Don’t panic! – Bush calls on Americans

George Bush has addressed the nation over the country's economic situation. In a moral boosting speech the U.S. President said the problem had been examined, and would be resolved. He spoke as the finance ministers of the world's leading economies gathere

This follows another week of the ongoing financial crisis when stock markets continued to fall.

During a statement delivered in the White House Rose Garden, Bush urged the American people to remain calm in the face of the global stock market crisis. “This uncertainty has led to anxiety among our people,” he said.

“This is understandable. But anxiety can feed anxiety, and make it hard to see all that is being done.”

He assured the nation the government “has a comprehensive strategy and the tools necessary to address the challenges in our economy”.

“We can solve this crisis – and we will”.

However, he didn’t say when. And that is the question that most Americans want to know the answer to.

Last week, a $ US 700 billion bank bailout plan intended to bolster the ailing U.S. financial system was passed. That’s the plan that many Americans were opposed to.

“Seven hundred billion dollars is a significant amount of money. And as we act, we will do it in a way that is effective,” he said.

The level of trust within the nation is very low and many Americans are pulling their saving out of the banks. But Bush said the government has launched several initiatives to help borrowers save and keep their homes and insure their bank accounts.

He assured that even though it’s an anxious time, the American people can be confident in their economic future.

“We know what the problems are, we have the tools we need to fix them, and we're working swiftly to do so,” he said.

George Bush said that the crisis is affecting not only the U.S. but other nations around the globe as well. Therefore, his country will be working closely with partners around the world to ensure that their actions in trying to solve the crisis are coordinated and effective.

“We're in this together, and we'll come through this together,” he said.

Russia’s Finance Minister, Aleksey Kudrin is also in Washington, where he’ll be participating in International Monetary Fund and World Bank meetings.

Medvedev supports emergency G8 meeting

Duma passes amendments to protect Russian banking system from global meltdown

Could the financial crisis save the environment?