September 18th, 2008
06:11 PM ET
10 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.


Nancy Pelosi

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

    Nancy Pelosi is another one of the Democratic Party members who never does anything positively, but waits to show a negative reaction to something President Bush doesn't do. As a life-time Democrat, I am becoming an Independent simply because of the Democratic Party dirty tricks, led now by Barack Obama. The push by his campaign to disinvite Sarah Palin is just an example of this, and I hope people listen up and understand what a vote for him will get them nothing new. The way they treated Hillary and now Sarah is indicative of what they will do to destroy the women programs in this country.

    September 18, 2008 07:32 pm at 7:32 pm |
  2. Helen, NY

    Pelosi is the worst speaker we have in generations. She knows nothing and wants to blame Bush for everything. Just go away.

    September 18, 2008 07:32 pm at 7:32 pm |
  3. Beverly, NYC

    Unless that letter contained step by step instructions nothing will be done until he turns over the mess in January. Too bad his presidential stipen can't be tied to job performance. Can't wait to send Crawford their idiot back. Thanks for the nightmare of the last 8 years Georgie.

    September 18, 2008 07:33 pm at 7:33 pm |
  4. aki

    Who cares, all this is nonsense!

    Obama not ready to lead, is the major issue!!!

    September 18, 2008 07:35 pm at 7:35 pm |
  5. Glenn

    Dan I agree with you. I am a lifelong Democrat but will not vote for Obama. The media made my decision for me. They are completely biased for Obama and make no bones about it. I guess that is why FOX NEWS wins the rating each and every night. Fair and Balanced. Obama stands no real chance of winning. I know Hard core Dems that have actually been polled.....they gave the answer the party wanted.....but when they go into the polls they will not vote for an untested junior senator....we saw that yesterday when he had no opinion of AIG.......Read the Obama will wake you up. Middle America will not vote for him and McCain is within 5 points in New York........That says it all. McCain-Palin....get use to it.

    September 18, 2008 07:36 pm at 7:36 pm |
  6. Palin /Mccain admin

    HEY the REpublicans better get ready for a rumble this is my worry. Did you hear palin calling it the Palin Mccain Administration I believe Mccain relly bit off more than he can afford with this women do you see how her todd is always there with here liste up folks you know they wanted to make alaska their own state remove it from the united states todd is running her show if that why all the secret emails they aree not dumb by a long shot and they have a plan for mccain. If they get in office she is gonning to have him declared incompentent she does not have his back you guys have given her the royal treatment covered for her and she is gonna take this country for a ride we all know mccain picked her for the wrong reason and you can bett she has plans for this man and this country so we all better watch out becuse she is not for america she is for the state of todd and sarah palin

    September 18, 2008 07:37 pm at 7:37 pm |
  7. Mike

    We have a problem here. President George W. Bush and Senator John McCain and their adviser's know nothing about the 'economy'. How can someone fix a problem if they don't understand the problem ? Talk about.., "not" in touch with America. Remember when Senator John McCain said.., ("I don't understand "economics") ? That's probably why he and his wife Cindy can't remember how many homes they have. Folks.., it's 'pure greed' and we the american public are going to pay for it. The CEO's, President's, Senior Vice President's, CFO's, Top Management and Board of Directors are making all this 'money' and we are losing our shirt's. I belive that is called 'greed' and "down-right-fraud". There are many factors in the collapse of Wall Street and major companies. But, someone should be going to prison for this mess. Nancy and the Senate.., do something about this national and global mess. President Bush isn't going to do something about it.., he's to busy packing with Laura for their moving trip to Crawford, Texas. Mike in Montana

    September 18, 2008 07:37 pm at 7:37 pm |
  8. Republican Mama for Obama

    Dan, do you honestly want to know why? McCain practically feeds the media by putting his foot in his mouth and spewing lies each and every day. That's why!

    September 18, 2008 07:37 pm at 7:37 pm |
  9. Tom

    Pelosi has no right to be urging anyone to do anything – she and her cronies have a lower approval rating than Bush for a reason. They've voted "present" so much that they forgot any other way. To hell with her and the DNC.
    McCain 08/Hillary 2012

    September 18, 2008 07:41 pm at 7:41 pm |
  10. Mark

    The Republican ticket is finished....they're circling the drain.

    September 18, 2008 07:45 pm at 7:45 pm |
  11. Matt

    The Republicans posting here that the Democratic Congress is at fault are proof that our education system is failing to each people how our government works, which allows partisan rhetoric to manipulate and confuse the people and threatens the very foundation of our democracy: an educated and informed populace exercising the right to vote in an intelligent and practical manner.

    September 18, 2008 07:46 pm at 7:46 pm |
  12. reasoner

    This is not as off subject as it seems. I'm a Dem voting McCain. I see what a mess our nation is in and the Bush and the Congress are to both to blame. All the hype for Obama and media prejudice of McCain sickens me, but it may not matter. Has anyone out there considered that Bush may try to stay in office past his term because we are at war? There is a presidential clause for that. People were worried Harry Truman might do that if WW 2 had not ended. GOD HELP US! I agree with impeaching Bush. Just to make sure he's gone!!!!

    September 18, 2008 07:48 pm at 7:48 pm |
  13. linda

    Since Nancy Pelosi took in charge the house, everything from bed became worse. She is a joke

    September 18, 2008 07:48 pm at 7:48 pm |
  14. Pam

    Who's going to read it to him?

    September 18, 2008 07:49 pm at 7:49 pm |
  15. kate

    Little late Pelosi, where were you for two years?
    Wow the Democrats will actually stay to solve the problem instead of going on vacation?
    Thanks but no thanks Nancy!

    September 18, 2008 07:49 pm at 7:49 pm |
  16. annie - former democrat

    pukelosi wanting to do business other than trying to get her new jet to fly her non-stop from DC to CA? Where has she been the last 2 yrs., designing her new jet?

    September 18, 2008 07:50 pm at 7:50 pm |
  17. Hacking Email Accounts for the DNC

    Pelosi has been an utter failure as Speaker.
    She should be removed for the next term.

    September 18, 2008 07:53 pm at 7:53 pm |
  18. oscar

    what is palin hiding? why won't she co-operate in the investigations in her state. why is it being said that the investigation is politically motivated when the case has been on before mccain shamelessly appointed her, and she has prior to that agreed to cooperate. I'm pleading to the Americans to quickly investigate her ALL ROUND before November 4. The credibilty of this country will be at stake if she continues to parade herself with skeletonS in her cupboard.

    September 18, 2008 07:54 pm at 7:54 pm |
  19. Walt, Belton,TX

    Somebody needs to come up with some ideas because it is obvious that Congress, which allowed all of this to happen, can't come up with one good measure.

    September 18, 2008 07:54 pm at 7:54 pm |
  20. ann

    Time to get things straight.

    The democratic lead in Congress (58%) is not high enough to override a veto unless there is bi-partition cooperation.

    The financial mess we're in belongs to both parties, but inaction is highly due to vetoes (9) or the threat of vetoes (>100) by the president.

    Reaching out to find out what policies the president would not veto (or threaten to) is actually a smart move to get some action items through Congress. And here this is what I thought people wanted all along, but now you complain.

    Oh, and let us not forget the 6 years that Republicans had majority in the House and Senate with a Republican president. It takes more then 2 years to fix every problem, especially with threats around every corner.

    September 18, 2008 07:55 pm at 7:55 pm |
  21. Hacking Email Accounts for the DNC

    Pelosi's a walking punchline, and Reid's no better.
    This is supposed to be leadership?
    Pffftttt......she's pressuring Bush to put a legislative package out there
    so she, Reid, and their chosen one, Obama, can say it's McCain's

    Hillary 2012

    September 18, 2008 07:56 pm at 7:56 pm |
  22. Jan in TX

    People please – google 'GSE 1461' and follow the entire story – read the Bush Administrations responses, concerns...etc.

    September 18, 2008 07:56 pm at 7:56 pm |
  23. jim bob

    Congress mande all this happen, how are they going to fix it? blind leading the blind

    September 18, 2008 07:56 pm at 7:56 pm |
  24. carol kesling

    bush will do the same thing he has done in the last 8 years, ABSOLUTLY NOTHING!!!!!!! every time he gets near the microphone he tells us WERE MAKING PROGRESS !!! i would like to know where were are making that progress!!!!!! pretty soon we will be the united states of china.... IDIOT!!!!!! and mcsame will do the same...

    September 18, 2008 07:57 pm at 7:57 pm |
  25. sabrina01

    come on bush do something

    September 18, 2008 07:58 pm at 7:58 pm |
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