{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='President Bush on meltdown - \u0026quot;we can solve this crisis and we will\u0026quot;' data-url='/boclips/videos/5c54c1f7d8eafeecae156221' data-video-url='/boclips/videos/5c54c1f7d8eafeecae156221' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPresident Bush on meltdown - \u0026quot;we can solve this crisis and we will\u0026quot;\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of US President George W. Bush walking to podium at the Rose Garden2. Cutaway of Bush3. SOUNDBITE (English) George W. Bush, US President:\"Over the past few days, we have witnessed a startling drop in the stock market - much of it...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of US President George W. Bush walking to podium at the Rose Garden\u003cbr/\u003e2. Cutaway of Bush\u003cbr/\u003e3. SOUNDBITE (English) George W. Bush, US President:\u003cbr/\u003e\"Over the past few days, we have witnessed a startling drop in the stock market - much of it driven by uncertainty and fear. This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being. Here's what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets.\"\u003cbr/\u003e4. Cutaway of Bush \u003cbr/\u003e5. SOUNDBITE (English) George W. Bush, US President:\u003cbr/\u003e\"The fundamental problem is this: as the housing market has declined, banks holding assets related to home mortgages have suffered serious losses. As a result of these losses, many banks lack the capital or the confidence in each other to make new loans. In turn, our system of credit has frozen, which is keeping American businesses from financing their daily transactions - and creating uncertainty throughout our economy.\"\u003cbr/\u003e6. Cutaway of Bush \u003cbr/\u003e7. SOUNDBITE (English) George W. Bush, US President:\u003cbr/\u003e\"This uncertainty has lead to anxiety among our people. And that is understandable, but anxiety can feed anxiety. And that can make it hard to see all that is being done to solve the problem. The federal government has a comprehensive strategy and the tools necessary to address the challenges in our economy. Fellow citizens: we can solve this crisis - and we will.\"\u003cbr/\u003e8. Pull out from flag to Bush at the podium\u003cbr/\u003e7. SOUNDBITE (English) George W. Bush, US President:\u003cbr/\u003e\"We've seen that problems in the financial system are not isolated to the United States. They're also affecting other nations around the globe. So we're working closely with partners around the world to ensure that our actions are coordinated and effective. Tomorrow, I'll meet with the finance ministers from our partners in the G7 and the heads of the International Monetary Fund and World Bank. Secretary Paulson will also meet with finance ministers from the world's 20 leading economies. Through these efforts, the world is sending an unmistakable signal: 'we're in this together, and we'll come through this together'.\"\u003cbr/\u003e10. Bush walking away and waving towards reporters \u003cbr/\u003eUS President Bush said on Friday in Washington that the government's financial rescue plan was aggressive enough and big enough to work, but would take time to fully kick in. \u003cbr/\u003e\"We can solve this crisis and we will,\" he said in brief remarks from the White House Rose Garden.\u003cbr/\u003eBush spoke as leaders of the world's top economies gathered in Washington amid frozen credit markets, panic selling in stock markets and a looming global recession.\u003cbr/\u003eHe also sent a message to those that were worried about their retirement accounts, their investments, and their economic well-being.\u003cbr/\u003e\"Here's what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets,\" Bush added.\u003cbr/\u003eThe president noted that major Western countries were working together in an attempt to stabilise markets and end the spreading panic, including coordinated cuts in interest rates.\u003cbr/\u003eFinance ministers and central bankers from the Group of Seven - the United States, Japan, Britain, Germany, France Italy and Canada - were in Washington DC for a weekend meeting. \u003cbr/\u003eBush plans to meet with the leaders on Saturday and said all of the international leaders shared the same concerns.\u003cbr/\u003e\"We're in this together, and we'll come through this together,\" said the president.\u003cbr/\u003eBush said he understood how Americans could be concerned about their economic future. \u003cbr/\u003e\"The federal government has a comprehensive strategy and the tools necessary to address the challenges in our economy,\" he said during the new conference.\u003cbr/\u003eBut despite a relentless sell-off that has seen the Dow Jones industrials plunge 20 percent in the past seven trading days.\u003cbr/\u003eThe Dow Jones industrials, down nearly 700 points in the opening minutes of trading, recovered to an advance of more\u003cbr/\u003ethan 100 before turning sharply lower again, and the other major indexes fluctuated sharply as well.\u003cbr/\u003eIn late morning trading, the Dow fell 321.94, or 3.75 percent, to 8,257.25.\u003cbr/\u003eBroader stock indicators also fell. The Standard \u0026amp; Poor's 500 index declined 38.15, or 4.19 percent, to 871.77, while the Nasdaq composite index fell 51.57, or 3.13 percent, 1,593.55.\u003cbr/\u003eThe president said the new 700 (b) billion US dollar rescue plan that he signed into law a week ago authorises the Treasury Department to use a variety of measures to rebuild their balance sheets including \"purchasing equity of financial institutions.\"\u003cbr/\u003eIt was the first time the president has mentioned suggestions that the government buy shares of banks, although it has been mentioned by other administration officials.\u003cbr/\u003eSince the bailout package was signed into law, the conversation about how it will be used has shifted from taxpayers buying troubled mortgages to taxpayers buying troubled banks. Or at least pieces of them.\u003cbr/\u003eSuch a move would amount to a partial nationalisation of the U.S. banking industry, a move once considered unthinkable.\u003cbr/\u003eThe government is authorised under the law to buy \"troubled assets.\"\u003cbr/\u003eIt is the government's position that this authority extends to bank stocks.\u003cbr/\u003eHe also noted that the Federal Reserve has injected hundreds of (b) billions into the system and with other central banks has made interest-rate cuts that should help thaw frozen credit markets and enable loans to flow again.\u003cbr/\u003eGovernment insurance on bank and credit union deposit accounts has been raised to 250-thousand US dollars and the Treasury is offering insurance for the first time for money-market funds, he added.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' 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