Bush: Wall Street Will Make "Soft Landing"

President Tries To Reassure Wary Investors About Stock Market's Strength

(AP)  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.