(CNN) - House Speaker Nancy Pelosi is sending a letter to President Bush pressuring him to offer a "comprehensive and effective systemic response to ongoing market turmoil."
"We need to hear from you about a comprehensive and effective systemic response to ongoing market turmoil — one that will restore stability, grow our economy, create jobs, and insulate hardworking, middle-class Americans on Main Street from Wall Street’s crisis," Pelosi writes in the letter.
She also says Congress will be willing to stay on Capitol Hill beyond the target adjournment date of September 26 to deal with the problem.
Full letter after the jump
Dear Mr. President:
The worsening crisis in our financial markets demands strong solutions and decisive leadership.
Already, House and Senate committees are investigating both the regulatory lapses and market oversight failures that resulted in this crisis, as well as possible solutions. This work will continue.
Accordingly, we stand ready beyond the targeted adjournment date of September 26 to permit Congress to consider legislative proposals and conduct necessary investigations.
Going forward, we need to understand how government failed to prevent this financial crisis, and how we can avoid future mismanagement and denial.
Thus far, we have seen a reactive, case-by-case approach to a severe crisis – a crisis attributable in part to a history of indifference to responsible regulation of the financial markets. We need to hear from you about a comprehensive and effective systemic response to ongoing market turmoil — one that will restore stability, grow our economy, create jobs, and insulate hardworking, middle-class Americans on Main Street from Wall Street’s crisis.
The worsening economy demands another bipartisan economic recovery effort. This effort must address:
• investment in infrastructure for economic growth and job creation here at home,
• home heating assistance at a time of record energy costs,
• extended Unemployment Insurance for the growing number of Americans looking for work,
• Food Stamps that will help ensure we feed hungry families in a time of crisis, and
• assistance to maintain critical health care coverage jeopardized by state budget cuts.
We stand ready to work with you and your Administration to consider constructive solutions that stabilize our financial markets and balance accountability to the U.S. taxpayer with protecting American families from the crisis’s fallout.
Thank you for your willingness to work with us to address these issues which affect every American family.
Bush: "The economy is strong. Me and my oil busies are richer than ever. You all are just upset you aren't making tons of money off oil. YeeeHawww!!!!!"
Pelosi is right, Bush does need to do something. His 2 minute speech this morning did, and offered, absoutely nothing.
Pelosi needs to explain herself before she takes on Bush, and I'm a Democrat.
Why isn't Karl Rove in jail? Why isn't Bush being subpoenaed for lying to the American people and starting a senseless war? Why haven't there been any changes in Congress? I can't tell the difference between the Senate of 2003 and now. Have the Dems morphed into Republicans?
The Dems are going to have to grow a spine before Barack gets there. He has been a gutsy campaigner, and he needs a gutsy Congress to make good on his promises.
Blood out of a turnip, Nancy?
Excellent leadership by Pelosi. She jumped out in front of this one. Her response is appropriate and more in line with voters' concerns than the House action, or inaction as it were, with the drilling crisis last August.
Bush has nothing substantial to say about this, and he most certainly doesn't have a plan other than to throw more taxpayer money at bailouts. Pelosi knows this and is just making political hay by demanding a response. Very smart, because it pushes Bush/McCain further into defensive mode. It makes them look bad, which is just what they deserve for pushing de-regulation so hard in the past.
time for Bush to get out the White House and let Obama do what is RIGHT!!!!
The Democrat-led Congress failed to prevent this crisis, not the president. Typical liberal screws things up and then blames someone else.
He should fire our worthless congress....
You know... the one that's 1/3 as popular as he is...
Pelosi is a waste of space
Yeah Bush, why don't you open your mouth and dig the GOP a deeper hole...
I'm just a little rusty on the constitution, but I'm nearly certain that Congress makes laws and President's sign or veto. It's not just that our President has poor policies, but the leadership in the House and Senate by Pelosi and Reid is more than a little underwhelming. Why doesn't Congress do what we pay them to do - actually govern instead of finger pointing.
Were are her recommendations to the President? Simply stating that we need a plan is not a recommendation. I wouldn't ever anticipate any big ideas coming from Ms. Pelosi.
This may just be her political jaw-boning and posturing for the November elections. Unfortunately we need members of Congress and the Executive branch working on real solutions together now.
What a dysfunctional house divided.
If he opens his mouth the bottom will fall out of the maket and the country has already lost almost 1 trillion dollars in 3 days.
He will send it to the depression era level with his dumb as a stump advice.
I'd be more interested in Hank Paulsons long term thoughts but I guess playing politics is more important than finding solutions.
Sad that it took a letter from Pelosi for GW to address the nation on this crisis
Don't hold your breath. Bush is clueless and so is McCain
Do you actually think this man cares about the American people? He is the most ineffective, destructive, and apathetic president this country ever had. Let's hope this country changes course in November. People, come out to vote, or else, we'll have more of the same bad news as the last 8 years.
Yes, Bush 43 is the worst president ever, undisputed, undeniable, and obviously the very worst. May you pay for your shortcomings Bush, in this life or the next.
God Bless America!
Pelosi would have better luck asking the pathological liar, Palin than she would this clown.
This addresses the Limbaugh post since comments were closed – back in February a reporter asked john mccain about Latinos and mccain responded "They are good for cheap labor" the reporter went on to ask "Is that all?" and mccain smiled and turned his head.
give me a break already. and these were the same people who wouldnt stay and come to an agreement over the energy crisis. looks like politicking to me. i was born in the morning but it wasn`t this morning. and at the end of the day republicans will be there working to solve the problem even after the democrats wouldnt stay for the energy crisis. and no im not rich i dont have health insurance. i work in the housing industry , in the construction end and i`ll still vote for mcain. no wonder joe liberman jumped ship and went to the republican convention. and who wont cross the isle to get things done? dont take a genius to figure that out. thanx cnn you make me use my mind.
I agree with Pelosi..George Dub-Yah needs to do something. He needs to get out of oice leaving the American people with SOMETHING positive to say/think of him. He is a complete failure...
I'm curious to see how Pres. Bush will respond to this letter. I hope for the sake of hard working Americans who are suffering through this economic crisis that it will be given some serious attention and not be thrown into the fireplace.
That's right. I'm an attorney and this is precisely what you do to document someone being a total dimwit. You send letter and you get it on paper that you asked and they had no answers.
Does she not know that she is the majority leader in the House of Representatives. Congress makes laws – presidents sign laws. Why is she asking for a proposal from Bush?
She's trying to induce a response the Dems can use against the GOP campaign. Why now would she be so eager to stay late and get something accomplished?
Seeing as it is taxpayers' money that is being sacrificed, details of what is being done about the incompentent heads of departments and companies that are being bailed out.
Are they being fired? What are their compensation packages? I know that CEO Fuld of Leham Bros, made 354 million dollars in the past five years, 63 million of which was in his final year.
Transparency is needed to ensure taxpayers that their money is not being used to continue to reward these people who are responsible for creating havoc in so many people's lives are receiving some punishment and not being rewarded for their greed and extremely poor judgement.