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In recent weeks, we have taken bold steps to prevent a severe disruption of the American economy, which would have a devastating effect on other economies around the world. We've promoted stability in the markets by preventing the disorderly failure of major companies. The Federal Reserve has injected urgently needed liquidity into the system. And last week, I announced a decisive action by the federal government to address the root cause of much of the instability in our financial markets, by purchasing illiquid assets that are weighing down balance sheets and restricting the flow of credit. I can assure you that my administration and our Congress are working together to quickly pass legislation approving this strategy, and I'm confident we will act in the urgent time frame required. (en) |
