not amount to a bailout..."

Translation: It's a bailout, but we absolutely refuse to call it a bailout.

[nadinbrzezinski]

4. Please do, we all know Republican Economics will prevent

the first crash of the 21st century. It worked swimmingly in 1929 as I recall :sarcasm:

[Golden Raisin]

5. Watch out if he puts on his flight suit &

codpiece and stands in front of a "Mission Accomplished" banner. Or maybe this is more of a "My Pet Goat" moment. The U.S. economy is basically imploding before our eyes and the best fratboy can come up with is, "We're in challenging times."

[SpiralHawk]

6. No. Jeff Gannon is the one on top, Commander AWOL.

America knows that, even if the republicon-owned corporate media chooses to keep it in the closet. Stop lying to the American people about sex and money and 9/11, and WMDs and Katrina and the Judiciary and EVERYTHING...