FACTBOX: Bush and candidates react to global rate cuts
(Reuters) - The Federal Reserve cut key lending rates by a half percentage point to 1.5 percent in a coordinated effort with central banks around the world to stem the global financial crisis. Here is how the White House and presidential candidates reacted to the move.
-White House spokesman Tony Fratto:
"We respect the independence of the Federal Reserve in setting monetary policy. It is important and helpful that central banks are working in a coordinated way to deal with stress in the financial system."
-Republican presidential candidate John McCain:
"It is imperative at this moment that government be responsive to the needs of Americans, restore confidence in our financial system, provide assistance to struggling homeowners, and implement pro-growth policies that will create jobs and provide a foundation for a more prosperous future."
-Democratic presidential candidate Barack Obama:
"I hope this response continues as leaders of major financial institutions and representatives from nations around the world gather in Washington. But it is clear that more urgent and vigorous action is necessary to stem this crisis, which is making it impossible for businesses large and small to get loans and may have already cost Americans nearly $2 trillion from their retirement accounts."
