U.S. President George W. Bush speaks about the economy in the Rose Garden at the White House in Washington, September 15, 2008. [Jim Young/REUTERS]

George W. Bush, US President said "I know Americans are concerned about the adjustments that are taking place in our financial markets. At the White House and throughout my administration, we are focused on them. And we're working to reduce disruptions and minimize the impact of these financial market developments on the broader economy."

Speaking a short time later, Treasury Secretary Henry Paulson said the American people can remain confident in the "soundness and resilience in the American financial system."

Paulson said he "never once" considered it would be appropriate to put taxpayer money at risk to resolve the problems at Lehman Brothers as it HAD done earlier with Fannie Mae and Freddie Mac.

Over the weekend Paulson was involved in three tense days of negotiations at the Federal Reserve Bank.

He held firm to the position that the federal government would not step in and supply any money to resolve the crisis at Lehman.

(CCTV September 17, 2008)