Summary

NAME: US ECONOMY2 20080915I TAPE: EF08/0939 IN_TIME: 10:21:23:15 DURATION: 00:03:04:19 SOURCES: AP TELEVISION/ABC DATELINE: Various - 15 Sept 2008 RESTRICTIONS: see script SHOTLIST: AP TELEVISION Washington, DC - 15 September 2008 1 Wide of US President George W Bush walking out of the White House with Ghana President John Kufuor 2 Cutaway of US Secretary of State Condoleezza Rice and Ghana delegation in Rose Garden 3 SOUNDBITE (English) George W Bush, US President: I know Americans are concerned about the adjustments that are taking place in our financial markets At the White House and throughout my administration, we are focused on them And we're working to reduce disruptions and minimise the impact of these financial market developments on the broader economy AP TELEVISION Washington, DC - 15 September 2008 4 Side shot Henry Paulson, US Treasury Secretary at podium 5 SOUNDBITE: (English) Henry Paulson, US Treasury Secretary: Well, as you know we are working through a difficult period in our financial markets right now as we work off some of the past excesses But the American people can remain confident in the soundness and the resilience of our financial system 6 Cutaway reporters 7 SOUNDBITE: (English) Henry Paulson, US Treasury Secretary: The situation in March and the situation and the facts around Behr Sterns were very, very different to the situation we are looking at here in September and I never once considered that it was appropriate to put taxpayer money on the line with in resolving Lehman Brothers ABC - No Access N America/Internet Jacksonville, Florida - 15 September 2008 8 Wide shot of Republican presidential nominee John McCain and wife Cindy McCain on stage at rally 9 SOUNDBITE: (English) John McCain, Republican presidential nominee: People are frightened by these events, our economy I think still - the fundamentals of our economy are strong - but these are very, very difficult time and I promise you, we will never put America in this position again We will clean up Wall Street, we will reform government and this is a failure ABC - No Access N America/Internet Orlando, Florida - 15 September 2008 10 Wide shot of John McCain in front of crowd 11 SOUNDBITE: (English) John McCain, Republican presidential nominee: We'll put an end, as I said, to running Wall Street like a casino ABC - No Access N America/Internet Grand Junction, Colorado - 15 September 2008 12 SOUNDBITE: (English) Barack Obama, Democratic presidential nominee: The result is the most serious financial crisis since the Great Depression and I certainly don't fault Senator John McCain for these problems but I do fault the economic philosophy that he subscribes to, because it is the same philosophy we have had for the last eight years, one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else ++SHOT DISSOLVES INTO NEXT++ 13 SOUNDBITE: (English) Barack Obama, Democratic presidential nominee: Well now, instead of prosperity trickling down, the pain has trickled up from the struggles of hardworking Americans on Main Street to the largest firms on Wall Street This country cannot afford four more years of this failed philosophy 14 Wide shot Obama on stage STORYLINE: US President George W Bush declared Monday the US economy is healthy enough to withstand the adjustments that are taking place in the financial markets Bush issued a statement during a joint appearance at the White House with visiting Ghanian President John Kufuor I know Americans are concerned about the adjustments that are taking place in our financial markets, he conceded At the White House and throughout my administration, we are focused on them And we're working to reduce disruptions and minimise the impact of these financial market developments on the broader economy The president's comments came as Lehman Brothers Holdings Inc filed for bankruptcy, Merrill Lynch & Co was forced to sell itself to Bank of America, and the world's largest insurance company plans to announce a major restructuring Speaking a short time later to reporters in the White House briefing room, Treasury Secretary Henry Paulson said the American people can remain confident in the soundness and resilience in the American financial system Paulson said he never once considered it would be appropriate to put taxpayer money at risk to resolve the problems at Lehman Brothers Over the weekend Paulson participated in three tense days of negotiations at the New York Federal Reserve Bank in which he held firm to the position that the federal government would not step in and supply any money to resolve the crisis at Lehman With chaos rocking Wall Street, Senators Barack Obama and John McCain blamed Washington policies for the financial turmoil as each presidential candidate sought to be seen as the most likely to bring the change that voters want on their No 1 issue _ the fragile economy In a day of speeches and statements, neither White House hopeful offered any fresh ideas for turning around an economy in despair But McCain certainly gave Obama ammunition The fundamentals of our economy are strong, but these are very, very difficult times, so I promise you: We will never put America in this position again, the Republican told voters in Jacksonville, Florida Later, speaking in Orlando, Florida; McCain said: We'll put an end, as I said, to running Wall Street like a casino In Colorado, Obama bemoaned the most serious financial crisis since the Great Depression, and faulted McCain's domestic policy agenda as the same as those of President Bush Instead of prosperity trickling down, the pain has trickled up from the struggles of hardworking Americans on Main Street to the largest firms on Wall Street Obama added: This country cannot afford four more years of this failed philosophy With seven weeks left in the campaign, both candidates are grappling to seize control of the economy as a central campaign issue and find a message that resonates with anxious voters fretting about their retirement nest eggs, home mortgages and job security