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Bush vows to stabilise US economy Bush vows to stabilise US economy
(20 minutes later)
President George W Bush has promised the American people the US government is working "aggressively" to restore stability to the economy.President George W Bush has promised the American people the US government is working "aggressively" to restore stability to the economy.
Speaking from the White House, Mr Bush said the market turmoil was being driven by "uncertainty and fear". Speaking from the White House, Mr Bush said recent market turmoil was being driven by "uncertainty and fear".
He spoke as world markets tumbled amid rising fears of a global recession, despite interest rate cuts and huge cash injections by central banks.He spoke as world markets tumbled amid rising fears of a global recession, despite interest rate cuts and huge cash injections by central banks.
The US recently approved a $700bn (£409bn) rescue plan for Wall Street. He also defended the recent $700bn (£409bn) rescue plan for Wall Street.
Mr Bush said the bail-out package was big enough but would take time to work.
Mr Bush said: "We are a prosperous nation with immense resources and a wide range of tools at our disposal. We are using these tools aggressively."Mr Bush said: "We are a prosperous nation with immense resources and a wide range of tools at our disposal. We are using these tools aggressively."
He said the US was working with other world governments to steady the markets. Acknowledging mounting worry among people about their retirement and investment accounts, he pledged: "We can solve this crisis, and we will."
"We're in this together and we'll come through this together," he added. 'Unmistakable signal'
His statement came as G7 finance ministers gathered in Washington to address the crisis. But he said the US was working "closely with our partners from around the world" to steady the panicking markets.
"Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together," he said.
His statement came as finance ministers from the Group of Seven most industrialised nations - the US, Japan, Britain, Germany, France, Italy and Canada - finance ministers gathered in Washington to address the crisis.
Talks will also be held at the International Monetary Fund (IMF) in the US capital.
Wall Street has lost more than 20% of its value in the past 10 trading days and is heading for one of its biggest weekly falls since the Dow Jones index was created 112 years ago.Wall Street has lost more than 20% of its value in the past 10 trading days and is heading for one of its biggest weekly falls since the Dow Jones index was created 112 years ago.
Moves on Wednesday by six of the main central banks to cut interest rates by half a percentage point have done little to stop volatile trading.Moves on Wednesday by six of the main central banks to cut interest rates by half a percentage point have done little to stop volatile trading.