|
By Nisha | October 10, 2008
 Did you miss President Bush's address to the nation this morning? It's okay, we did too. That's why we dug up the full text of the speech here so you can read it for yourselves. His main goal was to ask the American people to have confidence, since increasing anxiety is only futher causing the markets to drop. Here's a few highlights:
- "The United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets."
- "The fundamental problem is this: As the housing market has declined, banks holding assets related to home mortgages have suffered serious losses. As a result of these losses, many banks lack the capital or the confidence in each other to make new loans. In turn, our system of credit has frozen, which is keeping American businesses from financing their daily transactions - and creating uncertainty throughout our economy."
- He went on to list five major problems in the economy, and the steps the Bush administration is taking to resolve each one: lack of liquidity, anxiety over savings, investors potentially manipulating the market further, home foreclosures, and the effects this is all having on other nations.
- "This is an anxious time," Pres. Bush said, "but the American people can be confident in our economic future. We know what the problems are, we have the tools we need to fix them, and we're working swiftly to do so."
Check out the full text of the speech HERE. |
October 10th, 2008 at 1:02 pm
Does this mean we are supposed to go shopping again, because I already hit Target this morning. Just doing my part to help the economy.