Amid global meltdown, Bush urges world markets to have patience

For weeks now, global markets have been plummeting. Major governments have pumped big bucks into the banking sector, seemingly to little effect. Even Alan Greenspan, the former Fed chairman and so-called "oracle of Wall Street," told Congress last week that the dysfunctional economy had left him in "a state of shocked disbelief."

So today in his weekly radio address, President Bush tried to calm fears about a global recession by defending the federal government's "bold action to stabilize our economy" with a $700-billion bailout. He cautioned against abandoning capitalism or experimenting with socialism.

Open market policies have lifted standards of living and helped millions of people around the world escape the grip of poverty. These policies have shown themselves time and time again to be the surest path to creating jobs, increasing commerce and fostering progress. And this moment of global economic uncertainty would be precisely the wrong time to reject such proven methods for creating prosperity and hope.

Mostly, he urged patience. With world leaders meeting in Washington for an economic summit hosted by Bush on Nov. 15, the president said the government's muscular steps to buttress the market "are beginning to show results, but it will take time for their full impact to be felt."

The president-elect -- whoever he is -- will also be invited to attend the summit, scheduled less than two weeks after the election. Bill Burton, spokesman for Democrat Barack Obama, ahead in national polls, said Bush's words and actions make the case for his candidate. In a statement, Burton said:

After casting his ballot for John McCain, George Bush took to the airwaves and eloquently endorsed his economic plan that represents four more years of policies that give billions in tax breaks to CEOs and big corporations but does nothing to create jobs or provide relief to more than 100 million middle class Americans.

-- Johanna Neuman

Photo: Jeremy Bates/Bloomberg News

Comments

[prince of tides]

Maybe if we just have a little patience the ten trillion dollars that evaporated in the markets in the past month will reappear. Millions were killed in the pursuit of capitalism in Chile, Argentina, China and lesser in Bolivia and China. Unemployment and inflation flourished, check Polands story. See what unfettered capitalixm has put the world through, starting in the US.

For education on the topic read Naomi Klein's, "The Shock Doctrine," an expose one disaster capitalism.

[Pamela]

You have got to be kidding. Perhaps Bush will reflect on this further while relaxing at his ranch in PARAGUAY: PENTECOST TWO THOUSAND TWELVE game is up creeps the remnant