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    U.S. President Bush blames uncertainty, fear for market turmoil

    HotNewsTurkey with wires
    10.10.2008 - 17:32 | Son Güncelleme:

    U.S. President George W. Bush on Friday blamed "uncertainty and fear" for much of the global financial meltdown and insisted U.S. authorities have the tools they need to confront the crisis. (UPDATED)

    Worries are understandable but "anxiety can feed anxiety and that can make it hard to see all that is being done" to address the problem, he said.

    "We can solve this crisis, and we will," he added.   

    He also said the Treasury Department would work quickly to implement the $700 billion financial sector rescue plan approved a week ago and that the Securities and Exchange Commission was stepping up its efforts to fight manipulation in the stock market.

    Bush spoke as leaders of the world's leading economies gathered in Washington amid frozen credit markets, panic selling in stock markets and a looming global recession.

    He said major Western economies were working together in an attempt to stabilize markets and end the spreading panic.

    "Through these efforts, the world is sending an unmistakable signal. Were in this together and well come through this together," Bush said.

    Finance ministers and central bankers from the Group of Seven - the United States, Japan, Britain, Germany, France Italy and Canada - were in Washington for a weekend meeting. Bush plans to meet with the leaders on Saturday.

    Bush said he understood how Americans could be concerned about their economic future, "that anxiety can feed anxiety and that can make it hard to see all that’s being done to solve the problem."

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