President Bush to meet with Fed, Treasury chiefs on Monday
By MarketWatch
Last update: 8:32 a.m. EDT March 16, 2008Print E-mail RSS Disable Live Quotes
WASHINGTON (AP) -- President George W. Bush planned to meet Monday with his advisory panel on financial markets - which includes Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson - after the Federal Reserve Friday had to step in to keep investment giant Bear Stearns (BSC:The Bear Stearns Companies Inc
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The meeting comes after stocks fell and the dollar weakened Friday amid uncertainty over how deeply the credit crunch has seized up the financial system. The markets were shaken when the Fed teamed up with JPMorgan (JPM:JPMorgan Chase & Co
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However, Bush appears to reject any dramatic action to help the economy.
In his weekly radio speech Saturday, the president said the federal government must guard against going too far in trying to fix the troubled economy, cautioning that "one of the worst things you can do is overcorrect."
Bush said "it is clear that growth has slowed," but said the recently passed program of tax rebates would lift the economy in the second quarter.
He also warned that "If we were to pursue some of the sweeping government solutions that we hear about in Washington, we would make a complicated problem even worse."
"Steering through a rough patch requires a steady hand on the wheel and your eyes up on the horizon. And that's exactly what we're going to do," the president added.
In response, Senate Majority Leader Henry Reid, D-Nev., said in a written statement, "The president continues to convince himself that inaction is the cure-all for the economic problems hurting hardworking Americans
