Bush to give statement this morning [Updated]

President George Bush is scheduled to give a press conference at 10:20 a.m. Eastern on the topic of the U.S. economy, and specifically FannieMae and FreddieMac.

It is expected he will try to assure the citizens, business, and especially shareholders. He will try to instill confidence. Will it work?

Update: Well, it appears to have have some positive effect. Using only NCC as a gauge, before the president spoke, NCC was down to $3.10. As of Noon Eastern time, it's up to $3.70. That's still not up to what it closed at yesterday, but still a notable increase. Of course, there are other factors to consider besides the President's words, including the price of oil has dropped $7.00, and the Federal Rerserve Bank chairman speaking.