October 09, 2008
|Bush To "Assure" The Country||Economy Politics|
This should knock another thousand off the Dow (Bloomberg):
President George W. Bush will address the nation tomorrow to tell Americans they should remain "confident" amid falling stock markets and a worldwide credit crisis, administration spokeswoman Dana Perino said.
The president wants to "assure" the country that Treasury Secretary Henry Paulson and other administration officials are taking "every effort to stabilize our financial system," Perino said.
"Economic officials are aggressively taking every action," she said. "The Treasury is moving quickly to use new tools to improve liquidity, which is the root cause of this problem."
The timing of the statement, spurred by "volatility" in the U.S. markets today, hasn't been set, Perino said, adding that it likely will take place about 10 a.m.
Pretty hilarious, actually, in the bitterest kind of way. Nothing says "assure" to the country like seeing Dubya on the teevee.
But maybe it's not such a good idea to keep reminding people of all the stunningly drastic steps government is taking. Not when people can see none of it's working. If this stuff isn't even making a dent, could be we're really up shit's creek.
Let's give Krugman the last word:
And by the way: liquidity is not the root cause of this problem. It's terrifying that the Bush administration still thinks it is.