President Bush addressed the United Nations General Assembly today. While he covered terrorism and Russia's invasion of Georgia, his main goal was to reassure the world that the U.S. was working to fix its economy. Some of his remarks:
Our nations must renew our commitment to open economies, and stand firm against economic isolationism. These objectives are being tested by turbulence in the global financial markets. Our economies are more closely connected than ever before, and I know that many of you here are watching how the United States government will address the problems in our financial system.
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.
Brazilian president Luiz Inácio Lula da Silva seemed to criticize Bush's bailout plan. And Iranian leader Mahmoud Ahmadinejad told the LA Times, "The imposition on the U.S. economy of the years of heavy military engagement and involvement around the world ... the war in Iraq, for example. These are heavy costs imposed on the U.S. economy...
The world economy can no longer tolerate the budgetary deficit and the financial pressures occurring from markets here in the United States, and by the U.S. government."