On September 24, 2008, President Bush addressed the nation from the White House on the financial crisis, which he stated "We've seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending, credit markets have frozen, and families and businesses have found it harder to borrow money. We're in the midst of a serious financial crisis, and the federal government is responding with decisive action".