President George W. Bush assured the world markets that the U.S. government's intervention in the economy is not a government takeover but a measure designed to restore stability to markets.
Delivering remarks before the U.S. Chamber of Commerce, Bush said the recent intervention is "not a step towards nationalizing banks," and that the government will not exercise control over financial firms.
He noted that the government will receive dividends, which is expected to increase incentives for investors to buy back shares.
Bush said the rescue plan will take time to work as credit markets unthaw. He described the action as "big enough and bold enough to work."
The U.S. president added that he is working closely with European counterparts and commending them for the bold steps they've taken to stem the crisis. He noted that he is scheduled to meet with French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso over the weekend.
By Steve Stecyk edited by Sarah Sussman
©CEP News Ltd. 2008