With little explanation, President Bush on Tuesday scrapped a statement he planned to give on the tumultuous financial markets, abandoning any press coverage of his meeting with key economic advisers as more developments roiled Wall Street.
As announced by the White House, Bush was scheduled to make comments to a pool of reporters after huddling with a key financial working group led by Treasury Secretary Henry Paulson. Its members include Federal Reserve Chairman Ben Bernanke and other key government figures in the field of commerce.
Yet after the session began, the White House told the press never mind. Spokesman Tony Fratto said only: "We decided it would be best to limit public comment about markets today." He declined to offer any explanation about why limiting Bush comment would be best, or why on this particular day.
The meeting went on as planned.…The White House said that Bush’s comments of a day earlier still held. He told reporters on Monday that financial market adjustments can be "painful," but reiterated his standard message — that in the long run, capital markets are resilient and the economy will bounce back…
THE PRESIDENT: Well, first I want to say a few things. I am incredibly proud of our Coast Guard. We have got courageous people risking their lives to save life. And I want to thank the commanders and I want to thank the troops over there for representing the best of America.
I want to congratulate the governors for being leaders. You didn’t ask for this, when you swore in, but you’re doing a heck of a job. And the federal government’s job is big, and it’s massive, and we’re going to do it. Where it’s not working right, we’re going to make it right. Where it is working right, we’re going to duplicate it elsewhere. We have a responsibility, at the federal level, to help save life, and that’s the primary focus right now. Every life is precious, and so we’re going to spend a lot of time saving lives, whether it be in New Orleans or on the coast of Mississippi.…Again, I want to thank you all for – and, Brownie, you’re doing a heck of a job. The FEMA Director is working 24 hours a day.
2003
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