(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.
Pelosi and the entire do-nothing Democratic Congress can go pack sand where the sun doesn't shine.
You're like the female version of Obama...or more like he's the male version of you.
All talk and hot air and no action...won't don't both of you vote 'present' in harmony.
Nothing but finger pointers and blamers.
You're both worthless self-serving excuses for actual poeple.
You and the rest of the 'Bots are going to be in for a November Surprise.
Nancy, why have you not taken any action? You have a lot in common with Obama, you both wrote books. Neither of you have done anything productive as represenatives. I hope every incumbent running, loses.
LIFE BEFORE THE DEMOCRATS TOOK OVER IN CONGRESS:
1) Consumer confidence stood at a 2 1/2 yr. high;
2) Regular gasoline sold for $2.19 a gallon;
3) the unemployment rate was 4.5%;
4) the DOW JONES hit a record high–14,000 +
5) Americans were buying new cars, taking cruises, vacationing overseas, living large!...
LIFE AFTER THE DEMS TOOK OVER IN 2006:
1) Consumer confidence has plummeted;
2) Gasoline is now nearly $4 gallon and climbing;
3) Unemployment is up over 5%.
4) Americans have seen their home equity drop by $12 TRILLION & prices are still dropping;
5) 1% of American homes are in foreclosure;
6) THE DOW is probing another low~~11,300–$2.5 TRILLION HAS EVAPORATED FROM THEIR STOCKS, BONDS & MUTUAL FUNDS INVESTMENT PORTFOLIOS!
OBAMA/BIDEN = Please no more change, we can't afford it!
I am curious to know why the Ticker story;
Palin nixed from Iran rally
which appeared approximately 30 minutes AFTER this story is now closed for comments. It couldn't be message volume, as both of these stories have a similar number of messages.
Had I had the opportunity to post a message on that story I would have made the following comment;
I am no longer astounded by the moronic comments being posted by presumably intelligent people, and most particularly when it comes to make cruel fun of anyone who isn't Barak Obama. If it were not so pitiful it would be funny. But it's not funny.
I think you really have to take a long and reflective look at your candidate. It seems he wishes to inflict European Socialism on us, and you are buying into it.
So little tolerance. So much ignorance.
Those idiots ranting about Congress doing nothing the past 2 years are a JOKE! Between the obstructionists on the other side of the aisle and that dummy President with his veto pen..there wasn't much they could do. So much for that bipartisan crap from that side.
I guess if you are a do nothing loser (Pelosi) you can always ask a do something person to think of a plan for you.
Pelosi is the stain in D.C. that needs to just disappear. Pelosi protects crooked Democrats.
We need REAL people, REAL Americans in D.C.
Pelosi should do something with her do nothing Congress, instead of going after Bush. She is a disgrace and should be removed!
Sounds like begging without proposing a solution?
This should be simple. Even for McBush. The Republicans ran us Trillions of Dollars in debt. For America to have any chance to survive. The very wealthy must in fact be patriotic and pay the reasonable tax that they paid before Bush cut their taxes to nothing. But McBush and Palin just do not care. They are so in the pockets of the Corporate Super rich that they are willing to see America go under just to stay in power. There is no word bad
NO! Don't let that man near our finances. The government needs to STAY OUT! Let the chips fall. We are in this mess BECAUSE of government.
I guarantee you that there has been a plan for a long time. This waiting for it is a dog and pony show. They know what the want to do because they caused this to "come up" with a way to help.
I believe she's the speaker of the house so why doesn't she take action like they did on the oil crisis??? Oh yeah! they went on vacation during that crisis.
So do we really want democrats running the House, Senate and one in the White House to boot? They can't run a city or State without driving it into the ground.
For a CHANGE, I like to see more of my money staying in my wallet than having the likes of Obama and the democrats taxing the hell out of us and giving it to some welfare mother whose too lazy to work but can pump out a baby every year. Change...thanks but we can't afford more socialism in this country.
The Democrats are in charge of the financial commitees.
5 years ago, Bush tried to do something about Fannie/Freddie, which would've stabilized the mortgage industry, which would've lessened/prevented the pain from the financial storm we're in now.
Barney Frank and Chris Dodd were complacent and prevented action.
In 2006, McCain also called for reform, to a complacent do nothing congress.
Pelosi keeps dragging herself further down.
Bah!, I don't thing you'll get a reply to your letter. Do you know what it's like to be president and have your term coming to end without accomplishing anything? Critics here, critics there, crisis here, crisis there, compaints here, complaints there, he 's going crazy. The last thing he needs to be pestered about is a crashing economy.Let his term end in peace. Leave him be!
"Aww, how come there's no pictures?"
Americans, do you really want 4 more years of these rich oil-and-war mongers screwing you over? You know what to do then....
Thank you Nancy! Keep the pressure on – don't give an inch!
This is the kind of action that I expect to see from the Democrats. You better believe that if the Republicans win, there will be pit bulls all over the place.
why dont you take someone else idea instead of taking from obama
Pelosi, Reid, and the DNC need to go. Take Obama with you.
Hasn't he done enough already?
Pelosi is suppose to be the great leader of the house and the guru of our country according to her. I would also like to know why she does not just ask Obama the Black Messiah to submit his plan of action. I remmeber Nancy Pelosi saying that Obama was sent to us By GOD himself and the deomcrat from Tenn. saying he was liken to Jesus Christ. What is your problem Nancy. According to you democrats you know everything. Oh wait I forgot you democrats only bit@h about problems but have no solutions.
Nothing except Howard Dean can compare to Nancy Pelosi, go back to sleep. Congress has lower approvals than the current admin they criticize. wonder why? Because they do nothing period......
It looks as if Ohio, Florida, Virginia and probably Missouri will be deciding this election. It will be interesting to see if the people suffering in those states stick with what got them there or will they step out in a new direction.
I spoke to President Bush Mrs, Pelosi. He told me to inform you that he has received your letter and he's working on it. Your shall hear from him hopefully by the enfd of February 2009.
The white House.
Don't hold your breath Nancy or maybe you should after the way you treated Hillary. A great woman in your position should have backed her, but as usual jealousy reared it's ugly head and you became just any other woman. such a credit to your gender.
Just noticed that Donald Trump is endorsing McCain. If Obama gets elected Donald will have to pay taxes for the first time in 8 years...and he's got a lot to loose!