After meeting with foreign financial leaders, President Bush is pledging a global response to the credit crisis that’s plaguing the entire world.

In a speech Saturday, Mr. Bush announced no new strategies to attack the world's economic woes, but promised, “We’ll do whatever it takes to the resolve the crisis.” 

The president spoke in the Rose Garden outside the White House, joined there not long after daybreak by finance officers from the G7-7, which includes Japan, Germany, Britain, France, Italy, and Canada, in addition to the U.S. 

Treasury Secretary Henry Paulson and Secretary of State Condoleezza Rice also attended. 

President Bush says, “We must ensure the actions of one country do not contradict or undermine the actions of another.  We are in this together.  We will come through together.” 

His comments were aimed at avoiding the worsened economic conditions during the Great Depression in the1930s.

In the current crisis, Ireland moved to guarantee all bank deposits, a decision that triggered similar actions in Germany and surrounding nations.

A meeting between Secretary Paulson and the nation’s 20 wealthiest and world’s biggest developing nations such as China, Brazil, and India. 

Saturdays’ speech marked the 21^st time in 26 days that the President has spoken publicly about the credit crisis, gripping the nation’s financial markets and triggering record losses on Wall Street.

Last week, Congress heard testimony that Americans have lost $ 2 trillion in retirement funds when the Dow dropped more than 18 percent in just a week.

The drastic drops came on the heels of the passage of a $700 billion bailout for the financial industry.

 On Friday, Paulson announced the Treasury would begin buying part ownership in American banks, the first time the government has taken such action since the Depression of the 1930s.

The administration's decision is an effort to restore the depleted capital reserves of banks, which have been forced to cut back on loans because they have suffered billions of dollars in losses in the current mortgage meltdown.

Overseas officials also have injected billions of dollars of reserves into their banking systems with little effect so far. As the markets plunged this past week, however, the U.S. and other countries accelerated their efforts.

The G-7 statement endorsed a program to prevent the failure of major banks in each of the countries, unfreeze credit and money markets, bolster capital and deposit insurance programs and get the battered mortgage financing system operating more normally.

It was the meltdown of the subprime mortgage market with cascading defaults that triggered the start of the credit crisis in the United States in August 2007.