The President on the Financial System, the Economy and Confidence

By September 19, 2008Economy

A very good statement from President Bush from the White House this morning. His conclusion:

America’s financial system is intricate and complex. But behind all the technical terminology and statistics is a critical human factor — confidence. Confidence in our financial system and in its institutions is essential to the smooth operation of our economy, and recently that confidence has been shaken. Investors should know that the United States government is taking action to restore confidence in America’s financial markets so they can thrive again.

In the long run, Americans have good reason to be confident in our economic strength. America has the most talented, productive, and entrepreneurial workers in the world. This country is the best place in the world to invest and do business. Consumers around the world continue to seek out American products, as evidenced by record-high exports. We have a flexible and resilient system that absorbs challenges and makes corrections and bounces back.

We’ve seen that resilience over the past eight years. Since 2001, our economy has faced a recession, the bursting of the dot-com bubble, major corporate scandals, an unprecedented attack on our homeland, a global war on terror, a series of devastating natural disasters. Our economy has weathered every one of these challenges, and still managed to grow.

We will weather this challenge too, and we must do so together. This is no time for partisanship. We must join to move urgently needed legislation as quickly as possible, without adding controversial provisions that could delay action. I will work with Democrats and Republicans alike to steer our economy through these difficult times and get back to the path of long-term growth. Thank you very much.

UPDATE (4:30 p.m.): House Majority Leader Steny Hoyer has issued a statement, striking a positive “let’s solve the problem” tone. Excerpt: “Democrats intend to work with the Administration to ensure that this proposal focuses on strengthening the economy and restoring confidence in the markets for the benefit of all Americans.  Our priority will be to protect taxpayers on Main Street, not reward bad decisions made on Wall Street.”

Leave a Reply