White House asks for patience on economy

As the stock market continued to show signs of crisis Friday the White House is asking Americans to be "patient" while the financial rescue package is implemented.

White House press secretary Dana Perino said the markets are "digesting a lot of information," and the $700 billion package passed and signed last month has not been put into place.

{mosads}Even then, Perino said the White House could not make any promises about the effect of the package once it is implemented.

"We make no guarantees about what's going to happen in the stock market going forward," Perino said, adding that the White House is confident the administration has the tools to return the economy to sure footing.

She did say the administration is working as quickly and as prudently as possible to implement the rescue package, and it is coming together.

"We're talking weeks, we're not talking months," Perino said.

She also announced that the Nov. 15 global economic summit will be held at the National Building Museum in downtown Washington.

The president has appointed three officials to organize the summit and come up with an agenda for the foreign leaders of the G-20 who attend.

Dan Price, assistant to the president on international economic affairs, Reuben Jeffery, undersecretary of State, and David McCormick, Treasury's undersecretary for international affairs, will lead the effort.