Statement by Assistant to the President for Press Relations Fitzwater on the Stock Market Decline
The President has watched today with concern the continued drop in the stock market. He directed members of his administration to consult with the Chairmen of the Federal Reserve, the Securities and Exchange Commission, the New York Stock Exchange, the Chicago Commodities and Futures Exchanges, and leaders of the investment community.
consultations confirm our view that the underlying economy remains sound. We
are in the longest peacetime expansion in history. Employment is at the highest
level ever. Manufacturing output is up. The trade deficit, when adjusted for
changes in currencies, is steadily improving. And as the Chairman of the
Federal Reserve has recently stated, there is no evidence of a resurgence of
inflation in the