Bush seeks to restore confidence

NEW YORK (CNNMoney.com) - President Bush on Friday encouraged the American people to have confidence in the economy during a "deeply unsettling period."

"We can solve this crisis - and we will," he said in a speech at the White House.

He reiterated the recent measures taken by the Federal Reserve and Treasury Department to breathe life into the battered markets.

"Here's what the American people need to know: The U.S. government is acting, and we will continue to act, to resolve this crisis and return stability to our markets," he said.

Bush said the government has a "wide range of tools" in the $700 billion bailout of the financial industry, which he said is "big enough to work." The plan authorizes the Treasury to buy bad mortgage-related investments from finance companies, with the aim of unfreezing the credit markets by freeing up banks and finance firms to lend once again.
–From Aaron Smith, CNNMoney.com