BushUSwill work with partners on credit crisis

President Bush makes a statement

Picture: (AP Photo/Evan Vucci)

President Bush makes a statement in the Rose Garden of the White House after meeting with G7 finance ministers about the financial crisis.

President George W. Bush emerged from a meeting with foreign financial officials today and pledged a global response to the credit crisis that will lead toward a "path of stability and long-term
growth."

Bush announced no new strategies to attack the economic woes circling the globe, stressing instead, "We will do what it takes to resolve the crisis and the world’s economy will emerge stronger as a result."

The president said "The United States has a special role to play in leading the response to this crisis, That is why I convened this morning’s meeting here at the White House and it is why our
government will continue using all the tools at our disposal to resolve this crisis."

He added, "As our nations carry out this plan, we must ensure that the actions of one country do not contradict or undermine the actions of another. In an interconnected world, no nation will gain by driving down the fortunes of another. We are in this together. We will come through it together."

Bush’s comments were aimed at avoiding the mistakes that worsened economic conditions during the Great Depression in the 1930s. Then, some nations pursued go-it-alone strategies such as erecting protectionist trade barriers to shield their domestic industries. Those trade barriers ended up only worsening the global downturn

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