(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.
What a Shame Folks that Pelosi did not ask Bush to wake-up the two years the democrats have the power in congress!! The turth is that Pelosi and the dem. did nothing in the two years but sit on thier (.)!! Obama did not even come to work 90% of the time, Obama voted no contest!!! Hillary voted for the War! What in the World our you people talking about ??? Obama ?? What a Joke!!! Were Democrats and were voting for McCain and Palin!! We need McCain bad!
Palin will be a great VP
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
Pelosi did not "push Obama" on anybody. We voted for Obama because we wanted to vote for him. Get your head out of the sand and do some research. Hillary wanted to be president for all the wrong reasons as shown by her "holiday tax" stunt. Americans saw through her and that's why she'd not on the ticket. I refuse to fight this battle again because it's the shiny metal object the GOP wants us to focus on, instead of the Bush economic failure.
I can't believe this utter failure as Speaker has the nerve to
this is exactly why I am a Democrat voting Republican this election–I am tired of democrats like her doing nothing except pointing the finger when things are bad and taking credit when they are good. This letter is an insult to the american people. Its sole purpose is to fool americans into thinking she's doing something. Where has she and her do nothing congress been the last 2 years????? fellow democrats join me this election in showing you've had enough.....
vote for McCain/Palin
Oscar, she may be hiding for the same reason Obama is hiding the facts about his accepting so much from Fannie and Freddie. That the former head of one is on his Economic committee. Obama is a thug from Chicago who learned from Mayor. He is a socialist that middle America will not vote for. I know two individuals that have been called and polled by the various groups. Each said, and they were Democrats that they told them one thing but had no intention of walking into that voting booth and vote for a junior senator with no experience, a background that is scary....( just look at his former pastor ) his wife is not proud of American. Please. 48% of American now pay no taxes....under Obama 54% will not pay. You do the math. Americans are not stupid.....he has not chance in Hell. McCain will win by at least 6%. Bank on it....or do you not pay taxes also?
Bush said he feels our pain. He also said he felt our pain in '04 when he supported US job loss due to free trade. He said that he would create programs to help folks who lost jobs over seas retool to new skills. IT NEVER HAPPENED!! Feel our pain – yeah right!
3 million+ jobs lost due to free trade so the rich can get richer, and the rest of us are stuck with tainted products from overseas, with no money to buy any of it. This helps America?? Look at us now.
There was no help from Bush, I know. Now he feels our pain again. Funny, McCain also feels our pain.
I'm sick of the pain these people have inflicted on the USA.
Obama. What do we have to lose?? We're already losing.
In a Palin / McCain administration, we would be really be in good shape and work in the private sector and remedy any problems that may cause additional inconvenience.
Hopefully, McCain,72, will retire now.
I live in Nancy Pelosi's district and have voted for her for years. I admit that in the past two years I have fired off several angry letters over the impeachment issue, and continued war funding. Recently I got a chance to hear her speak and I now understand her better. If the democrats had used their shaky one vote majority to try to impeach Bush, that's all this election would have been about. I can now appreciate the circumspection of her position given that we have a real chance to take our country back from the criminal mismanagement of the conservative right, but we could have lost that chance by giving them a reason to rally around George Bush in a time of war. Just look at what happened when McCain claimed sexism over the lipstick remark. We can no longer underestimate the power of the right wing to use any excuse to distract us from the truth. I think we all owe Nancy Pelosi an apology - she managed to keep her cool while we were losing ours. And trust me, she'd like nothing better than to see George Bush and his administration in jail where they belong.
Sounds like a typical democrat demanding Bush do something to clean up the mess congress made!
O heck no !!!!!!!!!!!!
She's asking Bush for guidance after she has forsaken all responsibility for all democrats, past and present, for this financial meltdown..
This is the democratic leadership we have been subjected to and will long suffer under with Obama.
Get Hank Paulson to do it...he's is used to cleaning up Bush's mess.
Besides, he's the only one with any brains in the Administration
I really don't have a clue what Nancy has been doing because I've been so focussed on the general election. But I'll tell you one thing, Congress needs to get their act together before Barack gets there or the people will revolt with their votes.
We're not going through this long drawn out process so our hopes and aspirations can be stopped by a do nothing Congress. We're just not. So take this time to get it together Congress because the revolution will start on January 21st. We're taking our country back and we want some answers and some real solutions.
What's the point!
Bush would just smile , grin and say WALL STREET GOT DRUNK !
Good bye Hoover, hello Roosevelt !
How many years of Newt Gingrick / Tom DeLay ?
8 years of Gorge Bush !
2 years of Pelosi !
do the math ?
OMG, that woman is so lame. She's likes the power, but the responsibility? Not so much.
Did you know that 10% of the population pays 70% of the taxes? All of the socialist style campaign promises will be paid with federal tax money. I'm not for lowering taxes on the wealthier Americans, but as we are seeing now, the kitty can run dry. P.S. I'm a Dem, for now-Independent next time.
If anyone I know loses their job during an Obama administration if he gets in, I will explore options towards getting him impeached and sued for fraud and misleading the public. How about that Obamabots? It's been proven over and over again that higher expenses and taxes results in downsizing. God help this country as we're more stupid than I know we are for putting him in office. I lost a few jobs when Clinton was in office, but not one during a Republican administration. Too late Nancy, I couldn't stand you when I lived in CA, and cannot stand you even more as you stand for everything that is wrong in this country.
The only reason CNN has introduced the "Fact Check" is because we are dealing with a pathological liar, McCain. This election is re-introducing McCain and he is a bold faced liar.
No liars in the White House, we've had one for 8 years and we don't need any more.
Bush is waiting for OBAMA administration to clean up his mess and fix everything. Yes we can!
Wow what a great, sincere thoughtful letter! I would hope that the speaker of the house could do better than write a letter that is obviously intended to be a press release masquerading as a letter to George Bush. Maybe she could involve herself in efforts to address the problems at hand instead of engaging in politics as usual. Of course that type of action would require real thought instead of blame George Bush sound bites. I can't believe CNN would post this as a news article.
McCain will lie to mother if it will get him in the White House. I don't trust him or his sidekick. They will never step one lying foot in my White House.
Throw the bums out, and don't let any more bums in–I'm done.
Obama/Biden 08, 12
About time both the democrats and republicans actually did something after the Enron debacle, the dot.com bust, the housing/mortgage mess, and the speculators in the oil markets. Washington needs some reforms and it wouldn't hurt to have some regulations which set boundaries and limits to the greedy children in those areas!
Maybe she should send a letter to Congress and demand action from them?
I have a clarification to make about a previous comment I made.
The top 10% of higest earning Americans pay 70% of our taxes.
I am not one of them and can still accept that.
What good is Congress anymore when a President vetoes everything, or blatantly disregards everything Congress says? Talk about a non-functioning machine... we need Obama in there to restore sensibility in leadership.