September 24th, 2008
09:12 PM ET
6 years ago

Bush: 'Immediate action' needed

Pres. Bush made the case for his administration's financial bailout plan directly to the nation on live television Wednesday night.
Pres. Bush made the case for his administration's financial bailout plan directly to the nation on live television Wednesday night.

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."

Full story


Filed under: Economy • President Bush
soundoff (329 Responses)
  1. Ted:Canada

    HE LOOKS SO STUPID.

    You are try to tell us (THE WORLD) that with more than 2.4 million people ( civil servants) who work for your federal government – not including the military. NO ONE KNEW THIS WAS COMING????

    YOU HAVE TO BE KIDDING ???

    Somebody LET THIS HAPPEN!

    American you have to dig deeper. There is an answer.

    Next Time – Pick a President who at least has a univeristy degree and does not have rely TOTALLY on OTHERS.

    September 24, 2008 09:30 pm at 9:30 pm |
  2. r conti

    The only immedeiate action needed to avoid this crisis is for Bush and Cheney to resign.

    September 24, 2008 09:30 pm at 9:30 pm |
  3. No way man

    No way man!!!

    September 24, 2008 09:30 pm at 9:30 pm |
  4. The Media is the Enemy

    BUSH HAS LIED BEFORE, WHY SHOULD I BELIEVE HIM NOW?!? HE TRIES TO LOOK SINCERE AND CONCERNED, BUT ALL I SEE IS THE BLUSTERER WHO LIED THROUGH HIS TEETH ABOUT WMD'S. WHERE WAS HE WHEN THIS WAS HAPPENING? NOW, A WEEK LATER, WHEN HIS CRONIES FAIL TO CON THE AMERICAN PEOPLE OUT OF 700BILLION HE COMES OUT OF THE WOODWORK. THEY CALL IT A BAIL OUT, I CALL IT REPUBLICAN SEVERENCE PAY!!! ALL I SEE IS A BEADY EYED LIAR. I WOULDN'T BUY A USED CAR FROM THIS LITTLE MAN.

    September 24, 2008 09:31 pm at 9:31 pm |
  5. Franky

    Do you know how upset I was?? Believe it or not, I don't want my boy to win. I really don't. My country doesn't deserve better and you know what? I've said it before, if my boy wins the White House, I will change but if he isn't, I won't. And guess what? The President is right, this is not normal...but my life is.

    September 24, 2008 09:32 pm at 9:32 pm |
  6. Jan Patrick

    Actually, I think this was one of Bush's better speeches. He explained some of the facets of the problem in simple, short sentences, that even ordinary people should be able to understand. And he didn't mince words about it being a serious problem. He also addressed some of the concerns that people had with the first draft of the resolution. And most important, he avoided that evil smirk that he gets when he talks about the war. I believe he was sincere, and I think it's about time we heard something Presidential from him.

    September 24, 2008 09:32 pm at 9:32 pm |
  7. JD from Colorado

    Hmmm aren't we in the mess because of him and the NeoCons? Because as "true"conservatives the Republicans are so fiscally responsible and all right? Maybe spending billions a week on a totally illegal war was not a good idea. Worst president in American history. He and his entire administration spanning back to 2000 should be thrown in jail. What is the penalty for treason again? Bush is guilty as sin.

    September 24, 2008 09:32 pm at 9:32 pm |
  8. Matt

    Bush and company RUINED the American economy and now they are asking for billions to bail out their rich corporate CEO buddies. Let them wither on the vine and die.

    Wake up America and realize that McCain is more of this Republican train WRECK !

    September 24, 2008 09:33 pm at 9:33 pm |
  9. helen

    Sure...and this is the same Pres that sent us into Iraq.....No Bailout!

    September 24, 2008 09:33 pm at 9:33 pm |
  10. Illinois Blue Dog

    Bush looked like a Moose in the headlights

    September 24, 2008 09:33 pm at 9:33 pm |
  11. Soldier 4 OBAMA

    clueless!

    September 24, 2008 09:34 pm at 9:34 pm |
  12. D from MI

    BUSH JR. ENTERED THE WHITE HOUSE IN A SURPLUS ... NOW LOOK AT US 8 YEARS LATER ... HOW ABOUT TAKING SOME OF THE MONEY WE SPEND OVER IN IRAQ (10 BILLION / MONTH) AND INVEST IN THIS COUNTRY FOR A CHANGE...

    BARACK, NOW IS YOUR TIME TO STAND UP FOR THE AMERICAN PEOPLE.

    BUSH HAS NO IDEA WHAT THE AVERAGE AMERICAN PERSON GOES THROUGH ... HE IS COMPLETELY OUT OF TOUCH ...

    ALL HE KNOWS IS THAT HIS FAMILY WILL BE WELL OFF AFTER HE'S OUT OF OFFICE ...

    September 24, 2008 09:34 pm at 9:34 pm |
  13. sjp

    immediate action needed, where the hell have you been george! for months and years now we have been paying high prices for food, gas, insurance, health care, schooling and all basic needs. while your iraq effort has cost us trillions. now instead of hitting up and taking down your rich voting buddies you dare tell us its immediate. you are a joke and farce that somehow this country allowed to govern for 8 years. 1 more month george and hopefully we won't see you or your rovian followers ( mccain/palin) again!

    September 24, 2008 09:34 pm at 9:34 pm |
  14. Michael Freed, Santa Fe, NM

    So this Joker (aka as Duh-bya) is now asking us to trust him with over $700 Billion in our tax dollars? This after he led us into a war under false circumstances, blew off Louisiana after Katrina, and otherwise hustled the American taxpayers for his and his rich friends' interests. He has ZERO credibility in this country.

    Give me a break! Enough already! Let Congress arrive at a bi-partisan solution to clean up his latest mess, and get back to the campaign (and the debate!).

    Michael, Santa Fe, NM

    September 24, 2008 09:34 pm at 9:34 pm |
  15. Wynter

    A few questions:

    1).Where is the imaginary "Yellow Cake from Niger"?
    2). Where is Bin Laden?
    3). Where is the aid for survivors of Katrina?

    That is the same place you will find your $700 Billion, Mr. Bush.

    You haven't responded to one crisis correctly.
    You have lied to us on every occasion.
    And you expect us to "trust you" with our economy?

    "No Way, No How, No More... Get out of OUR House."
    Wynter

    September 24, 2008 09:35 pm at 9:35 pm |
  16. Bob Stephens

    Got to get this straightened out before the election, don't you George?

    September 24, 2008 09:35 pm at 9:35 pm |
  17. FORMER GOP

    This is like seeing a pyromanic say hurry and put out the fire!!!

    September 24, 2008 09:36 pm at 9:36 pm |
  18. undecided

    So much for a "fundamentally strong" economy !!!

    September 24, 2008 09:37 pm at 9:37 pm |
  19. OH MY!

    This is not a fix. I see it as a delayed disaster.

    September 24, 2008 09:37 pm at 9:37 pm |
  20. Realistic

    I don't believe a word that W says, and he doesn't have an ounce of credibility with me. I would rather have HoHo the Clown trying to fix this mess than W.

    September 24, 2008 09:37 pm at 9:37 pm |
  21. Random Dude

    In other words,
    "Dont worry fellas, Good ol dubya is on the job"

    Well, thats what scares me you moron

    September 24, 2008 09:37 pm at 9:37 pm |
  22. Tom Jefferson from Monticello, Va.

    In a nutshell Dumya said "There's another $700 billion we haven't managed to steal from the American people.....sign on the dotted line and it's OURS!!!!!!!!

    September 24, 2008 09:39 pm at 9:39 pm |
  23. Emilio

    Bush: "Our economy is in danger"

    Our? The American people should know what "we" stands for Bush: We = Rich & Politicians

    September 24, 2008 09:40 pm at 9:40 pm |
  24. Rob

    They supported and even sponsored the out sourcing of our jobs, with their policies, they refuse to enforce immigration / labor laws, sending our jobs to cheaper labor markets or importing the cheaper labor against existing laws.
    Now that the system they have employed has come to fruition we now have to bail out the rich, the same rich which under valued us, over charged us, and shipped or jobs and productivity as a whole to the foreign nations which will soon own strategic elements of our markets and vital resources.

    September 24, 2008 09:41 pm at 9:41 pm |
  25. dustin

    The Bush admin comes off as one of those relatives who never does anything for you, but continually hits you up for money. You usually do it, because you feel its what you are suppose to do, but its hard to keep giving money to someone who never seems to know how to do the right thing with the money.

    September 24, 2008 09:41 pm at 9:41 pm |
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