Bush Pleased With Efforts to ‘Promote Stability’ of Markets
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON — President Bush declared today that America’s economy is healthy enough to withstand “the adjustments that are taking place” in the financial markets.
Mr. Bush issued a statement during a joint appearance at the White House with visiting Ghanian President John Kufuor. Mr. Bush conceded in his statement that Americans “are concerned about the adjustments that are taking place in our financial markets.”
He said that his administration is focusing on the problem and “working to reduce disruptions and minimize the impact of these developments on the broader economy.”
Mr. Bush also said he was pleased with work done so far by the Treasury Department, Federal Reserve, and major financial institutions to “promote stability” in financial markets shaken by the bankruptcy declaration by Lehman Brothers Holdings Inc. and the sale of Merrill Lynch & Co. to Bank of America.
He acknowledged that such convulsive developments can be “painful for people” directly involved. But Mr. Bush also said, “In the long run, I am confident that our capital markets are flexible and resilient and can adjust to these developments.”
