Bush seeks to assure country on the economy

President Bush on Thursday assured Americans that their savings are secure and that the economy will weather Wall Street’s financial crisis. 

The Dow Jones Industrial Average has fallen by 450 points twice already in a week that began with Lehman Brothers filing for bankruptcy and Merrill Lynch being snatched up. In addition, the insurer American International Group received an $85 billion federal bailout.

{mosads}Bush said in a brief statement that he shared the concerns of Americans, noting that he canceled his travel Thursday to stay in Washington and deal with the situation.

“In recent weeks, the federal government has taken extraordinary measures to address the challenges confronting our financial markets,” Bush said. “We've taken control of Fannie Mae and Freddie Mac, the home finance agencies, to help promote market stability and to ensure they can continue to play a role in helping our housing market recover.”

Bush also touted the Federal Reserve’s action Wednesday to add liquidity to the financial system.

“These actions are necessary and they're important, and the markets are adjusting to them. Our financial markets continue to deal with serious challenges,” the president said. “As our recent actions demonstrate, my administration is focused on meeting these challenges. The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence.”