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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Bush: 'U.S. Government Is Acting'

In remarks just concluded at the White House, President Bush said the economic crisis is being driven by "uncertainty and fear" and has been "deeply unsettling for the American people."

Bush reiterated the actions the government has taken so far -- the $700 billion Wall Street bailout/rescue plan, the Fed's cash infusion, the coordinated rate cut with other countries and so on.

He reassured investors that their savings and checking accounts and CDs are now insured up to $250,000 and that programs exist to "help keep responsible borrowers in their homes."

"The plan we are executing is aggressive, it is the right plan, it will take time to have its full impact. It is flexible enough to adapt as the situation changes and it is big enough to work," Bush said.

The president added that the country will make it through this crisis because, like the country, the American people are "innovative, industrious and resilient."

As the president spoke, the Dow dropped from about 90 points down to about 200 points down.

-- Frank Ahrens

By Frank Ahrens  |  October 10, 2008; 10:41 AM ET
Categories:  The Ticker  
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Comments

This fool needs to shut up and starts packing for Crawford. Doesn't he realize all he has is negative credibility now? He opens his mouth and market goes back down.

Posted by: Anonymous | October 10, 1908 10:47 AM | Report abuse

"As the president spoke, the Dow dropped from about 90 points down to about 200 points down."

No comment

Posted by: JustMe | October 10, 1908 11:03 AM | Report abuse

Say what you want, this man saved the stock market from Martha Stewart.

Posted by: Zeb | October 10, 1908 11:10 AM | Report abuse

Oh?

Will someone get a roll of duct tape ?

Posted by: DC12 | October 10, 1908 11:11 AM | Report abuse

Oh?

Will someone get a roll of duct tape ?

Posted by: DC12 | October 10, 1908 11:12 AM | Report abuse

They're doing all they can. The country has to keep working. People have families and kids are being born today. The crisis will be what it is and the situation will improve. People want to score points and you don't to look far to see who the problem is. They're all going to protect us from them. Send money and you can keep your little nest together. Your nest eggs are broken, so that's a huge problem for the older people. It looks like spending will be getting cut and the baby boom is a bust. Government is getting bigger and it's going to pay all your bills now. Send me $25,000, I could use the cash right now. I won't waste it on a failed mortgage. I guess all the people with failed mortgages should get $25,000 rewards. Fannie bosses got millions and there's more where that came from. They're acting and it's all Camelot. It's looking more like Titanic headed for the bottom. I'm writing a strongly worded letter to White Star Lines. I don't know about You!

Posted by: IV | October 10, 1908 11:20 AM | Report abuse

Bush is caught in a bad spot. Nonetheless, he does not convey a basic understanding of the way things work.

For instance, his mention that the SEC would prosecute anyone profiting illegally in connection with the market crash is OK, but it misses the vastly larger point. The world economy has lost over $8 trillion in value while the SEC has been distracted with an obsessive "enforcement attitude" -- instead of its properly monitoring the financial health of companies. It has been, so to speak, writing traffic tickets while murders and robberies were being committed. In fact, the SEC has been the problem, not the solution.

Sadly, Bush's lack of understanding is dragging us all down with him.

Posted by: jake | October 10, 1908 11:35 AM | Report abuse

GM says bankruptcy is an option !!!!!!!
---------------------------------------
Friday, October 10, 2008; 9:51 AM
DETROIT,
General Motors Corp (GM.N) said it was considering bankruptcy protection as market turmoil continues and Barclays Capital said on Friday that the company's cash needs were increasing.
Barclays cut its share-price target on GM to $4 on Friday, renewing potential pressure on the largest U.S. automaker.
GM shares fell as much as 16 percent to $4 in early New York Stock Exchange trade, their lowest price since 1949, before recovering. They had plunged 31 percent on Thursday following news of a potential credit ratings downgrade and a

forecaster's report that global auto markets could be in danger of an "outright collapse" in 2009.


The company, which posted a second-quarter net loss of $15.5 billion, announced plans in July to improve its liquidity by about $15 billion by the end of 2009, about two-thirds through cost cuts and the rest through asset sales and new borrowing.

"Clearly we face unprecedented challenges related to uncertainty in the financial markets globally and weakening economic fundamentals in many key markets," GM said in a statement on Friday.
bankruptcy protection is an option GM is considering," it said. "Bankruptcy would be in the interests of our employees, stockholders, suppliers or customers."
On Thursday, Standard & Poor's said it IS CUTTING the credit ratings of GM, TO JUNK

Posted by: DAVID,VETERAN | October 10, 1908 1:30 PM | Report abuse

REMEMBER JUST THIS WEEK THEY GOT 25 BILLION FROM AMERICANS.

GREAT JOB CONGRESS, THANKS FOR LOOKING AFTER US AMERICANS.

BARNEY FRANK AND SENTATOR DUSH BAG DODD.

Posted by: DAVID,VETERAN | October 10, 1908 1:33 PM | Report abuse

hard to believe a guy who has failed at everything and who has ridden the coat tails of his father his entire life.

Posted by: the turk | October 10, 1908 1:51 PM | Report abuse

Americans are out of touch from this world, even they can't understand what is going on in the other world and that is the cause of the problem.

The problem is more profound than you think, all of you Americans are using credit cards, Ok who pays this money? is it your own money?, it is the money you browed from other foreign countries and now you are feeling a part of the problem, Thanks God.


--------

Posted by: Rooble | October 10, 1908 1:53 PM | Report abuse

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