"I want to begin my report to you by saying that the American economy is strong. Now"—he smiled—"that may seem a strange pronouncement given all that you've heard in the media and elsewhere. But let me tell you why that is so. I'll start off with a question:

"What has changed? American workers are still making cars in Detroit and elsewhere. American workers are still making steel. Kansas farmers have their winter wheat in and are preparing for a new planting season. They're still making computers in the Silicon Valley. They're still making tires in Akron. Boeing is still making airplanes. They're still pumping oil out of the ground in Texas and Alaska. They're still mining coal in West Virginia. All the things you were doing a week ago, you are still doing. So what has changed?

"What changed was this: some electrons traveled along some copper wires, telephone lines like this one"—the President held up a phone cord and tossed it aside on his desk—"and that's all," he went on in the voice of a good, smart neighbor come to the house to offer some kindly advice. "Not one person has lost his life. Not a single business has lost a building. The wealth of our nation is unchanged. Nothing has gone away.

"And yet, my fellow Americans, we have begun to panic—over what?

"In the past four days we have determined that a deliberate attempt was made to tamper with the U.S. financial markets. The United States Department of Justice, with the assistance of some good Americans within those markets, is now building a criminal case against the people responsible for that. I cannot go further at the moment because even your President does not have the right to tamper with the right of any person to a fair and impartial trial. But we do know what happened and we do know that what happened is entirely artificial.

"Now, what are we going to do about it?" Roger Durling asked. "The financial markets have been closed all week. They will reopen at noon on Friday and…"

33—Reversal Points

"It can't possibly work," Kozo Matsuda said over the translation. "Raizo's plan was perfect—better than perfect," he went on, talking as much to himself as the telephone receiver. Before the crash he'd worked in conjunction with a banker associate to use the opportunity to cash in on the T-Bill transactions, which had gone a long way to recapitalizing his troubled conglomerate. It had also made his cash account yen-heavy in the face of international obligations. But that was not a problem, was it? Not with the renewed strength of the yen and corresponding weakness of the American dollar. It might even make sense, he thought, to purchase American interests through intermediaries—a good strategic move once the American equities market resumed its free fall.

"When do the European markets open?" Somehow in the excitement of the moment he couldn't remember.