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India On Media |
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| Politics
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| Bush vows to stabilise US economy |
| President George W Bush has promised the American people the US government is working "aggressively" to restore stability to the economy.
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| UNITED STATES OF AMERICA
, 10-October-2008
9:41:16 AM |
| Speaking from the White House, Mr Bush said recent market turmoil was being driven by "uncertainty and fear".
He spoke as world markets tumbled amid rising fears of a global recession, despite interest rate cuts and huge cash injections by central banks.
He also defended the recent $700bn (£410bn) rescue plan for Wall Street.
Mr Bush said the bail-out package he signed into law a week ago was big enough but added "it will take time to have its full impact".
He said: "We are a prosperous nation with immense resources and a wide range of tools at our disposal. We are using these tools aggressively."
Acknowledging mounting worry among people about their retirement and investment accounts, he pledged: "We can solve this crisis, and we will."
He said the US was working "closely with our partners from around the world" to steady the panic-stricken markets.
"Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together," he said.
His statement came as finance ministers from the Group of Seven most industrialised nations - the US, Japan, Britain, Germany, France, Italy and Canada - gathered in Washington.
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