Bush Seeks to Calm the Nation, Warns That 'Anxiety Can Feed Anxiety'

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Full Bush Statement on Economic Crisis

President Bush speaks to the public about the government involvement in the economic crisis.

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Bernard Clineburg, chief executive of McLean-based Cardinal Bank, was infuriated by Bush's speech. He called his congressman, Rep. James P. Moran Jr. (D-Va.), to complain that the president was upsetting Cardinal's customers by failing to communicate that most banks are doing fine.

"The president goes on the air and he keeps on blowing it," Clineburg said. "The true facts are not getting out. Every time, he says that banks are in trouble when he really means the big banks. This is not our problem. All banks are not failing. But customers are listening and they think all the banks are failing."

The president's speech, he said, triggered another round of "hand-holding" with customers to reassure them that their money is safe.

Bush offered no new policy proposals or actions yesterday and said the government has the tools it needs to cope with the crisis. "Through these efforts, the world is sending an unmistakable signal: We're in this together, and we'll come through this together," he said.

Bush is due to give another statement this morning after meeting with finance ministers from the Group of Seven leading industrialized nations.

Staff writer Binyamin Appelbaum and researcher Madonna Lebling contributed to this report.