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President George W. Bush spoke before the markets opened Tuesday morning and praised the new steps the federal government is taking to address the credit crisis.
Bush described the efforts to inject capital directly into banks and insure all noninterest bearing deposits as necessary, but short-term, actions.
"The United States is working with partners around the world to get our
economies going," Bush said. "We have a coordinated plan for
action ... to restore fairness and integrity into the financial system."
Terming the moves as "wise and timely actions," Bush said. "The federal government will use a portion of the $700 billion to inject capital directly into banks by purchasing equity shares. ... This is an essential short-term measure to insure the viability of America's banking system." Bush also listed the other actions the government is taking, including:
"Each of these new programs will contain safe guards to protect the tax payer," the president said. "The government's role will be limited and temporary. These are the latest steps in a systematic approach to address the crisis." "These moves are not intended to take over the free market but to protect it," Bush continued. "These efforts are designed to directly benefit the American people by stabilizing the overall financial system and helping our economy recover." After making his comments, the president left the podium without taking any questions. - George White See Dealscape post on government taking equity stakes CategoriesComments Deal Video
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Bush also listed the other actions the government is taking, including - Federal guarantees for newly issued bank debt, the FDIC will immediately and temporarily insure all non-interest bearing deposit accounts and last nut not the least The Federal Reserve will serve as the lender of last resort for commercial paper.