1. Wide of US President George W Bush walking to podium for statement
2. SOUNDBITE: (English) George W Bush, US President:
"The American people are concerned about the situation on our financial markets, and our economy, and I share their concerns. I've cancelled my travel today to stay in Washington where I will continue to closely monitor the situation in our financial markets and consult with my economic advisors. I spoke to Secretary Paulson this morning and I will meet with him later on today. In recent weeks, the federal government has taken extraordinary measures to address the challenges confronting our financial markets. We've taken control of Fanny Mae and Freddie Mac, the home finance agencies, to help promote market stability and to ensure they can continue to play a role in helping our housing market recover. This week, the Federal Reserve acted to prevent the disorderly failure of the insurance company AIG, a development that could have caused a severe disruption in our financial markets, and threatened other sectors of the economy. Yesterday the Securities and Exchange Commission took action to strengthen investor protections, and step up its enforcement actions against illegal market manipulation. Last night, the Federal Reserve in coordination with central banks around the world took a substantial step to provide additional liquidity to the US financial system. These actions are necessary and they are important, and the markets are adjusting to them. Our financial markets continue to deal with serious challenges. As our recent actions demonstrate, my administration is focused on meeting these challenges. The American people can be sure we will continue to act to strengthen and stabilise our financial markets and improve investor confidence. Thank you."
US President George W. Bush said on Thursday he shared the American people's concern about the situation in US financial markets and the economy.
"The American people are concerned about the situation on our financial markets, and our economy, and I share their concerns," Bush said.
Bush said the markets were adjusting after "extraordinary measures" the government had taken to stabilise the economy.
The president delivered a statement to the American people from outside the Oval Office.
He said that he and his advisers were working to promote stability in the markets.
"Our financial markets continue to deal with serious challenges. As our recent actions demonstrate, my administration is focused on meeting these challenges. The American people can be sure we will continue to act to strengthen our financial markets and improve investor confidence," he said.
But Bush did not announce any new policy moves.
The president said he had scrapped an out-of-town trip to monitor the situation and would meet later on Thursday with US Treasury Secretary Henry Paulson.