What drives the economy? Consumer spending. Does consumer confidence affect consumer spending?

When the president of the U.S.
holds a prime time speech and announces that the financial markets are on the verge of collapse that would throw the economy into deep recession, what does that do for consumer confidence?

The president has requested a $700,000,000,000 bailout of Wall Street financial institutions by recommending the government purchase mortgage backed securities, with unknown value, from these firms.