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Jamie Dupree

The Storm Doesn't Quiet Down

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Jamie Dupree
@ October 10, 2008 12:00 AM
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When I left the Capitol on Thursday afternoon, I took one last glance at the ticker on CNBC, and it said the Dow was down around 150 points at that point. I thought maybe I could write a blog about finally having a quiet financial day in DC.

That sure didn't happen.

While I was sitting on my train home, the Dow dropped through the floor again, going down over 500 points.

That prompted the White House to put out the word before the network newscasts that President Bush will speak on the ongoing financial uncertainty on Friday morning.

Here is the White House Pool Report:

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.



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