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Bush vows to stabilise US economy Bush vows to stabilise US economy
(about 1 hour later)
President George W Bush has promised Americans their government is working "aggressively" to steady the economy.President George W Bush has promised Americans their government is working "aggressively" to steady the economy.
Speaking from the White House, Mr Bush said recent market turmoil was being driven by "uncertainty and fear".Speaking from the White House, Mr Bush said recent market turmoil was being driven by "uncertainty and fear".
He spoke as world markets tumbled amid rising fears of a global recession, despite interest rate cuts and huge cash injections by central banks.He spoke as world markets tumbled amid rising fears of a global recession, despite interest rate cuts and huge cash injections by central banks.
He also defended a recent $700bn (£410bn) rescue plan for Wall Street, saying that it was big enough.He also defended a recent $700bn (£410bn) rescue plan for Wall Street, saying that it was big enough.
Mr Bush said the bail-out package he signed into law a week ago would "take time to have its full impact".Mr Bush said the bail-out package he signed into law a week ago would "take time to have its full impact".
We're in this together and we'll come through this together President Bush Peston: Global fix neededFear grips global stock marketsCredit crisis: World in turmoilWe're in this together and we'll come through this together President Bush Peston: Global fix neededFear grips global stock marketsCredit crisis: World in turmoil
Offering no new remedies, he said: "We are a prosperous nation with immense resources and a wide range of tools at our disposal. We are using these tools aggressively."Offering no new remedies, he said: "We are a prosperous nation with immense resources and a wide range of tools at our disposal. We are using these tools aggressively."
Acknowledging mounting worry among people about their retirement and investment accounts, he pledged: "Fellow citizens: We can solve this crisis, and we will." He pledged: "Fellow citizens: We can solve this crisis, and we will."
He said the US was working "closely with our partners from around the world" to stabilise the panic-stricken markets. The US president said America was working with other world governments to stabilise the panic-stricken markets.
"Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together," said Mr Bush. "We're in this together and we'll come through this together," said Mr Bush.
The White House later dismissed suggestions that US markets would be suspended so international financial rules could be rewritten amid the turmoil. The idea had been raised by Italian Prime Minister Silvio Berlusconi. The BBC's Kevin Connolly in Washington says that of several recent attempts by Mr Bush to inspire a rally in the markets, this was one of the longer and more detailed.
The White House later dismissed suggestions US markets could be suspended so international financial rules could be rewritten. The idea had been raised by Italian Prime Minister Silvio Berlusconi.
"There are absolutely no plans or discussions to interfere with the functioning of markets in the United States," White House spokesman Tony Fratto said."There are absolutely no plans or discussions to interfere with the functioning of markets in the United States," White House spokesman Tony Fratto said.
'Self-feeding frenzy''Self-feeding frenzy'
Meanwhile, finance ministers from the Group of Seven most industrialised nations - the US, Japan, Britain, Germany, France, Italy and Canada - were gathering in Washington.Meanwhile, finance ministers from the Group of Seven most industrialised nations - the US, Japan, Britain, Germany, France, Italy and Canada - were gathering in Washington.
In addition to that meeting, US Treasury Secretary Henry Paulson was to meet with the G20, which also includes major economies like Russia, China, and India. In addition to that meeting, US Treasury Secretary Hank Paulson was to meet with the G20, which also includes major economies like Russia, China, and India.
Talks will also be held at the International Monetary Fund (IMF) in the US capital.Talks will also be held at the International Monetary Fund (IMF) in the US capital.
Wall Street has lost more than a fifth of its value in the past 10 trading days and is heading for one of its biggest weekly falls since the Dow Jones index was created 112 years ago.Wall Street has lost more than a fifth of its value in the past 10 trading days and is heading for one of its biggest weekly falls since the Dow Jones index was created 112 years ago.
European shares plunged to end Friday between seven and nine percent lower. The UK's FTSE 100 closed 8.9% down, while the French Cac lost 7.7% and German Dax dropped 8.4%.European shares plunged to end Friday between seven and nine percent lower. The UK's FTSE 100 closed 8.9% down, while the French Cac lost 7.7% and German Dax dropped 8.4%.
Shares in Asia also closed down sharply, with Japan's main Nikkei index suffering its biggest one-day drop since the 1987 stock market crash and Hong Kong's Hang Seng slumping to a three-year low.Shares in Asia also closed down sharply, with Japan's main Nikkei index suffering its biggest one-day drop since the 1987 stock market crash and Hong Kong's Hang Seng slumping to a three-year low.
There have been suspensions in trading in at least seven countries: Russia, Austria, Iceland, Romania, Ukraine, Brazil and Indonesia.There have been suspensions in trading in at least seven countries: Russia, Austria, Iceland, Romania, Ukraine, Brazil and Indonesia.
The volatile trading continued despite moves on Wednesday by six of the main central banks to cut interest rates by half a percentage point.The volatile trading continued despite moves on Wednesday by six of the main central banks to cut interest rates by half a percentage point.
"It's a self-feeding frenzy - you go to sleep and hear Japan is down, you wake up and hear Europe is down, then you come in to work and markets here are down," said one New York banker."It's a self-feeding frenzy - you go to sleep and hear Japan is down, you wake up and hear Europe is down, then you come in to work and markets here are down," said one New York banker.
Mr Bush steps down as president in January and the recent market mayhem has overshadowed the 4 November elections to choose his successor.Mr Bush steps down as president in January and the recent market mayhem has overshadowed the 4 November elections to choose his successor.
In other major developments:
  • The British pound tumbled to a five-year low against the US dollar
  • Oil prices plummeted to a one-year low in European trading, dropping to $77.2 a barrel at one stage
  • The three-month rate at which banks lend dollars to each other - known as Libor - has risen to 4.8%
  • UK Prime Minister Gordon Brown again called on other countries to follow Britain's £400bn ($680bn) rescue package for its banks
In other major developments:
  • The British pound tumbled to a five-year low against the US dollar
  • Oil prices plummeted to a one-year low, with US light crude dropping to $78.61
  • The rate at which banks lend dollars to each other - known as Libor - has risen to 4.8%