ID :
23030
Tue, 10/07/2008 - 10:01
Auther :
Shortlink :
https://oananews.org//node/23030
The shortlink copeid
Bush confident despite global stock market jitters
By Hwang Doo-hyong
WASHINGTON, Oct. 6 (Yonhap) -- U.S. President George W. Bush Monday expressed confidence that the massive bailout program will work over time despite the U.S. and other markets having plunged Monday due to concerns over the viability of the rescue plan.
"I believe that this plan will work over time," Bush told a forum in Cincinnati,
Ohio, according to a transcript released by the White House. "It's going to take
time for the Treasury Department to put a plan in place that won't waste your
money and that will achieve the objective."
Despite Bush's confidence in the U.S. economy and the US$700 billion rescue plan
which he signed into law Friday, skeptical investors continued to dump stocks,
bringing the Dow Jones industrial average down nearly 800 points and taking it
well below the psychologically important 10,000 point level. The Dow later
regained ground, but still finished below the 10,000 point level at 9,955.50,
down 3.6 percent or 369.88 points.
The tech-heavy Nasdaq lost more than 4.3 percent and Standard & Poor's 500 stock
index also shed 3.6 percent.
Meanwhile, banks here and abroad continue to shy away from lending money due to
the growing financial instability, while European governments are trying to prop
up their financial institutions with enhanced guarantees for private bank
accounts.
While analysts project the global financial turmoil will continue for at least a
year and may result in a global economic recession, Bush remains confident.
"I believe in the long run this economy is going to be just fine," he said. "It's
a resilient economy; it's a productive economy with good workers."
He also defended the unprecedented bailout plan which he acknowledged would "take
time to implement."
"If I thought that the problem would be contained only to Wall Street, I would
have taken a particular point of view, but I told them I was concerned about them
-- just like I'm concerned about you -- and, therefore, proposed with the
Congress a big rescue plan to deal with a big problem," he said.
"This is a reminder that we have been through tough times before, and we're going
to come through this just fine," he said.
hdh@yna.co.kr
WASHINGTON, Oct. 6 (Yonhap) -- U.S. President George W. Bush Monday expressed confidence that the massive bailout program will work over time despite the U.S. and other markets having plunged Monday due to concerns over the viability of the rescue plan.
"I believe that this plan will work over time," Bush told a forum in Cincinnati,
Ohio, according to a transcript released by the White House. "It's going to take
time for the Treasury Department to put a plan in place that won't waste your
money and that will achieve the objective."
Despite Bush's confidence in the U.S. economy and the US$700 billion rescue plan
which he signed into law Friday, skeptical investors continued to dump stocks,
bringing the Dow Jones industrial average down nearly 800 points and taking it
well below the psychologically important 10,000 point level. The Dow later
regained ground, but still finished below the 10,000 point level at 9,955.50,
down 3.6 percent or 369.88 points.
The tech-heavy Nasdaq lost more than 4.3 percent and Standard & Poor's 500 stock
index also shed 3.6 percent.
Meanwhile, banks here and abroad continue to shy away from lending money due to
the growing financial instability, while European governments are trying to prop
up their financial institutions with enhanced guarantees for private bank
accounts.
While analysts project the global financial turmoil will continue for at least a
year and may result in a global economic recession, Bush remains confident.
"I believe in the long run this economy is going to be just fine," he said. "It's
a resilient economy; it's a productive economy with good workers."
He also defended the unprecedented bailout plan which he acknowledged would "take
time to implement."
"If I thought that the problem would be contained only to Wall Street, I would
have taken a particular point of view, but I told them I was concerned about them
-- just like I'm concerned about you -- and, therefore, proposed with the
Congress a big rescue plan to deal with a big problem," he said.
"This is a reminder that we have been through tough times before, and we're going
to come through this just fine," he said.
hdh@yna.co.kr
