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CNN Sunday Morning

White House May Add Stock Market Jitters to His Agenda

Aired July 21, 2002 - 09:05   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
MILES O'BRIEN, CNN ANCHOR: Many are watching Wall Street, to say the least. President Bush may add calming investor jitters to his agenda this week. Joining us now, CNN White House correspondent Suzanne Malveaux. Suzanne, what is the president going to say? What can he say at this point?

SUZANNE MALVEAUX, CNN WHITE HOUSE CORRESPONDENT: Well, Miles, good morning.

The president left for Camp David this weekend, hoping to leave behind some questions about his own past business dealings, being a director of Harken Energy Group more than a dozen years ago, but that has not happened. This administration for the last week has been dogged by questions about that particular subject, and they are also, of course, facing this plunging stock market.

The president has spent the past week trying to reinsure -- rather, assure investor confidence in the market, pointing out these positive economic indicators, talking about the low interest rates, low inflation, positive growth. The president has also focused on putting pressure on Congress to pass corporate reform, and to do it before the August recess, to make sure that investors can really be confident that their money is going where it should be and that it is being accounted for properly. The president in his radio address just yesterday.

(BEGIN VIDEO CLIP)

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: We must promote economic security by enforcing high ethical standards for American businesses. Unethical business practices by corporate leaders amount to theft and fraud. These practices are unacceptable, and we are fighting them with active prosecutions and tough enforcement by the SEC. We will defend the rights and interest of every American worker and shareholder, and we will not accept anything less than complete honesty.

(END VIDEO CLIP)

MALVEAUX: The administration and Republicans both are very concerned that as confidence erodes, as you see the stock market plunging, that there will be a political cost, as well as an economic cost, in the November midterm elections, that this will be tied to the Republicans, that they will pay a price for this because of their close dealings with the business world -- Miles.

O'BRIEN: All right. CNN's Suzanne Malveaux at the White House, thank you very much.

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