Bloomberg.com
Bush Says U.S. Using `Wide Range of Tools' on Crisis (Update1)
By Demian McLean and Catherine Dodge
Oct. 10 (Bloomberg) -- President George W. Bush said the U.S. government will ``aggressively'' use a ``wide range of tools'' to help stabilize markets and resolve the financial crisis.
``The United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets,'' Bush said at the White House. ``This has been a deeply unsettling period for the American people.''
Bush sought to reassure Americans that the $700 billion rescue plan passed by Congress last week is comprehensive enough to solve the credit crisis that is creating widespread uncertainty throughout the economy.
Comments by Bush and members of his administration haven't calmed markets since the Senate cleared the legislation on Oct. 1. Since then, Bush has spoken publicly or issued statements about the rescue plan seven times, and the Dow Jones Industrial Average declined by 20.8 percent. Stocks sank again this morning, capping the worst week ever for the Standard & Poor's 500 Index.
The U.S. president said the government has acted on several fronts, including injecting hundreds of billions of dollars into the financial system, coordinating a global cut in interest rates, and expanding the amount of money that is insured in savings accounts.
``Fellow citizens, we can solve this crisis and we will,'' Bush said.
`Aggressive' Plan
``The plan we are executing is aggressive,'' Bush said. ``It will take time to have its full impact. It is flexible enough to adapt as the situation changes. And it is big enough to work.''
Bush meets tomorrow with finance ministers from the Group of Seven industrial nations, as his predecessor, former President Bill Clinton, did with the group during a 1998 financial crisis.
The G-7 ministers and central bankers meet today in Washington, facing a breakdown in investor confidence in their ability to end the credit freeze endangering the global economy.
Threatened by the worst economic outlook in a quarter century, officials arrived in Washington still without the broad- based strategy that investors were seeking, raising the risk of further turmoil if their remedies disappoint. Among the options: a proposal by U.K. Chancellor Alistair Darling for nations to guarantee lending between banks, a suggestion that U.S. Treasury Secretary Henry Paulson hasn't ruled out.
To contact the reporter on this story: Demian McLean in Washington at dmclean@bloomberg.net; Catherine Dodge in Washington at Cdodge1@bloomberg.net.
Last Updated: October 10, 2008 11:29 EDT
Showing posts with label CMKX CMKM CMKI SEC FED BUSH PAULSON BERNANKE COX BAILOUT. Show all posts
Showing posts with label CMKX CMKM CMKI SEC FED BUSH PAULSON BERNANKE COX BAILOUT. Show all posts
Friday, October 10, 2008
Thursday, October 9, 2008
CMKX - Bush Plans Statement Tomorrow to `Assure' Nation...
Bloomberg.com
Bush Plans Statement Tomorrow to `Assure' Nation (Update2)
By Demian McLean
Oct. 9 (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 making ``every effort to stabilize our financial system,'' Perino said.
The statement, spurred by ``volatility'' in U.S. markets today, will be given at 10:25 a.m., Perino said.
The Dow Jones Industrial Average fell below 9,000 for the first time since 2003 today, closing at 8,579.19. The Standard & Poor's 500 Index fell for the seventh day, losing 7.6 percent to 909.92. Higher borrowing costs and slower consumer spending have spurred concern that carmakers, insurers and energy companies will be the next victims of the credit crisis.
Previous statements by Bush and members of his administration haven't calmed markets since Congress passed a $700 billion bailout package intended to shore up banks and other financial institutions and stabilize markets.
Since Oct. 1, when the Senate gave final passage to the legislation, Bush has spoken publicly or issued statements about the rescue plan and the markets six times and the Dow has fallen 20.8 percent.
`Fear Level'
``Right now the fear level among investors is high and it's hard to see anything from him making much of a difference,'' said Frederic Dickson, who helps oversee $25 billion as chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon.
The two major party presidential candidates, Democrat Barack Obama and Republican John McCain, also have sought to reassure the public as they urge government officials to continue working to solve the situation.
``Now is not the time for fear or panic, but for all of us to come together with resolve and determination that we can steer ourselves out of this crisis,'' Obama, an Illinois senator, said in a statement issued tonight.
``We have to get this economy turned around and we have to get it turned around immediately,'' McCain, a senator from Arizona, said at a campaign event today in Wisconsin.
Additional Steps
As markets continued to tumble and credit markets remained locked, the U.S. and other government have taken several additional steps.
The Federal Reserve, European Central Bank, Bank of England, Bank of Canada and Sweden's Riksbank each cut their benchmark rates by half a percentage point.
The U.S. Treasury has begun selling an additional $40 billion of debt to meet demand for government securities in an effort to address shortages. Officials said today the Treasury is planning to buy stakes in a wide range of banks as another effort to unfreeze credit.
In the U.K., Prime Minister Gordon Brown is engineering a 50 billion pound ($87 billion) program that partly nationalizes at least eight British banks. Officials in Japan and Spain also announced steps to inject public money into banks and finance companies.
``Economic officials are aggressively taking every action,'' Perino said today. ``The Treasury is moving quickly to use new tools to improve liquidity, which is the root cause of this problem.''
Paulson and Federal Reserve Chairman Ben S. Bernanke will meet with their counterparts from the Group of Seven major industrial nations tomorrow in Washington. Bush plans to meet with the finance ministers at the White House the following day, along with the heads of the International Monetary Fund and the World Bank.
To contact the reporter on this story: Demian McLean in Washington at dmclean@bloomberg.net.
Last Updated: October 9, 2008 19:58 EDT
Bush Plans Statement Tomorrow to `Assure' Nation (Update2)
By Demian McLean
Oct. 9 (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 making ``every effort to stabilize our financial system,'' Perino said.
The statement, spurred by ``volatility'' in U.S. markets today, will be given at 10:25 a.m., Perino said.
The Dow Jones Industrial Average fell below 9,000 for the first time since 2003 today, closing at 8,579.19. The Standard & Poor's 500 Index fell for the seventh day, losing 7.6 percent to 909.92. Higher borrowing costs and slower consumer spending have spurred concern that carmakers, insurers and energy companies will be the next victims of the credit crisis.
Previous statements by Bush and members of his administration haven't calmed markets since Congress passed a $700 billion bailout package intended to shore up banks and other financial institutions and stabilize markets.
Since Oct. 1, when the Senate gave final passage to the legislation, Bush has spoken publicly or issued statements about the rescue plan and the markets six times and the Dow has fallen 20.8 percent.
`Fear Level'
``Right now the fear level among investors is high and it's hard to see anything from him making much of a difference,'' said Frederic Dickson, who helps oversee $25 billion as chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon.
The two major party presidential candidates, Democrat Barack Obama and Republican John McCain, also have sought to reassure the public as they urge government officials to continue working to solve the situation.
``Now is not the time for fear or panic, but for all of us to come together with resolve and determination that we can steer ourselves out of this crisis,'' Obama, an Illinois senator, said in a statement issued tonight.
``We have to get this economy turned around and we have to get it turned around immediately,'' McCain, a senator from Arizona, said at a campaign event today in Wisconsin.
Additional Steps
As markets continued to tumble and credit markets remained locked, the U.S. and other government have taken several additional steps.
The Federal Reserve, European Central Bank, Bank of England, Bank of Canada and Sweden's Riksbank each cut their benchmark rates by half a percentage point.
The U.S. Treasury has begun selling an additional $40 billion of debt to meet demand for government securities in an effort to address shortages. Officials said today the Treasury is planning to buy stakes in a wide range of banks as another effort to unfreeze credit.
In the U.K., Prime Minister Gordon Brown is engineering a 50 billion pound ($87 billion) program that partly nationalizes at least eight British banks. Officials in Japan and Spain also announced steps to inject public money into banks and finance companies.
``Economic officials are aggressively taking every action,'' Perino said today. ``The Treasury is moving quickly to use new tools to improve liquidity, which is the root cause of this problem.''
Paulson and Federal Reserve Chairman Ben S. Bernanke will meet with their counterparts from the Group of Seven major industrial nations tomorrow in Washington. Bush plans to meet with the finance ministers at the White House the following day, along with the heads of the International Monetary Fund and the World Bank.
To contact the reporter on this story: Demian McLean in Washington at dmclean@bloomberg.net.
Last Updated: October 9, 2008 19:58 EDT
Friday, October 3, 2008
CMKX - Bailout Bill Passes - All Is Well...??
Bloomberg.com
U.S. Stocks Slide in Worst Week for S&P 500 Since 2001 Terrorist Attacks (Full Report)
U.S. Stocks Drop as Recession Concern Outweighs Bailout Passage
By Eric Martin
Oct. 3 (Bloomberg) -- U.S. stocks slid, capping the worst week for the Standard & Poor's 500 Index since the 2001 terrorist attacks, on concern the $700 billion bank bailout isn't enough to unlock credit markets and prevent a recession.
Payrolls in U.S. Drop in Sign Economy May Enter Worst Recession Since 1982 (Full Report)
Crisis Hits Main Street as Employers Cut More Jobs
By Shobhana Chandra and Rich Miller
Oct. 3 (Bloomberg) -- U.S. payrolls plunged in September, signaling the economy may be heading for its worst recession in at least a quarter century as the 13-month-old credit crisis on Wall Street finally hits home on Main Street.
U.S. Stocks Slide in Worst Week for S&P 500 Since 2001 Terrorist Attacks (Full Report)
U.S. Stocks Drop as Recession Concern Outweighs Bailout Passage
By Eric Martin
Oct. 3 (Bloomberg) -- U.S. stocks slid, capping the worst week for the Standard & Poor's 500 Index since the 2001 terrorist attacks, on concern the $700 billion bank bailout isn't enough to unlock credit markets and prevent a recession.
Payrolls in U.S. Drop in Sign Economy May Enter Worst Recession Since 1982 (Full Report)
Crisis Hits Main Street as Employers Cut More Jobs
By Shobhana Chandra and Rich Miller
Oct. 3 (Bloomberg) -- U.S. payrolls plunged in September, signaling the economy may be heading for its worst recession in at least a quarter century as the 13-month-old credit crisis on Wall Street finally hits home on Main Street.
Wednesday, September 24, 2008
CMKX ---- New Financial Bailout Plan ---- CMKX Style...!!
*** ATTENTION ***
President Bush... Secretary Paulson...
Chairman Bernanke... Chairman Cox
* Please Just Pay 40,000 - 60,000 CMKX Shareholders NOW...!! *
40,000 - 60,000 Mortgages Paid Off...!!
40,000 - 60,000 New Homes Purchased With CASH...!!
40,000 - 60,000 Vacation Homes Purchased With CASH...!!
50,000 - 100,000 Car Loans Paid Off...!!
50,000 - 100,000 New Cars Purchased With CASH...!!
80,000 - 120,000 College Loans And Tuition Paid Off...!!
40,000 - 60,000 Families Paying More Taxes...!!
40,000 - 60,000 Families Spending A TON OF MONEY...!!
So PLEASE Put An End To This Financial Turmoil...
* Please Just Pay 40,000 - 60,000 CMKX Shareholders NOW...!! *
President Bush... Secretary Paulson...
Chairman Bernanke... Chairman Cox
* Please Just Pay 40,000 - 60,000 CMKX Shareholders NOW...!! *
40,000 - 60,000 Mortgages Paid Off...!!
40,000 - 60,000 New Homes Purchased With CASH...!!
40,000 - 60,000 Vacation Homes Purchased With CASH...!!
50,000 - 100,000 Car Loans Paid Off...!!
50,000 - 100,000 New Cars Purchased With CASH...!!
80,000 - 120,000 College Loans And Tuition Paid Off...!!
40,000 - 60,000 Families Paying More Taxes...!!
40,000 - 60,000 Families Spending A TON OF MONEY...!!
So PLEASE Put An End To This Financial Turmoil...
* Please Just Pay 40,000 - 60,000 CMKX Shareholders NOW...!! *
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