THE PRESIDENT: Mr. Secretary, thank you very much for coming by today to talk about the economic situation — we’ll be meeting later on this afternoon with the President’s Task Force on Financial Markets.
First of all, the Secretary has given me an update. One thing is for certain — we’re in challenging times. But another thing is for certain — that we’ve taken strong and decisive action. The Federal Reserve has moved quickly to bring order to the financial markets. Secretary Paulson has been — is supportive of that action, as am I. And I want to thank you, Mr. Secretary, for working over the weekend. You’ve shown the country and the world that the United States is on top of the situation.
Secondly, you’ve reaffirmed the fact that our financial institutions are strong and that our capital markets are functioning efficiently and effectively. 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. Right now we’re dealing with a difficult situation and, Mr. Secretary, I want to thank you very much for your steady and strong and consistent leadership.
Thank you very much.
END 9:41 A.M. EDT
Some commentary here: [1], [2], [3], [4], [5], [6].
See video here.
“In the long run, our economy is going to be fine.” What? Is he playing the straight man to Keynes now?
My second favorite line is “And I want to thank you, Mr. Secretary, for working over the weekend.”
Translation: “just clap louder and magic moneyfairies will appear.”
Yeah, I think he may have misquoted Keynes, just a little.
I love how foreign that concept is to the President; ‘Voluntary overtime? In a government job? Give the man a medal and a month vacation in Crawford.’
Maybe the Secretary wouldn’t have to work over the weekend if he had some help, say the other advisers in the three-member council…
Depending on the long run outcome for the average American of the current crisis (and future fiscal and current account crises), Bush looks likely to go from being the worst president to happen to America to the worst thing to ever happen to America.