Bush Assures Investors About Government's "Aggressive" Steps On Economy

Washington, D.C. (AHN) - Speaking a day after Wall Street shares plummeted to its lowest level in five years, President George W. Bush sought to assure Americans and investors on Friday that his administration's "aggressive" efforts would stabilize financial markets.

"The United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We're using these tools aggressively," the President said from the White House.

Bush said the "anxiety" among Americans is "understandable" but "make[s] it hard to see all that is being done to solve the problem." "The federal government has a comprehensive strategy and the tools necessary to address the challenges in our economy. Fellow citizens: We can solve this crisis -- and we will," he added.

Bush announced no new measures but detailed the steps his administration was taking to implement the $700 billion bailout package he signed into law last week. He will be meeting with G7 finance ministers, the heads of the International Monetary Fund and the World Bank on Saturday in Washington.

Escalated selling on trading floors fueled by fears saw the Dow Jones Industrial Average fell 679 points Thursday, landing below the 9,000 level to finish at its lowest in five years. It dropped below the 8,000 mark on Friday before rebounding slightly as Bush began his speech.