Washington, DC -- U.S. Senator Jack Reed (D-RI), a senior member of the Banking Committee, today issued the following statement in response to President Bush's speech on the economy in New York:

"While President Bush is trying talk down the real economic problems we face, the American people are dealing with the effects of his failed economic policies. It is not enough for the President to just talk, his words must be buttressed by action to strengthen our economy.

"If the President wants to help stem the tide on foreclosures, stabilize credit markets, and reduce the strain on working families, he just needs to pick up the phone and call the Republicans who are blocking these efforts and say ‘lets go.'"