Bush says anxiety feeding market instability - KLTV.com - Tyler, Longview, Jacksonville |ETX News


Bush says anxiety feeding market instability

President Bush says the government's financial rescue plan is aggressive enough and big enough to work, but anxiety about the markets is feeding on itself and making that hard to see.

Speaking from the White House Rose Garden, Bush tried to reassure Americans, saying the U.S. is "a prosperous nation with immense resources and a wide range of tools" at its disposal.

Noting that the major Western economies are working together to thaw frozen credit markets and end a global panic, he expressed confidence that the financial crisis would be solved. But, he added, the steps being taken now will take time to fully kick in.

Among the actions Bush cited was the possibility that the Treasury could buy shares of banks, injecting them with capital and spurring lending.

Bush plans to meet with finance ministers and central bankers from the G7 industrial nations tomorrow. He says cooperation among those nations sends "an unmistakable signal" that everyone is "in this together" and the world will "come through this together."

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