[Weekly Compilation of Presidential Documents Volume 44, Number 37 (Monday, September 22, 2008)]
[Page 1222]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.