American Crisis History

America Economic crisis is not the first time, American Crisis happened the first time was on 1776 to 1783. A series of pamphlets published from 1776 to 1783 during the American Revolution by eighteenth century enlightenment Philosopher and author Thomas Paine. The first volume begins with the famous words "These are the times that try men's souls". There were sixteen pamphlets in total together often known as "The American Crisis" or simply "The Crisis". Thirteen numbered pamphlets were published between 1776-1777 with three additional pamphlets released between 1777-1783. The writings were contemporaneous with the early parts of the American Revolution, during the times that colonists needed inspiring.

Along with the patriotic nature of The American Crisis, it displayed the strong religious beliefs that provided additional rationale for a religiously and socially conservative continent, inciting the laity with suggestions that the British are trying assume powers that only God (the Deist notion of God, not the Christian) should have. Paine sees the British political and military maneuvers in America as "impious; for so unlimited a power can belong only to God." Paine states that he believes God supports the American cause, "that God Almighty will not give up a people to military destruction, or leave them unsupportedly to perish, who have so earnestly and so repeatedly sought to avoid the calamities of war, by every decent method which wisdom could invent".

George Bush still confident to overcome this crisis. He will make a statement telling the American people they should remain "confident" despite falling stock markets and a worldwide credit crisis. The US president will "assure" the country that Treasury Secretary Henry Paulson and other administration officials are taking "every effort to stabilise our financial system", according to spokeswoman Dana Perino.

She said: "Economic officials are aggressively taking every action. The treasury is moving quickly to use new tools to improve liquidity, which is the root cause of this problem."

Ms Perino added: "He will assure the American people that they should be confident that economic officials are aggressively taking every action to stabilize our financial system.

"The Treasury Department, the Federal Reserve and the FDIC all have the necessary tools to address the problems we are facing."

Mr Bush's statement, which will be made at 3pm BST, comes as the Dow Jones Industrial Average fell below 9,000 for the first time since 2003. The Dow fell 678.91 points, or 7.3 per cent to end at 8,579.19 at close. It had not fallen below 9,000 since August 6, 2003.

Shares in the United States have now lost 20 per cent of their value in the last week. A year ago, the Dow closed at a record high, above 14,000. nWall Street had begun the day on a better footing on news the Bush administration was considering taking part ownership in a number of US banks. The aim of such a move would be to thaw the lending freeze threatening to push the world's economy into recession.

It soon fell however after declines in companies such as General Motors, which fell 31 per cent to its lowest level since 1950. Car manufacturer Ford also fell by 22 per cent. The scale of the problem was shown by the National Debt Clock near Times Square in New York, as it ran out of digits.