President George W Bush says the swift action from the Federal Reserve over the weekend has shown the world the US is on top of the current economic crisis.
Speaking in the White House overnight, President Bush says the Fed’s “strong and decisive action” after the Bear Stearns problems has brought order to the financial markets.
He thanked his Treasury Secretary Henry Paulson for “working over the weekend”.
“You’ve reaffirmed the fact that our financial institutions are strong and that our capital markets are functioning efficiently and effectively,” the President says.
“We obviously will continue to monitor the situation and when need be, will act decisively, in a way that continues to bring order to the financial markets.
“In the long run, our economy is going to be fine.”
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