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President George W. Bush faced the nation and essentially begged the public, who has been opposed to the government's proposed $700 billion bailout plan for financial institutions, to support the program. And Bush also tried to scare the public:
The government's top economic experts warn that without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold:Entire transcript here. That pro-Obama organization, the NY Times, offers a withering editorial, "In the end, Mr. Bush’s appearance was just another reminder of something that has been worrying us throughout this crisis: the absence of any real national leadership, including on the campaign trail." (Okay, McCain campaign--you win, the Times writes, "Mr. McCain is doing distinctly worse than Mr. Obama.")More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.
The Wall Street Journal has an editorial, saying it was "mystified" by McCain's campaign suspension and debate postponement suggestion, "Last we checked, the President of the United States was still George W. Bush, the Secretary of the Treasury was still Henry Paulson, the Chairman of the Federal Reserve was still Ben Bernanke, and Congress still had 533 members not running for President who are at least nominally competent to debate and pass legislation." (The WSJ also questioned Obama's joint-statement idea.)
At any rate, Representative Paul Kanjorski (D-Pennsylvania) tells CNBC a deal on the bailout is nearly a "done deal"--heck, even stocks opened higher amid hopes the plan will be passed soon. Wonder what Bush will discuss with McCain and Obama during their afternoon meeting.
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Bush looks like a deer in the headlines. Pathetic.
But don't worry, McChicken is on his way to DC. He'll get us out of this economic crisis.
How about firing and/or prosecuting some of the clowns and crooks in both parties and on Wall Street before handing over a trillion bucks?
Call me old-fashioned but the people who got the country into this mess aren't the ones I trust to get us out of it.
How about replacing some of the regulations that were lifted by Clinton in the 90's. How about loaning people money based on sensible economic principles like ability to pay it back instead of minority status?
While we're at it, newly minted bank notes might as well bear the inscription, "In Paulson We Trust."
Alright
Lets just give them the money now
They want to steal ALL of the america's money
fine
take it
We will string them all up on charges of Treason later
They are all Traitors to America and need to dealt with harshly and swiftly
Actually, it was a good speech. The public needed the situation to be spelled out for them. I don't think he was trying to scare the public; this stuff is very serious and very real.
The Times summed it up pretty well:
"It took President Bush until Wednesday night to address the American people about the nation’s financial crisis, and pretty much all he had to offer was fear itself."
Thieves
...
...
It's official. Hell has frozen over when I agree with "ides_of_march"...
Go after the ones who caused this mess...
This is why I wish Mitt Romney had been the GOP nominee; the man knows the economy.
Having said that, Obama doesn't have the business credentials to run a hot dog stand without a government subsidy. He could probably give you change though.
And hell has defrosted, Normalcy is restored.
Knew it couldn't last...
compassionate conservative?
restoring honor and dignity to the presidency?
MBA president?
bwahahaha
Ides,
I agree with everything that you said in comment #2 (save for the part where you blame minorities for the faltering economy).
You know, come to think of it, plenty of Democrats are in line with your beliefs about the free market system. Funny how you're a McCain supporter.
Its more and more obvious that 99.9% of Congresspeople have no idea what the issues are. And seeing Barney Frank and Newt Gingrich agree with each other has a 2 girls 1 cup sorta appeal.
Bush has just Authorized an Army Brigade to be stationed in the "Homeland." This is the first time this has happened since the Civil war. Yet no news angecy is reporting this.
Check out this link:
http://www.salon.com/opinion/greenwald/2008/09/24/army/index.html
Scary Stuff!
Here's how this is gonna work:
China will lend us $700,000,000,000. Taxes will then go up in the next two years to pay off the debt.
We'll be back in business in 5 to 10 years.
No! No!
This is terrible. The situation is definitely something to take seriously, but this is NOT the right course of action.
3 2 1....General Motors bailout
Did ides just make sense? Oh, wait, he had to go and ruin it.
Bush's own "exit package" is in jeopardy if his pals in the executive suites are cut off from tons of fresh money. His friend-now-rival, Vladimir Putin is still due his multi-billion ruble package and here's sad old, poor old W waiting and hoping...and worrying that he'll have to go on speaking tour like Bill Clinton.
TK,
Did Barney Frank and Newt Gingrich really agree on something, or were you referring to me and Ides of March? If it was the latter, I'd prefer to be called a Kucinich.
I have a feeling that McCain and Palin's entire rebuttals will be yelling "DRILL BABY DRILL!" throughout the debates.
Please no bailout for anyone.
If you believe in free markets then you didn't believe the economic fallacy of the previous decade or two and you don’t believe in a bailout now. Not for wall street, not for main street, not for mortgage brokers and not for people overextended on their credits cards and car loans. Its time to pay the piper and its going to suck. Its going to suck for a while.
Main Street was the match
K Street was the oxygen
Wall Street was the accelerant
Vanessa - for real, Frank and Gingrich are becoming buddies. the world is in fact coming to an end.
http://www.congress.org/congressorg/headlines.tt
Write/call your Representatives.
Let them know you do not support this and will not vote to re-elect anyone who does.
FAILOUT
Henry Paulson and Ben Bernanke
--Renowned as Hank and Bank--
Now want exclusive right to run
The economy they sank.
And who would quarrel with their creds,
This mighty Wall Street duo--
If success breeds even more success,
What'll failure do, oh?
this mans BS got us into this war, now he's @ it again.
I like the new suit with the little flags on his shoulders.
Liars. Thieves.
Bush finally woke up about the economy. A little too late there Bush.
so after spending absurd amounts of money in a TOTALLY FAILED foreign policy and destroying all national public policies (like decent public education)this clown is advocating to cover the holes increasing the deficit? Republicans are so incredibly reckless! And all this is so URGENT, where have you been you massive W idiot?!!
Cul de sac a la republican!
There is a protest today in Bowling Green at 5 pm against this Bullshit Bailout plan.
Stop Wall Street from robbing the Treasury.
GO GO GO!!!
"And Bush also tried to scare the public.."
Like he's been doing since Day One you mean?.