Bush: Wall Street Will Make "Soft Landing"

President Bush, right, gestures while making a statement after meeting with his economic advisers at the Treasury Department in Washington, Wednesday, August 8, 2007. From left are, U.S. Trade Representative Susan Schwab, Commerce Secretary Carlos Gutierrez, Vice President Dick Cheney, and the president. AP Photo/Evan Vucci

President Bush struck a reassuring tone Wednesday about recent turbulence on Wall Street, saying he believes the markets will work their way through safely and achieve a "soft landing."

Mr. Bush, in his most extensive remarks on a gyrating stock market that has sent investors on a rollercoaster ride, expressed confidence that investors would eventually calm down. The president said he expects investors to smoothly reassess their risk and begin to focus more on the economy's fundamentals, which he said are solid and sound.

Investors are worried about a worsening housing slump and possibly a widening credit crunch — an uneasiness of recent weeks that has permeated the financial system and the national economy.

"The underpinnings of our economy are strong," Bush told a small group of reporters Wednesday. He said such conditions should help the markets make their way through the current problems.
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    Scott Conroy is a National Political Reporter for RealClearPolitics and a contributor for CBS News.

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