WASHINGTON (CNN) - President Bush addressed the economic crisis, saying, "We're in the midst of a serious financial crisis, and the federal government is responding with decisive actions."
Watch: Bush explains the "rescue effort"
Bush pointed out that the collapse of several major lenders was rooted in subprime mortgage that thrived over the past decade.
He urged Congress to approve his administration's $700 billion bailout proposal to restore confidence in the market.
"I'm a strong believer in free enterprise so my natural instinct is to oppose gov intervention," he said. But, "these are not normal circumstances. The market is not functioning properly, there has been a widespread loss of confidence.
"Without immediate action by Congress, America can slip into a major panic."
I am not an American and I don't live in the USA either. The USA have lived ( as far as I can remember) to shop. Americans don't travel to poor countries to see hunger, poverty. Stop blaming Bush, this crisis should help you change your way of life.
Americans send their kids to spend a semester or a year in Florence , Italy; guess what happens? Prices go up, you can't rent a studio in Florence for less than $1200. Everybody knows that Americans will pay without a word.
Start living a better life.
NO NO NO what am I seeing here people REJECT THE BAIL OUT. The bad mortgages have been securitized and sold this is JUST ABOUT CASH TO REPLENISH THE RICH, and guess what, I don't have any cash either. It is bailing out the rich cronies before Bush leaves office pure and simple LET THEM FALL. Here are three simple steps to restore the economy:
1. Revise legislation so the evil servicers can WORK OUT THE BAD LOANS for christ sake lower the interest, the payments and lower or erase the PROFITS to the idiots who bought them.
2. Let the banks operate at break even or a loss for a year or two (for pete's sake I do).
3. Let the DJIA fall for a change, what market only goes up.
I refuse to be dinged $10,000 grand per person to preserve some parasite's RATE OF RETURN
The only immediate action we need is to send you straight to jail and not collect you oil royalties. Bush, you are the dumbest person in america.
that thinks Bush looks just as lost and stupid as he did in 2000.
Someone just posted that Bush made Obama come back to Washington. Yet another incorrect statement, Bush asked Obama, just like he asked McCain. Obama stated he would do anything to help and I believe him. Also, I am tired of people falsely blaming the Democratic Congress, Democrats have been the majority for 2 years, the republicans are responsible for the other 6 years. However, for the past two years Bush has vetoed bills and the democrat majority can not achieve anything when the republicans senators have bombarded congress with ridiculous tactics to kill important bills.
Bush really scared Americans in his speech. By the way he tried to help his buddy McCain. McCain suspended his campaign. McCain better withdraw from the ELECTION on November for the good of Americans. He supported 90% Bush plans. Few months ago McCain told that ECONOMY is strong.
What happened all of a sudden? This is a ploy from Republican camp to divert attention of the people from Obama!
I would also suggest to Americans to pay attention to their kids, obesity is very high, kids on drugs. Stop talking about Bush, the economy. Take this opportunity to take care of your children, money is not THE MOST IMPORTANT THING IN LIFE.
We know what happened last time when Bush asked us to vote without thinking.
Bush is hijacking our economy to get Mccain elected with FEAR as the main tactic. And with Mccain’s impulsive move today, his senility is trully showing. His inability in judgement is also revealing. He WILL debate Friday, and the people=government, demand it of him.
McCAIN / PALIN ARE FRIGGIN JOKES!!!! THIS CAN'T BE REAL.
Whenever King George addresses the Nation- it's always BAD news...EIGHT IS MORE THAN ENOUGH!
That's quite a fantasy trip you are on there, Jack. Tell me, did you swallow the red pill or the blue pill?
I just read the 10 comments posted. Incredible stupidity on each one. We have a problem and it is not just one person's fault. Lot of it is some of those who wrote those comments have no idea what is happening in the country and expect a free handout. Let's work on a solution – either be part of the problem or be part of the solution.
Don't do it.
It'll be another Iraq war, instead this will happen in the american soil, and the US citizens will be screwed by own government.
Do not write a blanck check.
Don't authorize $700B without oversight.
We should help out with the financial crisis. But we shouldn't rush in, or provide this large a sum. We need to understand before we approve what we are agreeing to in the first place.
This mess is brought to you by 8 years of Bush and his do-nothing, regulate-nothing, prepare for nothing administration. Just when you thought they couldn't botch anything worse than Hurricane Katrina, take a look at our economy.
And McCain - call him McGimmick –wants to perpetuate the Bush policies that brought us to this catastrophe. Wake up my fellow Americans. How can anybody even THINK of keeping the GOP in the White House????????????
Deer in the headlights.
We are sound, the ecomony is sound. We are not in a recession.. Did I not hear this from Bush and McCain within the last 120.. Obama has been complaining about the ecomony for the last 6 months. When Obama stated how important the ecomony played a part in this election, McCain was pushing the war.
So you tell me who is ready to lead. Obama!
McCain has to suspend his campaign to focus on Ecomony, because he "Just don't get it"
Sorry McCain, I'm an "American" and I'm not stupid
I wish the Dems would own up to fact that this situation REALLY has been caused by their party starting under President Carter and then enhanced and promoted by President Clinton.If elected Obama can finish us off.It just proves ,idealism and what works in reality are totally two different things.Socialism is what we are going to end up with,and the people that vote for Obama will be at fault,and as always in denial.
The entire economy/country is in great danger. Immediate action is needed to fix the financial crisis/get the terrorists. Do not ask any questions – just say yes. Hurry, America needs you to say yes immediately without thinking about it too hard.
How nice of him to finally notice the American People's needs. Only took him 7.75 years.
Bush to the rescue….oh I meen Bush to the destruction! He can't get out of the office fast enough. Look people it's ok for us regulars for the economy do slow down, this will help increase the dollar and make America stronger on the world market. Sure we might not be able to get a loan for 40k for that next updated Hummer but don't worry you will still be able to pay for you cable bill to watch the Super Bowl!!!!!
Had this crisis started in January. Hillary would have won primaries by a landslide and would have been the nominee. I think she is by far the best in these testing times than Mccain and Obama. USA once again missed a great oppurtunity, the same way they they did by voting bush for 2nd term.
Interesting that McCain and Bush, whose policies put our economy on the fast track to bankruptcy, want to meet with Obama, who is successfully pulling voters to his campaign because of the Republican de-regulators mess.
So what are they going to talk about? Obama is going to spend his first term cleaning up the mess these two irresponsible, greedy, foolish, bigoted, Republicans created.
I am so sick of this idiot opening his mouth when he more than helped us get here in this predicament for the past 8 years. I wish they could just make him shut up until we get our next president. That would be lovely.
All this from the idiot in the White House that has caused this entire mess...he and the entire GOP economic philosphy of deregulation. Bush and the GOP...gutless wonders!
I love the deer-in-the-headlights look.