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Bush Remarks on Economy

President Bush, trying to ease turmoil in financial markets, said Monday that his administration is 'on top of the situation' in dealing with the slumping economy. Video by AP

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Monday, March 17, 2008; 10:10 AM

PRESIDENT GEORGE W. BUSH: Mr. Secretary, thank you very much for coming by today to talk about the economic situation. But we'll be meeting later on this afternoon with the President's Task Force on Financial Markets.

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First of all, the secretary has given to me an update. One thing is for certain: We're under -- we're in challenging times. But another thing is for certain: that we've taken strong and decisive action.

The Federal Reserve has moved quickly to bring order to the financial markets. Secretary Paulson has been -- is supportive of that action, as am I.

And I want to thank you, Mr. Secretary, for working over the weekend. You've shown the country and the world that the United States is on top of the situation.

Secondly, you reaffirmed the fact that our financial institutions are strong and that our capital markets are functioning efficiently and effectively.

We obviously will continue to monitor the situation. And, when need be, we'll act decisively, in a way that continues to bring order to the financial markets.

In the long run, our economy's going to be fine. Right now we're dealing with a difficult situation. And, Mr. Secretary, I want to thank you very much for your steady and strong and consistent leadership.

Thank you very much.


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