September 18th, 2008
06:11 PM ET
6 years ago

Pelosi urges Bush to take action in letter

(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.

Sincerely,

Nancy Pelosi


Filed under: Nancy Pelosi
soundoff (266 Responses)
  1. max

    September, 18, 2008.
    From: President Bush
    To : Mrs. Pelosi.

    Dear Mrs, Pelosi.
    I have received your letter requesting my decision about the crashed economy. As much as I would love to reply to you, but, you see, right now I am so busy packing up my things. But, don't worry, you shall hear from me hopefully by the end of February 2009. Any way, how do you expect me to repair in 3 months time something that took me 8 years to demolish? I'm no magician.

    Respectfully
    Your president.

    September 18, 2008 10:05 pm at 10:05 pm |
  2. Amy in Minneapolis

    John (Retired Navy Chief).........no wonder your supporting Mclame you are "retired", hypocrite.

    September 18, 2008 10:05 pm at 10:05 pm |
  3. John Starnes Tampa Florida

    Problem is, will he know what all those long words mean?

    September 18, 2008 10:05 pm at 10:05 pm |
  4. pa for mccain/palin

    some ask obama why he took 126000 dollars from wall street to deregulate wall street and sell out the u-s-a ?

    September 18, 2008 10:05 pm at 10:05 pm |
  5. Independent but Leaning

    Specifically, what is Obama going to do to fix the economy?...

    Bueller... Bueller?...

    September 18, 2008 10:06 pm at 10:06 pm |
  6. ANA

    WHATEVER PELOSI NEEDS TO SIT DOWN ITS NOT LIKE SHE HAS DONE ANYTHING

    September 18, 2008 10:07 pm at 10:07 pm |
  7. lil

    Dont waste your breath or energy he is not coming out. He is in the
    White House hiding.

    September 18, 2008 10:08 pm at 10:08 pm |
  8. Jane

    How are the Republicans going to reform one another and get change. They need to go into their stash of cash or talk to their trillionaire oil friends to bail the economy out. They definitely are not hurting, they are too busy making the poor poorer. Palin, Bush and McCain all are benefiting from the raising price of gas. We are helping them everytime we go to the gas pump. They are playing the game well. It was time for change 8 years ago.

    September 18, 2008 10:13 pm at 10:13 pm |
  9. lori

    Either CNN allows mostly democratic comments to come thru OR the Obama campaign pays people to post.
    There is NO way a few republicans post.

    September 18, 2008 10:13 pm at 10:13 pm |
  10. James

    This is simply political posturing by Nancy Pelosi. She knows the White House will respond to this and she is setting herself up to take credit for the response. She should instead investigate the Democrats who have driven Fannie and Freddie into the ground!

    September 18, 2008 10:14 pm at 10:14 pm |
  11. J.C.

    An economy without manufacturing will be a dead economy with time.
    We didn't call manufacturing the engine of any economy for nothing.
    No matter how politicians spin this. Any resuscitation plan without reviving manufacturing won't last. Throwing another stimulus check at us is proven useless in reviving our economy.

    September 18, 2008 10:21 pm at 10:21 pm |
  12. Young Republican

    So she has nothing better to do than send a ridiculous letter blaming one man for the entire economic woes of the country?

    Typical from a woman who's platform for getting Speaker of the House was "I'll lame duck the president". Not what she will do, how she will stop a whole branch of government from working.

    Useless pandering and blaming from a woman who leads the Do Nothing Congress with the lowest approval rating...EVER.

    Good job Nancy, keep strengthening Republican resolve.

    September 18, 2008 10:24 pm at 10:24 pm |
  13. My Friends, let me tell you

    The complete takeover is almost complete,now get ready for the real surprise and that is"I will still be your President for Life",even after an election.

    September 18, 2008 10:26 pm at 10:26 pm |
  14. Jim

    More government control of the market and buyouts of large companies is a VERY slippery slope. If you think times are hard now, imagine a United States with State Monopoly on goods, banks, firms, etc. In case you have a hard time imagining such a thing, check out China. We need to solve this problem, but we can not slip on the slope.

    September 18, 2008 10:27 pm at 10:27 pm |
  15. Sarah Bell, Cleveland, OH.

    WASP!!! WomenAgainstSarahPalin

    September 18, 2008 10:27 pm at 10:27 pm |
  16. dittohead with forty names

    Do you think he is giving the American people "a one finger salute" as a goodbye?

    September 18, 2008 10:37 pm at 10:37 pm |
  17. Winners, not Whiners

    If the American people were like Oklahomans, you wouldn't be complaining. We save our money for hard times, we live below our means, we have a six month emergency fund, we buy a house with less than 25% of our income (instead of 40-45%), our housing market will always be strong, we have abundant natural gas and oil, we have strong christian values, we volunteer and tithe, a part of our health care is paid by tobacco and oil taxes, and we love our country. No excusses, just winners. Happy elections, we don't need the government to bail us out. Some people have to grow up and take the dipers off. That's why you have to perfectly good hands, that's why America gave you freedom, make it happen. Thanks.

    If you want to fix government;
    -tax life insurance with savings in it, loophole #1
    -tax alcohol and cigarettes out the ying yang, kill an addiction
    -eliminate retirement for congress paid by our Social Security budget
    -invest in natural gas, wind and solar power
    -don't bail any company out, american competition will take the business, "if your business sucks, it shouldn't be in business"

    September 18, 2008 10:37 pm at 10:37 pm |
  18. lenisha

    pa for mccain/palin,

    you need to fact check mccain took more
    money than obama.

    September 18, 2008 10:37 pm at 10:37 pm |
  19. Jack 64 year old

    Look – George is a lier, he is from the same evolutionary family as Silly Sarah and John Mcgeezer.

    September 18, 2008 10:37 pm at 10:37 pm |
  20. lUCY

    Hey McCain – I can see a Taco Bell from my kitchen window, can I be your Foreign Policy Advisor?

    September 18, 2008 10:38 pm at 10:38 pm |
  21. Annie

    The Geezer and Gidget are circling the drain.

    September 18, 2008 10:39 pm at 10:39 pm |
  22. REELAMERICAN

    PELOSI IS JUST POSTERING ..........LIKE WASTING OUR TIME AND MONEY ON THE SENATE FLOOR AFTER YOU AND I JUST PAID HER FOR 5 WEEKS VAC ............DID YOU GET 5 WEEKS PAID VAC THIS YEAR ...LAST YEAR ....????????......TGHEN SHE WANTS TO START THIS IMPEACH BUSH CRAP...........PLEASE ....DONT WASTE MY TIME AND MONEY........THIS MAN IS OUT OF OFFICE ...........YEAH ..........I AM A REPUBLICAN BUT HEY I DIDNT PUT HIM IN OFFICE .......NOR DO I LIKE BEING COMPARED TO OTHER REPUBLICANS........THATS LIKE LUMPING ALL BLACKS OR ALL WHITES OR ALL MEN ARE DAWGS [GRIN].....IN ONE GROUP..............DEMS BEHAVIOR IN LUMPING US ALL THE SAME IS TRULY A BIG INJUSTICE............THIS IS STILL AMERICA AND WE CAN VOTE FOR DEMS EVEN IF WE ARE REGISTERD AS REPUBLICAN......THATS FREEDOM..............WE CAN CHANGE OUR MINDS ...........THATS AMERICA............YEAH..........WE CAN VOTE INDEPENDENT ALSO.........GET MY DRIFT..........SO STOP PUTTING US ALL IN ONE BOX....................

    September 18, 2008 10:40 pm at 10:40 pm |
  23. KofTX

    The ball is in your court Bush.

    I smell another "Katrina"!

    September 18, 2008 10:40 pm at 10:40 pm |
  24. Kara

    Sarah Palin needs to use extreme caution when she uses the phrase "Just Plain Dumb".

    September 18, 2008 10:42 pm at 10:42 pm |
  25. Tony

    Everybody sing~~~~~~~~~the party's over~~~~~~~~literally!

    September 18, 2008 10:43 pm at 10:43 pm |
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