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Earlier this morning, President Bush addressed other lawmakers and the American public, expressing his disappointment that the $700 billion bailout plan for financial institutions failed to pass yesterday and his desire for Congress to pass the package to help the markets (he did acknowledged that "producing legislation is complicated" and "contentious"):
I recognize this is a difficult vote for members of Congress. Many of them don't like the fact that our economy has reached this point, and I understand that. But the reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act. The dramatic drop in the stock market that we saw yesterday will have a direct impact on the retirement accounts, pension funds, and personal savings of millions of our citizens. And if our nation continues on this course, the economic damage will be painful and lasting.He also added that the "nonpartisan Congressional Budget Office and the Office of Management and Budget expect that the legislation considered would ultimately cost the taxpayer far less than the $700 billion," because many assets the government would take over would recover and could be sold.And I know many Americans are especially worried about the cost of the legislation. The bill the House considered yesterday commits up to 700 billion taxpayer dollars to purchase troubled assets from banks and other financial institutions. That, no question, is a large amount of money. We're also dealing with a large problem. But to put that in perspective, the drop in the stock market yesterday represented more than a trillion dollars in losses.
The stock market is up, with the Dow Jones about 300 points now (+3%). Jeffries chief market analyst Arthur Hogan told Reuters, "There's an overarching belief that at some point this week, whether it's Wednesday or Thursday, we'll get something passed by the House."
Senate leaders from both parties pledged their support for the packagel Senator Harry Reid (D-Nevada) said, "I will continue doing everything possible to see that this dire and avoidable financial crisis has the best possible outcome," while Senator Mitch McConnell (R-Kentucky) said, "We will get the job done. We will get it done this week. Hopefully, that will reassure the American people that Congress can rise to the occasion, act like grown-ups, if you will, and get the job done for all of our people.”
And Senator Hillary Clinton, in a phone call with reporters, supports the idea of the Senate voting on the bill (if there are enough votes) first, and suggested the negotiators "maybe cool off a little from the emotion and the pressure of the last two weeks and get back to Washington starting tomorrow and do what we have to do to try to stabilize not only our nation but the entire world."
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Pass something ?
Pass some poisonous gas like he always does.
If a package will be agreed upon, it should not continue to
hurt our future, and our descendent's future.
Pass something is B.S. talk by a C+ president.
I think jen posted that picture of the trader on his looks alone.
@matty--he was smiling (maybe about the market?).
What's the term? Fool me once, shame on you. Fool me twice...
There's this here movie coming out.
http://fr.youtube.com/watch?v=sg7vwicPx98&feature=related
portrait of a man in way over his head.
Bi-partisanship in action: both parties are trying to rob you blind, Bush, Pelosi etc...
My hat is off to the democrat and republican congress members who had the guts to vote down that ridiculous bail out.
Every day the market rebounds without a bail out, the more the politicians who are pushing this bill are exposed as the frauds and scare mongers they really are. No wonder they're in such a hurry to jam this down the country's throat.
The people have spoken.
http://www.thedailyshow.com/video/index.jhtml?videoId=186052&title=clusterf#@k-to-the-poor-house
Wow, what a picture. The years have not been kind to Dubya.
For years this administration claimed danger and demanded your money, your freedom, your liberties, the blood of too many of our brave troops, your privacy and them refused to be held accountable for their actions and failures nor to present any alternative plans as WW3 is almost here.
The chickens are coming home to roost.
"We will get the job done. We will get it done this week. Hopefully, that will reassure the American people that Congress can rise to the occasion, act like grown-ups, if you will, and get the job done for all of our people.”
WTF? What job? This is not a job for the Federal Government to do. Last time I checked, we weren't a socialist state. This is an issue that the douchbags on the hill need to butt-out of. You may be tricking some people into thinking that the economy can be patched up with a piece of legislature so that you can bury your earmarked garbage under a $700B pile, but the people who have any vague understanding of the issues here, have already voiced their opinion 10 to 1 that no plan should be passed. If the federal government were a bank, it would have already failed. Look at their track record for handling finances. Also, when in the history of world has a capitalist market slump ever been ended, or even shortened with a quick fix? Never. Why don't you take that $700B and pay down the Federal debt to China, instead.
And yet--the media claims that the market is up becuase of the "promise" that bailout talks will continue.
Bush understands the economy about as well as I do, which is to say, hardly at all.
If I never see that crooked smirk again, I can die happy.
we are already starting to see the free market fix itself. the strong players buy the weak players. citi buys wachovia. jp morgan buys wamu. it has always fixed itself and it will this time as well. these cronies need to leave our tax dollars out of it