by Calculated Risk on 10/11/2008 09:03:00 AM

David McCormick, the Treasury undersecretary for international affairs, was on ABC News this morning. The WSJ has a summary of his comments:

Mr. McCormick said the G-7 held "an absolute common view on the urgency of the situation" and on the steps needed to "work on immediately to try to being some stability to the market."

Asked about investor frustration with leaders in Washington and too much talk about action, Mr. McCormick said he agrees with the sentiment that actions are more important than words.

"The good news is the outlines of those actions are beginning to become more clear," he said. "As we take those actions, we hope that they begin to bring confidence back to the market."

On Friday, U.S. Treasury Secretary Henry Paulson announced plans for a standardized government program to buy equity in a wide range of financial companies.

Mr. McCormick said the specifics of the plan will be unveiled in coming days and it will be put into place within weeks.