Informal Exchange With Reporters on the Stock Market Decline and the Federal
Deficit
Q.
Mr. President, the Democrats say that it's your economic policies that caused
that downturn on Wall Street yesterday.
The President. Yes, it's funny, Bill
[Bill Plante, CBS News], that I couldn't understand
at the beginning that creating 14 million new jobs, eliminating inflation -- or
virtually eliminating it, bringing it down -- lowering interest rates,
increasing the prosperity of the people -- I just wouldn't understand that that
could hurt the stock market.
Q.
What word will you have for investors today, Mr. President?
The President. Well, we're in constant
consultations. It think everyone has been caught by
surprise in this. And it is true that at this point of the day the market is in
a far better situation than it was yesterday at this time, with about the same
number of sales of stock -- trading of stock. But I'm very pleased and
gratified with the action that has been taken so far by the Federal Reserve
Board and the fact that two of the major banks have lowered their interest
rates.
Q.
Are you having meetings here today with your economic advisers -- [Treasury]
Secretary Baker?
The President. I can't speak to that,
Bill, right now. I do know that we've been in continuous consultations, and
many times they come up without advance scheduling.
Q.
Mr. President, some on Wall Street say they want some leadership from the White
House. They want some action on the budget deficit. They want to calm the fears
about the
The President. Well, as I told you, we
are consulting continuously -- and have been since this started -- with others
in our own administration, but also outside forces. With regard to the deficit
-- then why don't they fix the blame, as I have tried to, where it belongs: on
the Legislature, which has gone on now for more than 50 years defending deficit
spending.
Q.
When's the news conference?
The President. What?
Q.
When's the news conference?
The President. I thought you'd know. I
don't know. I know that it's soon. [Laughter]
Note: The exchange began
at