Bush: We’ll “Bring Order to Financial Markets”
March 17th, 2008That’s what I like to see! No more bullshit about a, “free market.” We’re all on the same page now: The financial system is being run like a Soviet ministry. For once, Dubya got it right!
Via: CNN:
President Bush, trying to calm turmoil in financial markets, said Monday that his administration is “on top of the situation” in dealing with the slumping economy.
“One thing is for certain, we’re in challenging times,” the president said after meeting with Treasury Secretary Henry Paulson and other senior economic advisers. “But another thing is for certain: We’ve taken strong, decisive action.”
The president commended the Fed for its urgent actions over the weekend. “We’ve shown the country and the world that the United States is on top of the situation,” he said.
Bush spoke on a day of turmoil and plunging prices on global financial markets. Oil prices hit a record in Asian trading, U.S. stock index futures fell sharply and the dollar hit record lows.
The White House moved quickly to raise Bush’s public profile Monday, and he continued to send an upbeat message, even in acknowledging a downturn that keeps roiling the economy and the people as well.
“We agree upon the fact that our financial institutions are strong, and that our capital markets are functioning efficiently and effectively,” Bush said with his economic aides.
Still, Bush said his administration is monitoring economic developments closely.
“When need be, we’ll act decisively in a way that continues to bring order to financial markets,” Bush said.
He did not indicate any other steps his government might take, or when.
“In the long run, our economy is going to be fine,” Bush said. “Right now we’re dealing with a difficult situation.”
The Federal Reserve, in an extraordinarily rare weekend move, became a lender of last resort for Wall Street investment houses to begin securing short-term emergency loans. The central bank also approved a cut in its emergency lending rate to financial institutions to 3.25% from 3.50%.
Later Monday, Bush was to meet with his Working Group on Financial Markets, which includes Paulson, Federal Reserve Chairman Ben Bernanke and Securities and Exchange Commission Chairman Christopher Cox.
‘“In the long run, our economy is going to be fine,” Bush said. “Right now we’re dealing with a difficult situation.”’
The only people at this point who believe a word of what this clueless dope says are the fundamentalist christian bozos. And thats because they’re the only ones who still reside in his “we make our own reality” – based community.
“his administration is “on top of the situation”
“We’ve taken strong, decisive action.”
“the United States is on top of the situation,” he said.”
“When need be, we’ll act decisively”
First you say you’ve taken “strong, decisive action.” Then you say “When need be, we’ll act decisively”
Which is it, idiot. And what’s your plan. Too bad nobody asks him those questions.
For a good laugh, look at the Non-Borrowed reserves of the banking system.
http://www.federalreserve.gov/releases/h3/Current/
To convert billions down to mom and pop, let imagine that you should have a month’s salary as a required reserve of cash of say $4164.10.
If you follow the chart, they dropped down to $2715 and borrowed the rest from their lender of last resort–the (central bank) credit card.
Now in March 2008 they have a cash advance of -4164.10 for the full amount and then took out another -1717.6 from one of those credit card checks that are reserved for emergencies.
Hey, I guess it works for consumers, so why not our whole banking system?