CRISIS Bush to Make Statement Friday Morning

WildDaisy

WildDaisy

God has a plan, Trust it!
Ut oh...could this be a banking holiday announcement going into a holiday weekend? At least he is starting to get the fact that when he comes on when the market it open, it tanks big time.

http://www.reuters.com/article/bondsNews/idUSN0925109220081009

WASHINGTON, Oct 9 (Reuters) - President George W. Bush will make a statement on Friday morning to assure Americans that every action is being taken to stabilize the financial system, a day after the U.S. stock market tumbled more than 600 points.

"Following the market's continued volatility this afternoon, the president will deliver a statement in the Rose Garden tomorrow morning," White House spokeswoman Dana Perino said on Thursday.

"He will assure the American people that they should be confident that economic officials are aggressively taking every action to stabilize our financial system," she said.

The Treasury Department is "moving quickly" to improve liquidity to ease the credit crisis, Perino said.

Bush will make the statement at about 10 a.m. EDT (1400 GMT), she said.

(Reporting by Tabassum Zakaria; Editing by Patricia Zengerle)
 
B

BlueNewton

Membership Revoked
Looks like the statement will be made before the markets open, rather than after. I wish he would just keep it shut. The markets always drop as he is speaking and afterwards.
 
Red Baron

Red Baron

Paleo-Conservative
_______________
"What we need here is a strateegery!"

Market tanks another 500 points .......
 
Knell

Knell

Inactive
"The fundamentals of our economy are still strong" :roll2:

don’t worry, be happy... and don't forget to go shopping and buy a bunch more stuff from China :bg:
 
O

Observer999

Inactive
I got a feeling that he may announce, that the MARKETS WILL BE CLOSED ON MONDAY ... encouraging everyone to take a deep breath and calm down!

After all, the banks are already going to be closed on Monday (Columbus Day).

:shr:

:dstrs:
 
L

LONEWOLF

Inactive
Can you imagine those sycophants at the WH running in circles crying "Mr. President, our Country *needs* to hear you in our darkest hours" like he's some kind of Winston Churchill? Jeez, shut up and get on off to Paraguay already....
 
mbabulldog

mbabulldog

Has No Life - Lives on TB
he won't be able to say anything significant with the markets open, it will cause a wholesale meltdown the size of which he will be unable to manage.

I would be more concerned if it was released TONIGHT that he will speak to the nation at close of markets TOMORROW. That would be a sure sign to me of bank holidays, market suspensions, etc.
 
D

DoomBuggy

Veteran Member
LONEWOLF said:
Can you imagine those sycophants at the WH running in circles crying "Mr. President, our Country *needs* to hear you in our darkest hours" like he's some kind of Winston Churchill? Jeez, shut up and get on off to Paraguay already....
Click to expand...

...and to think this man is heading up the world-wide resolution effort? Each day gets more surreal. :sht:
 
Infoscout

Infoscout

The Dude Abides
he is gonna tell the American people to go shopping!! It will be mandatory!!
 
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SouthernGal

SouthernGal

"Don't retreat...reload"
bethshaya said:
http://www.reuters.com/article/bondsNews/idUSN0925109220081009

"Following the market's continued volatility this afternoon, the president will deliver a statement in the Rose Garden tomorrow morning," White House spokeswoman Dana Perino said on Thursday.

"He will assure the American people that they should be confident that economic officials are aggressively taking every action to stabilize our financial system," she said.
Click to expand...

Whew! Well. I feel so much better now. Thanks, georgie! (/sarcasm)

P.S. I thought that's what the bailout was for - "aggressive action to stabilize our financial system".
 
R

RentedMule

Senior Member
Observer999 said:
I got a feeling that he may announce, that the MARKETS WILL BE CLOSED ON MONDAY ... encouraging everyone to take a deep breath and calm down!

After all, the banks are already going to be closed on Monday (Columbus Day).

:shr:

:dstrs:
Click to expand...

There was a big sign at my bank this morning (JPM Chase) stating that they would be open on Monday.
 
nadhob

nadhob

Veteran Member
Confidence

The problem here is one of confidence. People have lost it in our leaders, in our financial system, and now in our outlook for the future. McCain or Obama don't cut it for a world so rife with problems. Everybody is starting to see that. Wall St is raping the American taxpayer, and we're all standing by, helpless, hoping somebody can put a stop to it all. Bush can't, he's lost all credibility. Congress is corrupt, everybody looking to get what they can for themselves first. We need another option. Politically, a third party. One that's run for the people, by the people. It's the only way we can take our country back, if there's still enough time. To continue down this road is futile, and a waste of our dwindling resources. Time is ticking and it's not on our side.
 
crossbowboy

crossbowboy

Certifiable
Skimming here, but did they not say that the Monkey King will speak at the CLOSE of markets Friday, scheduled for 10 AM.


Standard market close at half past 4 . . .

Uh :shkr:!!!
 
Speckled Trout1

Speckled Trout1

Inactive
crossbowboy said:
Skimming here, but did they not say that the Monkey King will speak at the CLOSE of markets Friday, scheduled for 10 AM.


Standard market close at half past 4 . . .

Uh :shkr:!!!
Click to expand...

Uh Oh, but, but , do you suppose that they are so shook up that they actually let the truth leak out here?
 
G

Grim

Inactive
Not that I want to cause any fear, but what if the speech at 10am is the time the stock markets close tomorrow?
 
rhughe13

rhughe13

Heart of Dixie
He just want's to say the word "New Cue Lur" one more time before MSM quits putting him on the air.
 
O

oldladydoolin

Inactive
Observer999 said:
I got a feeling that he may announce, that the MARKETS WILL BE CLOSED ON MONDAY ... encouraging everyone to take a deep breath and calm down!

After all, the banks are already going to be closed on Monday (Columbus Day).
:shr:
:dstrs:
Click to expand...

Won't the market be close on Monday anyways because of the holiday?
 
O

oldladydoolin

Inactive
crossbowboy said:
Skimming here, but did they not say that the Monkey King will speak at the CLOSE of markets Friday, scheduled for 10 AM.


Standard market close at half past 4 . . .

Uh :shkr:!!!
Click to expand...

I thought I was becoming senile because I thought the market closes either at 4 PM or 4:30 PM. Glad to see that I'm not that far gone yet.
 
rodeorector

rodeorector

Global Moderator
LONEWOLF said:
Can you imagine those sycophants at the WH running in circles crying "Mr. President, our Country *needs* to hear you in our darkest hours" like he's some kind of Winston Churchill? Jeez, shut up and get on off to Paraguay already....
Click to expand...


This is a brilliant post.
 
A

Amazed

Does too have a life!
Sometimes I feel like they know the Titanic is sinking and all the politicians are secretly dressing like women so they can get the seats in the lifeboats and make it to safety leaving the rest of us to drown.
 
G

Gonecrabbin

Senior Member
nadhob said:
The problem here is one of confidence. People have lost it in our leaders, in our financial system, and now in our outlook for the future. McCain or Obama don't cut it for a world so rife with problems. Everybody is starting to see that. Wall St is raping the American taxpayer, and we're all standing by, helpless, hoping somebody can put a stop to it all. Bush can't, he's lost all credibility. Congress is corrupt, everybody looking to get what they can for themselves first. We need another option. Politically, a third party. One that's run for the people, by the people. It's the only way we can take our country back, if there's still enough time. To continue down this road is futile, and a waste of our dwindling resources. Time is ticking and it's not on our side.
Click to expand...

This sums things up quite nicely,doesn't it? All the kings horses, and all the kings men....
 
Red Baron

Red Baron

Paleo-Conservative
_______________
STATEMENT FROM WHITE HOUSE PRESS SECRETARY DANA PERINO ON A STATEMENT TO BE DELIVERED BY PRESIDENT BUSH FRIDAY MORNING ON EFFORTS TO DEAL WITH VOLATILITY IN FINANCIAL MARKETS. PERINO DELIVERED THE STATEMENT AT APPROX 5:15 PM IN A CALL WITH REPORTERS.

"Following the markets' continuing volatility this afternoon, the president will deliver a statement in the Rose Garden tomorrow morning. He will assure the American people that they should be confident that economic officials are aggressively taking every action to stabilize our financial system. The Treasury Dept, the Federal Reserve and the FDIC all have the necessary tools to address the problem we are facing. The Treasury Dept is moving quickly to use new tools to improve liquidity, which is the root cause of this problem. Americans should be confident that every effort is being taken to stabilize our markets. "

Perino said the president will make his statement in the Rose Garden "sometime around 10 am, or in that hour."
Perino noted that she had announced at the morning briefing that President Bush will meet Saturday morning with G7 finance ministers. "It is expected that the president will make a statement following that meeting,'' she said.

http://newstalkradiowhio.com/blogs/jamie_dupree/2008/10/the-storm-doesnt-quiet-down.html
 
U

UncurledA

Inactive
The problems with the financial system are severe, but the main problem is NOT with the financial system, or a "credit seizure". It is the fact that the financial system has deeply waded into means of "earning" money that do not relate to the real economy, such as CDS, OTC hedge bets, other derivatives, mortgage bundling swaps, etc. So, the real economy is becoming disconnected, indeed HAS BECOME disconnected from the finance world. The real economy doesn't need more debt, as the lying bag politicians keep saying - it needs a means of clearing debt and reassigning the means of production and the labor for productive wealth creation once again; in other words, the REAL economy needs a reset the banking economy can't give them, because they run on interest payments. Nothing else the financial world does, will work.

Watch the US Dollar. It is continuing to go up in all this because there are, hidden within a zillion transactions, massive redemptions of Dollar debt going on; redemptions which temporarily increase relative demand for the Dollar for settlement. When this trend reverses, that means the point of redemption exhaustion has been reached for that currency. It has already arrived for the Japanese Yen. When it hits the Euro, and the Euro starts to strengthen ( 56-59% of the USDX ), then the USD collapses as undesirable for international debt. That is, the Dollar-debt redemptions are close to done. You can say all you want to about the relative weakness of the Euro vis-a-vis the Dollar. That has nothing to do with a trend to recall debt denominated in Dollars - it is all about the questionable debt in the currency that is being bailed - the Dollar, period. When the USD moving average starts to trend down, it is a lagging indicator that collapse is here. Reading this thread is a leading indicator that collapse is here - heed that instead.
 
Altura Ct.

Altura Ct.

Veteran Member
That is a good post and points UncurledA. We are a hollow shell that has been gutted on purpose. We have lost our backbone which was our huge manufacturing base and now the gutters are going to offer solutions. We are being slaughtered and "the people" are clueless as to who did the slaughtering.

Beware the dialectic.
 
SouthernGal

SouthernGal

"Don't retreat...reload"
Amazed said:
Sometimes I feel like they know the Titanic is sinking and all the politicians are secretly dressing like women so they can get the seats in the lifeboats and make it to safety leaving the rest of us to drown.
Click to expand...

That sums it up nicely.
 
Hiding Bear

Hiding Bear

Inactive
As I stated elsewhere, I do not think there will be a bank holiday, at leats not any time soon.

It's possible that the President could announce, or propose for the G-7 meeting that all inter-bank transactions be guaranteed around the world.

On the other hand, any thing he says about the economy probably will be irrelevent.
 
S

shane

Has No Life - Lives on TB
UncurledA said:
Watch the US Dollar. It is continuing to go up in all this because there are, hidden within a zillion transactions, massive redemptions of Dollar debt going on; redemptions which temporarily increase relative demand for the Dollar for settlement. When this trend reverses, that means the point of redemption exhaustion has been reached for that currency. It has already arrived for the Japanese Yen. When it hits the Euro, and the Euro starts to strengthen ( 56-59% of the USDX ), then the USD collapses as undesirable for international debt. That is, the Dollar-debt redemptions are close to done. You can say all you want to about the relative weakness of the Euro vis-a-vis the Dollar. That has nothing to do with a trend to recall debt denominated in Dollars - it is all about the questionable debt in the currency that is being bailed - the Dollar, period. When the USD moving average starts to trend down, it is a lagging indicator that collapse is here. Reading this thread is a leading indicator that collapse is here - heed that instead.
Click to expand...
Correct analysis, UncurledA, largely missed by everyone else.

Gold has recently hit all-time new record highs in Australian Dollar, Canadian Dollar, Euro and British Pound, but not the US Dollar, yet. That's next, and quick as the dollar swoons, gold will really accelerate then as hyperinflation for essentials will suddenly be all the concern, crisis and news.

Got God, Grub, Guns & Gold?
Panic Early, Beat the Rush!

- Shane
 
LongCount

LongCount

Inactive
He is going to announce. "My fellow Americans, I wear frilly women's negligee!" He will then stage-dive off the dais, and commence crowd surfing the press corps.

I'm sure of it.

:sal:
 
mercyangel

mercyangel

Proud Memaw
Could someone with access to a TV post the jist of his talk when it happens for those of us at work who won't be able to see it. TYIA
Beth
 
Surprise

Surprise

Inactive
I'll do it Mercy Angel, but when it first posts, it will be full of typos, so might not make much sense until I go back and edit.
 
J

Jean B

Inactive
So far, just telling what the problem is. Saying anxiety is the result. The gov. is dealing with it with the tools we have. Lack of liquidity. Fed. Res. has pumped billions into market with central banks agreeing to cut interest rates.

FDIC...money is safe. Concerned some could manipulated the market. They are watching for thieft.

Housing market. Let responsiible borrowers to keep their homes. If your struggling to meet you morgage there are options if you are a responsible home owner.

Problems are not with just the US.

Talking about the 700 Billion. The plan is the right plan, it is aggressisve. Big enough to work. Will still take time.

Nothing really :shkr: or:D from what I hear. Thanking those who are helping.

No questions...walked off. Nothing new. Seems like he is on auto pilot. Sad.
 
S

SomeAverageJoe

Senior Member
Basically laying out what is wrong, actually making a few points.

Saying its due to Anxiety

Will prosecute people who manipulate the stock market.

Explaining all measures that they are taking to fix the problem.
 
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