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Friday, October 10, 2008

President Bush Speaks to Nation on Economic Crisis

George Wenschhof

President Bush, speaking from the White House rose garden, gave a nine minute speech recapping what the government has done to address the economy. It was obvious he was trying to reassure Americans as the market continues it's wild ride.

Nothing new was addressed in his speech. He pointed out they knew what the problems were, they had the tools to fix them, and they were working hard. has the text of his speech here.

The programs enacted were the 700 Billion rescue package, the increase of the FDIC insurance to $250,000 to ensure your deposits are safe, a coordinated worldwide rate cute, and a meeting this weekend with global partners.

I would hardly call this an inspiring speech, coming from a lame duck President. The Dow opened almost 700 points down this morning to rebound strongly and is now down 244 at 10:54 AM ET.

This continues to underscore the importance of the issues surrounding the economy and their impact on the election, less than four weeks away.

Stay Tuned.

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