the American people have always risen to meet them. And that is exactly what we're going to do again... :)Transcript: President Bush's Radio Address
WASHINGTON — The following is a transcript of President Bush' s weekly radio address:
THE PRESIDENT: Good morning. Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear. Many Americans have serious concerns about their economic well-being.
Here's what the American people need to know: The United States government is acting — and will continue to act — to resolve this crisis and restore stability to our markets. The Federal government has a comprehensive strategy and the tools necessary to address the challenges in our economy.
Here are the problems we face and the steps we are taking: First, key markets are not functioning because there is a lack of liquidity. So the Federal Reserve has injected hundreds of billions of dollars into the system. The Fed has joined with central banks around the world to coordinate a cut in interest rates — a step that should help free up credit. The Fed has also announced a new program to provide support for a vital tool that many American businesses use to finance their day-to-day operations — the commercial paper market, which is freezing up. As this program kicks in over the next week or so, it will help revive a key source of short-term financing for businesses and financial institutions.
In the short term, we'll continue to face challenges. But in the long run, Americans have reason to be confident. We have the strongest and most resilient economy in the world. When we have faced difficult tests in the past, the American people have always risen to meet them. And that is exactly what we're going to do again.
Thank you for listening.