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. jennifer

    The Geezer and Gidget are circling the drain....Flush!

    September 18, 2008 09:07 pm at 9:07 pm |
  2. Joseph

    Oh they are all out in force now.

    The Republicans have been deregulating their friends for years, and removing bankruptcy protections for the man on the street.

    Yet you want to lay this at the feet of the Democrats who have been stymied and vetoed every step of the way for the less than 2 years they have held tenuous control of Congress.

    The Democrats are offering to find solutions for the mess on Wall Street and the people on Main Street.

    You have a problem with that, why exactly?

    September 18, 2008 09:07 pm at 9:07 pm |
  3. Eric

    I'm actually seeing people that are saying Pelosi is showing leadership? are you kidding? do you libs really believe yourselves when you talk ? Nancy Pelosi is a complete joke of a person much less a political leader?? lol

    September 18, 2008 09:12 pm at 9:12 pm |
  4. Patrick

    Pelosi is downright SCARY: could you imagine if the Democrats got into office – she would be two heartbeats away from the presidency! FRIGHTENING – that would be like a Disney Porn. Well come to think about it...if the CORRUPT SLEAZE LAWYER BO got in...he would be the heartbeat. Sensible America will do whats right and BO and Joey B are going down.

    September 18, 2008 09:15 pm at 9:15 pm |
  5. ohio girl

    Ahhh leave the poor guy alone hes got lent to pick out of his bellybutton
    and some PACKING TO DO Yahoooooooo !!!!!!!!!

    September 18, 2008 09:18 pm at 9:18 pm |
  6. Willa-PA

    ""JoeCool September 18th, 2008 6:18 pm ET

    Hey Nancy,
    The Democrat-led Congress failed to prevent this crisis, not the president. Typical liberal screws things up and then blames someone else.""

    Republicans were in charge...and had the veto power even if the Congres was Democrat, they did not have enough votes to override the votes, did not get to the 60 votes needed, so, it is the Republicans who are at fault and who are against regulations and oversight. The American people are not stupid like Republicans like to think...although with this Paling thing, I think the american women are stupid though...they are not thinking with their brains what is at stake for them...until they find out what they have lost what the womens' movement have accomplished so for women...

    September 18, 2008 09:22 pm at 9:22 pm |
  7. Darren

    Would have been more fruitful to send the letter to Santa Claus.

    September 18, 2008 09:24 pm at 9:24 pm |
  8. canta

    McCain/Palin

    September 18, 2008 09:27 pm at 9:27 pm |
  9. Ron

    doesn't that woman ever get tired of listening to herself talk. she is just like Obama, calling for others to do things when they control the senate and congress and do nothing. Obama as been bought and paid for by wall street and all his posturing is the same as the free trade talk, just talk. do you think these people would give him all that money, if they thought he was serious about taxing the hell out of them. if he is elected you can be sure that any legislation regarding corporate tax will have loop holes in it to benefit his friends.

    September 18, 2008 09:30 pm at 9:30 pm |
  10. Independent but Leaning

    Pelosi, Obama, Reid... only a country as great as America could survive this threesome. Let's hope our nation's resiliency is not put that test.

    September 18, 2008 09:31 pm at 9:31 pm |
  11. canta

    Now you want to work....................You walked on of Congress for recess and refused to allow the vote to go thru on drilling while the American people struggled.

    Your people changed the banking laws please don't blame President Bush..........................and the American people want answers not finger pointing. We all know what had been done.. Nothing.

    The last time I looked my car took gas not hot air and sunshine. 70% of the american people want drilling. Not a half baked drilling bill.

    McCain/Palin 08

    September 18, 2008 09:32 pm at 9:32 pm |
  12. joe m

    interesting suggestion from a woman, the third most powerful woman in american politics today, who has not done much of anything at all. sure let's get bush out of the white house, but we should make sure that pelosi is on that same bus.

    September 18, 2008 09:32 pm at 9:32 pm |
  13. jt

    Pelosi, you take action! You are he speaker of the house. You all thoes people below you. Close your mouth and do something.

    September 18, 2008 09:38 pm at 9:38 pm |
  14. anyonmous

    why dont the us house of representitive decide the next president of the united state nither of these candidate are going to have 270 electoral votes by november

    September 18, 2008 09:38 pm at 9:38 pm |
  15. anyonmous

    obama 08

    September 18, 2008 09:40 pm at 9:40 pm |
  16. Ray Fisher

    Nancy, say it ain't so!!! You are willing to sacrifice your vacation for our nation??? How George Bush can you guys get??? How about using just a fraction of the money you're wasting daily to build some hydrogen fueling stations across the nation to build our economy instead of destroy??? This is what is needed to jump start our economy, real actions!!!

    September 18, 2008 09:40 pm at 9:40 pm |
  17. Mike Brooks

    I love it when fools like "PALIN POWER" run across an actual woman who knows what they are doing. The best joke, though, is that Sarah Palin is a small time crook who reminds me so much of Spiro Agnew it's almost frightening. If even half of the case allegations against her are proven, she will go he way of Mr. Agnew. In addition to serial adultery, we have obstruction of justice, bribery, abuse of power, illegal wiretapping, and on and on and on. I am quite certain that, if the voters are so dumb as to elect McCain, that she will be forced to resign or will be impeached. Then, "Palin Power", then we get PRESIDENT PELOSI!!! Thank you, thank, thank you for that vote of confidence in her leadership ability!

    September 18, 2008 09:40 pm at 9:40 pm |
  18. BringIt

    BREAKING NEWS:

    McCain is appointing George "Macaca" Allen to head up his Minority Outreach Program...!!!

    September 18, 2008 09:41 pm at 9:41 pm |
  19. Annie

    If I could ask Nancy Pelosi just one question it would be what were you thinking when you took impeachment off the table?

    September 18, 2008 09:43 pm at 9:43 pm |
  20. jimmy

    it was Mccain who suggested a commission to study the economic
    mess that our country is facing and which Obama criticized in front
    of a rally crowd .. Well , now we are know John Mccain was right after all. IT NOW HAS HAPPENNED THAT NOT ONLY WAS "COMMISSION" FORMED ,BUT A LARGER GROUP OF FINANCIAL AND CONGRESSIONAL LEADERS GOT TOGETHER TO DISCUSS THE ECONOMIC PROBLEMS AND THEY ARE COMING UP WITH A PROPOSAL TO FIX THE ECONOMY.. MCCAIN GOT IT RIGHT ON THE BUTTON. OBAMA WAS THE ONLY ONE WHO THOUGHT HE AND HIS AIDES COULD COME UP WITH A SOLUTION TO OUR ECONOMY PROBLEMS

    September 18, 2008 09:46 pm at 9:46 pm |
  21. No Hillary = No Obama

    Pelosi had her chance to get rid of Bush through impeachment proceedings and she "took it off the table". Instead she writes him letters, demanding something he doesn't have – competence. Then she turns her back on Hillary Clinton and promotes somebody who needs a teleprompter to sound competent. What a joke.

    September 18, 2008 09:48 pm at 9:48 pm |
  22. Farrell, Houston, Tx

    DOES ANYBODY KNOW WHAT HAPPEN TO MCCAIN'S FRIEND CARLY FIORINA AFTER SHE WENT ON NATIONAL TV AND SAID MCCAIN OR PALIN WERE QUALIFIED TO BE CEOs OF A COMPANY? MCCAIN PROBABLY GOT RID OF HER BECAUSE SHE WAS SO RIGHT.

    September 18, 2008 09:50 pm at 9:50 pm |
  23. FOCUS ON THE ECONOMY

    What kind of letter is that?
    How can anyone think that Bush and the Republicans can do anything positive about the economy? The economy wouldn't be where it is right now if the Republicans can do anything positive. Pelosi, do you want Bush to mess it more than he already did? Please withdraw your letter with all due respect.

    McCain is even worse about the economy.

    Signed,

    FOCUS ON THE ECONOMY.

    September 18, 2008 09:53 pm at 9:53 pm |
  24. Dave in Illinois

    So Bush should propose a solution to the problem that the Democratic Congress has failed to address in the last two years. He did propose one years ago but the Democrats wouldn't hear of it. Maybe Nancy should talk to her fellow Democrat Barney Frank who as the House Financial Services Chairman has fought against reform of Fannie MAE and Freddie MAC for years

    September 18, 2008 10:02 pm at 10:02 pm |
  25. INDEPENDANT VET

    SIT DOWN SHUT UP , DO NOTHING HOLLYWOOD GROUPE.

    WHEN ASKED A SIMPLE QUESTION AT HER VP . ABOUT IKE , HE REPLIED , THE HELL WITH THEM TEXANS .

    WELL WHAT A VP . MAYBE SOME ONE SHOULD SAY THE HELLL WITH HIM AND HIS PRO-IRAN DONORS AN HIS FLIP FLOPPER , TO HELL WITH THE SAUDIE PRINCE THAT PAID FOR HIS SCHOOLING.

    NO POLISI , ENEOUGH HOLLYWOOD . TAKE ANOTHER TIME OFF. DON;T DO ANYTHING WHILE YOU ARE THERE BUT DRUM UP MORE LIES TO SWALLOW ANOTHER FLOOD.

    September 18, 2008 10:03 pm at 10:03 pm |
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