As the President went back in front of the microphones this morning, he stressed the government is doing what it needs to stabilize the economy. But he also admits the weeklong freefall of stock markets on Wall Street and elsewhere are causing investors and taxpayers to be scared. Mr. Bush said the fear is understandable, he added "anxiety can feed anxiety."
Like many of us, Valley Congressman Tim Ryan watched the President's address as well, telling us by phone from Cincinnati that despite the words of encouragement from the White House, he found little in the way of new information. Ryan tells us, "It's not very reassuring when you say the same thing."
While many are nervously watching the stock markets fall further and further, Ryan claims the problems on Wall Street are what he calls a "side show" to the real issue - the world wide credit crunch.
Ryan insists until banks ease their lending restrictions, the volatility will continue. Meantime, the President insists the nation's rescue plan will succeed if given time to work.
And as President Bush is set to meet with leaders of the G-7 nations tomorrow to discuss the worldwide economic situation, Congressman Ryan says the final solution will need to include all of America's trading partners including China and other nations, insisting the US will not be able to solve this crisis on its own.
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