    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [September 18, 2008]
    [Page 1210]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on the National Economy
    September 18, 2008

        The American people are concerned about the situation in our
    financial markets and our economy, and I share their concerns.
        I've canceled 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 advisers. 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 Fannie 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 Security 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 U.S. financial system.
        These actions are necessary, and they're 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 stabilize our financial
    markets and improve investor confidence.
        Thank you.

    Note: The President spoke at 10:15 a.m. on the Colonnade at the White
    House. The Office of the Press Secretary also released a Spanish
    language transcript of these remarks.