(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.
You GOP'ers that are blaming congress should realize that the President is supposed to be a LEADER... Bush couldn't lead a gaggle of geese if they were tied to his belt.
Pelosi: "Please do something President Bush or this Democratic led Congress will lose its reputation of 'Greatest Do Nothing Congress' in history."
To JoeCool or anyone else wanting to blame this on the Dems in Congress:
It took a long time, and a lot of Reaganites to get us in this business-first, trickle-down, voodoo economics mess that we're in. It didn't happen overnight, but it was exacerbated by the five years of Republican control of Congress and the White House.
Don't expect a Democratic majority that isn't big enough to overturn a Bush veto or a Republican filibuster to suddenly make it all better.
It's going to take a commitment by the President, Congress, and the people of the U.S. to right this ship. Electing Obama/Biden is the first step.
did ya ever get an answer back on those last letters you sent to the white house?ie.[subpoenas] good luck!
return to sender
return to sender
I can't believe how sheepish people are. Pelosi is awful and needs to go. Stop blaming Bush for your short comings as a leader.
He won't send a letter or anything else. He thinks his buddies in the business world can do no wrong. They will straighten this out themselves. Don't you know that. Besides he doesn't know what to do. This man is dumb as a box of rocks.
Pelosi is costing the dems this election
She pushed Obama on everybody and now we might lose what should have been a slam dunk with Clinton
She thinks people are stupid and she's talking as much to Dems as much as repubs-
Can't any of you stand up to whats right or your all just robots following the bmedias lead-
You think 70% of Amerivca has figured out what all those reporters are in Alaska-
Now her e-mail has been breached -
It certainly wasn't a repub that broke the Law–
" September 18th, 2008 6:19 pm ET
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."
Yes Phil you are rusty. The Executive branch is in charge of enforcement, the legislative branch can do nothing but cut off funding. Not to mention the Dems have a slim majority and can't do anything without Bush's approval or most of the Republicans to override his vetoes.
How nice that they are willing to stay past Sept 26 – didn't they recently come off a 5 week vacation? But it was so sweet of them to offer to work overtime like the rest of us to solve a mess they created.
Pelosi has done nothing to prevent this mess, so I guess we shouldn't be surprised that she has to look to Bush to fix it. I wish I could so little at my job and still take home a good salary for it.
As for the Bush veto power, Bush has one of the lower records in terms of using vetos, according to FactCheck. Of course, he would probably be vetoing more if our Congress spent more time creating laws and less time filibustering.
The "Decider" is busy right now...call back later.
Bush should not do anything. His actions have already put us in the economic problems.
Terrible! I think Palin would have been great and brought a lot of attention to the dangerous issue of Iran but instead the Democrats nix it. They only talk about all the bad things, root against America and believe people who work hard, save and do the right thing are the enemies. I really hope Palin/McCain win this November.. Independent from CT!
Well, let's see how our President responds to this. Maybe another veto? (LOL)
You mean Pelosi is actually willing to do something in a bi-partisan fashion? Wow! She must be losing money in the markets just like everyone else.
She won't work with Repubs on anything else, she wouldn't let the Congress take a vote on off-shore drilling, but now that her pocket book is growing smaller, it's time for action!
Pelosi/Reed/Obama are all losers. As a matter of fact, this Dem-le Congress that was voted in two years ago has been a total fiasco!
OMG...Nancy Pelosi can write???
Where has the speaker been? Hello, this financial issue was projected back in the spring. Why didn't you do something back then? Now they want to plant it all on Bush. Well, Ms. Pelosi where were YOU?
This entire breakdown of the financial markets was known about in the Spring, but it was to the Democrats benefit to hold off now to have it all come crumbling down, so it would help Obama with his campaign.
Do you think we were all born yesterday?.
CNN=ANTI MCCAIN/PALIN SUPPORTER.
Nancy Pelosi is an absolute joke and needs to be gone. She is one of the main reasons we have had an absolute do nothing Congress over the last two years. Barney Franks is the Chairman of the Banking oversight committee why isn't he taking heat over this? Thank you liberal media. The Democrats have had the congressional majority for the last two years, and during the last two years or economy has tanked, unemployment has risen and I am worse off than I was before they came into congressional power. Congress has gone from a 40% approval rating to a 9% approval rating. No meaningful legislation has been enacted. When do we wake up and hold these people accountable. This tired old retoric about Bush vetoing is baloney. If the Democratic Congress were doing anything at all and Bush was Vetoing their efforts the News Media as well as Democrats in general would be all over it. It is all we would hear about from the media, this did not happen. This is the typical finger pointing attempts to take the heat of the Democrats and place it on the Republicans, not that they have done any better during the last eight years. How can Barack keep a straight face telling people he is only going to tax a specific group and not effect anyone else. This is income redistribution. How does he really think you grow jobs if we increase the taxes placed on business causing them to eliminate jobs to cut their cost. I do not know what world Obama, much less the rest of Congress is living in, but it must be sunny there. We have serious problems, illegal immigration, economy, taxes, sending our jobs overseas, and we need serious people dealing with them. We as Americans need to get rid of the current so called leaders. Pelosi and Barney Franks should be the very first to go, she is a total waste of skin and is a poor excuse of a leader. Finally, I would like to see potential candidates talk stricktly about the issues of which neither one has done even if you stretch the issue. I want to hear about possible solutions that are not going to put me at a greater disadvantage than I am now. Neither Obama or McCain seem to be able to do this. I am not interested in just hearing what is wrong and who is to blame for it, give me solutions. In my opinion both parties are equally responsible for the state our country is in without exception. If you people would wake up and demand responsible leadership from the crooks we have running our country and the elimination of the crap that is currently going on then we would see real change.
Former head of Freddie Mac on your VP search committee...... received second most $$$$ from Fannie and Freddie over a 20 year period . He as been in the Senate only four. Impressive for a junior senator. He could not decided yesterday about the AIG issue and Nancy and Harry want to go on vacation. Leadership.........please. A monkey could do more than the three of Nobama, Nancy and Harry combined. McCain-Palin.......get use to it.
HEY PELOSI. YOU ARE THE PROBLEM!!! The economy was fine 2 years ago until the Dems took over Congress. It's Congress' job to have oversight. So where was the oversight? This Congress is a DO-Nothing disgrace. They should all be fired!
When people star to realize it's not the government who should be involved in matters like this we'll make some progress. Some regulation is necessary too much will hurt our economy. Let's not make the situation worse. Most of Pelosi's recommendations will make the government bigger. That is the wrong way to go. I've never seen her put her country before her party before, so I'm skeptical that she is willing to do it now. I still hold a slimer of hope that the democrats will actually act in the best interest of our country, I hope they come through.
Pelosi helped cause the current economic crisis and she's asking someone else to help her out?
Pelosi is asking President Bush for help fixing her mess.
I love how the GOP conveniently forgets that for 6 of the last 8 years, they have been in charge of both houses of congress, the executive branch, and the Supreme Court. THe Dems get a 1-person advantage in the Senate for two years (and that's only if you consider Lieberman a Dem, which he clearly isn't anymore) and now suddenly everything is their fault. Bush used no vetoes for the first 6 years and 39 the last 2–including progressive housing reform legislation and energy legislation. Why wouldn't she ask Bush what his stance is? There's no point for Congress to legislate unless they know whether Bush will just veto it and waste everyone's time. When the Hell is our President going to come out and address this crisis? Did he leave the job early or something? He is literally retarded–I'd be interested to know how he fares on an IQ test. Talk about sexim–harcore conservatives love to bash Pelosi, but everytime I confront one about their complaints and ask for specific reasons why they dislike her, they can't think of any. They hate her because she's a woman in a powerful position and that's that
Here is a possible idea for you to fathom. SHUT UP AND DO YOUR JOB! Seriously lady what is your problem? Did you forget your position in Congress and how most of this mess falls under your job and how you as representative of the people you should have been looking out for this long long ago.
Maybe if you were not taking such long breaks from doing your job you would have caught this sooner.
You, Harry Reid and your puppet Obama are pathetic do nothing losers. Good luck finding work be cause America is going to fire you the first chance we get.
Someone needs to fire this lady. They probably spent all day behind closed doors to make sure they got their anwsers straight about the Federal Housing Enterprise regulatory Reform act of 2005. Everyone need to google this. Why did this not Get past. CNN please do your job. This questions needs to be put to the Obama people and Barney Frank and Nancy Pelosi!!!