March 17, 2008

THE PRESIDENT: Mr. Secretary, thank you very much for coming by today to talk about the economic situation -- we'll be meeting later on this afternoon with the President's Task Force on Financial Markets.

First of all, the Secretary has given me an update. One thing is for certain -- we're in challenging times. But another thing is for certain -- that we've taken strong and decisive action. The Federal Reserve has moved quickly to bring order to the financial markets. Secretary Paulson has been -- is supportive of that action, as am I. And I want to thank you, Mr. Secretary, for working over the weekend. You've shown the country and the world that the United States is on top of the situation.

Secondly¹, you've reaffirmed the fact that our financial institutions are strong and that our capital markets are functioning efficiently² and effectively. We obviously will continue to monitor the situation and when need be, will act decisively, in a way that continues to bring order to the financial markets.

In the long run, our economy is going to be fine. Right now we're dealing³ with a difficult situation and, Mr. Secretary, I want to thank you very much for your steady and strong and consistent leadership.

Thank you very much.

END 9:41 A.M. EDT