What European countries are doing that Bush is not.

Preparing for the future...

From Americablog:

Wild, wild day on Wall Street. To really understand what it all means, read BondDad's blog. He explains the day in depth (with charts) concluding:

This market is not in good shape. There is a ton of concern about the subprime market. In addition, this concern is leading to a ton of jitters that lead to quick selling pressure in the markets.

It is noteworthy that during the pre-vacation press conference, Bush tried to soothe the markets today:

Since we began cutting taxes in 2001, our economy has expanded by more than $1.9 trillion. Since the tax cuts took full effect in 2003, our economy has added more than 8.3 million new jobs, and almost four years of uninterrupted growth. Inflation is low, unemployment is low, real after-tax income has grown by an average of more than $3,400 per person since I took office. The American economy is the envy of the world, and we need to keep it that way.Our economy is growing in large part because America has the most ambitious, educated and innovative people in the world -- men and women who take risks, try out new ideas, and have the skills and courage to turn their dreams into new technologies and new businesses. To stay competitive in the global economy, we must continue to lead the world in human talent and creativity.

Bush is still living in a bubbled world. Bush never mentioned how American Home Mortgage Corp., one of the top 10 biggest home lender, filed chapter 11 on Monday for their disasterous subprime lending. Also, Bush better watch out for China and the China market because China has its own Wall Street. Meanwhile, European countries are protecting their assets and protecting Bush's mistakes.

From Telgraph.co.uk:

The European Central Bank has provided emergency liquidity to the credit markets for the first time since the 9/11 terrorist attacks, acting to prevent contagion from the US sub-prime mortgage slump spreading through the -German, French, and Dutch banking systems.

Wall Street’s Dow Jones index tumbled 387 points yesterday despite an emergency intervention by the European Central Bank for the first time since the 9/11 terrorist attacks.

The ECB extended €95bn (£64bn) in bank credit in a dramatic attempt to provide liquidity to the credit markets and prevent contagion from the US sub-prime mortgage market slump spreading through the ­German, French, and Dutch banking systems.

It was the biggest one-day infusion of liquidity since the launch of the euro, acknowledging “tension” in the money markets.

As central banks around the world sought to head off a potential credit crunch, the US Federal Reserve injected $24bn (£12bn) into the banking system, while the Bank of Canada said it was ready to provide liquidity.

US President George W Bush insisted that the Federal Reserve had done enough to keep credit flowing. “I am told there is enough liquidity to enable those markets to correct. The fundamentals of our economy are strong,” he said.