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. Meka

    Bush...you've got nothing to say...that American's want to hear!

    You have supported job's leaving America, while you have cost this Country 10 Billion a month in Iraq!

    "COMMON SENSE" should have told you that (1) You can't diminish the job market-as you take the country in debt...WHOSE GOING TO PAY FOR YOUR WAR? (2) you made the mistake...when you took America into Iraq, by way of LEAVING Afganistan! (3) IRAQ, HAD IRAN UNDER CONTROL! YOU SCREWED UP BUSH! ! !

    Remember Bush...WHAT GOES AROUND, COMES AROUND!

    September 24, 2008 09:52 pm at 9:52 pm |
  2. Moke - Mokuliea

    Only if it means a straight up beat down of personal selfish greed on the part of those who suffer from their own ambition.....

    September 24, 2008 09:52 pm at 9:52 pm |
  3. Jocely

    For 5 years we spent $750 billions dollars for the war

    Now that cost the tax payer $ 1 Trillions to bell out wall Street that war in Iraq cost the tax payer $ 2 Trillions. Cause and effect people

    Do you see the connection my friend.

    Thank you Republican you are definitely put country first.

    Jocely

    September 24, 2008 09:53 pm at 9:53 pm |
  4. George

    The lamest political speech I have ever heard. How can you surround yourself with the "best and the brightest" and still have nothing to say. What do we say when smaller, less affluent nations nationalize parts of their economy. I will not answer my own question. However, we are now nationalizing this nation's banking system. It is rather odd that if I make poor financial decisions, i.e. miss a payment, make a late payment, these same institutions are amazingly quick to raise my interest rates to a usury level. But when they make the same mistakes, they are rewarded. Just a thought.

    September 24, 2008 09:55 pm at 9:55 pm |
  5. Juan from L.A.

    What's so scary is that a Representative from California talked in NPR after this speech and said that all the BS that Bush said in this speech is not on the bill. And if it was he would veto it, especially the constraints on his 'amigos' executives.

    How sad...wake up AMERICA!!! McCain is the same as Bush!!! Add Waldo and she's the same as Cheney!!!

    September 24, 2008 09:56 pm at 9:56 pm |
  6. JC Inter

    This big bailout package is just the begining, put all the previous bailouts together the tab is already over $1 trillion. Now that Bush asks for a national debt cap increase to $11.6 trillions to save those crooks on Wall Street. We still remember their multi-billion dollars bonuses in the last 5 years. Now we have to bail them out. This is the time to re-invent the financial system by letting the bad institues die out together with their greedy big investors. The people who really need a bailout are those who can not find job or are struggling to survive. The government should save the Main Street before spending a dime on Wall Street. Let those investemnt banks die, let the overvalued stockmarket gambling games end. Those companies which do not produce any every day life necessities, i.e. Googles, Yahoo, Microsoft, Oracle, E-bay, investment banks, etc. should all cease to make money from their stocks gambling games. Shutdown Wall Street for one year, reopen it only to those companies which produce actual living necessities, i.e. foods, energy, factories, machines, cars, appliances, etc. so we can rebuild the USA to a physically strong nation. All their stocks sales will be used for R&D and expansion of their factories and production. The elected politicians shall make sure those hard working citizens who live by the rules and financially responsible not to be charged with other crooks debts.

    September 24, 2008 09:56 pm at 9:56 pm |
  7. Helen, MA

    Anything to keep McCain from having to debate Obama.......really this is all so pathetic I can't believe it.

    THe professed urgency of the bailout is absolutely and totally a political manuever. Surely someone knew before last Friday that there was a huge problem in the financial markets. This is sounding too much like the rush to war and the Patriot Act hysteria.

    I hope the Congress will take their time, and if that means letting a few banks go down the drain...so be it.....l.they can take their greedy bigwigs with them.

    September 24, 2008 09:56 pm at 9:56 pm |
  8. BJGT

    "First of all, I don't see America having problems." –George W. Bush, interview with Bob Costas at the 2008 Olympics, Beijing, China, Aug. 10, 2008

    September 24, 2008 09:58 pm at 9:58 pm |
  9. Diane Briggs

    I am so sorry the rest of the world is watching this....I sure do want to hear the presidential candidates talk about how they each propose to help the USA save face abroad and I am suspicious that McCain and his party doesn't want him to answer anything all by himself. The candidates would be more beneficial in a debate tomorrow night than they would be interrupting congress. Be a "maverick" McCain...don't run away now!

    September 24, 2008 09:59 pm at 9:59 pm |
  10. jdr

    NO NO there has to be any bail out. the taxpayers should not have to pay for Washingtn insiders and their unwise decisions. LET IT FALL.

    it will slow down but will recover by iself in time.

    September 24, 2008 10:00 pm at 10:00 pm |
  11. Ronnie

    If Bush had been paying attention to the economy these private companies wouldn't need to be bailed out.

    September 24, 2008 10:00 pm at 10:00 pm |
  12. Where is Palin's Rescue Plan?

    If my future tax dollars are going to be invested I want some say into how it's going to BE used. AND I want that money insured or proceeds from profits on that money to go toward the broke social security fund!

    September 24, 2008 10:00 pm at 10:00 pm |
  13. Edward

    Perhaps before Bush's term is over, he has another monumental war-sized mistake in him, and this can possibly be OUR ECONOMY. Sad but true...

    September 24, 2008 10:01 pm at 10:01 pm |
  14. D from MI

    OUR ECONOMY IS GOING DOWN THE TUBE. BARACK MAKE YOUR STAND & STAND STRONG!!!!!!!!!!!!!!!!!!!!

    September 24, 2008 10:01 pm at 10:01 pm |
  15. Voter

    What a Bozo!

    He's a walking ad for the Democrats.

    September 24, 2008 10:01 pm at 10:01 pm |
  16. Diane Briggs

    Oh Yeah....I have no confidence in anything the President is saying....he is not credible.

    September 24, 2008 10:02 pm at 10:02 pm |
  17. Richie

    This is ridiculous. OMG Wall Street is losing money. The sky is falling. Cover your head. What jerks.

    September 24, 2008 10:03 pm at 10:03 pm |
  18. Bulldog

    How can anyone dare trust Bush anymore. After the Iraq War, the Katrina catastrophe, and all of his claims to excetutive privelage and our energy crisis this is just another catastrophe to add to Bush's legacy. He is unquestionably the worst President this county has ever had and it will be a great celebration when he leaves town.

    Unfortunately we have someone who admittedly supported Bush over 90% of the time with a chance to be our next President.

    September 24, 2008 10:04 pm at 10:04 pm |
  19. just one person

    IN 2001 A MONTH BEFORE THE TWIN TOWERS FELL I PURCHASED MY SMALL MODEST SEEMINGLY INSIGNIFICANT HOME. I DIDNT DO IT TO FLIP, PROFIT, OR CHEAT ANY ONE. WE NEEDED MORE ROOM AND TO BE CLOSER TO OUR KIDS SCHOOL. THINGS GOT KINDA SCARY A TIME OR TWO SINCE THEN BUT WE STILL HAVE OUR HOME. I HAVE ONE QUESTION FOR OUR FEARFUL LEADERS AND LEADER WANNA-BEES........... IF THIS ECONOMY DRIVEN BY SO MUCH GREED AT THE TOP OF THE FOOD CHAIN COLLAPSES WILL THIS GOVERNMENT HELP ME SAVE MY HOME???????????? THE ANSWER IS NOOOOOOOOOOOOOOO!!!!!!! I APPARENTLY DIDNT DO THE THINGS REWARDED MOST IN AMERICA TODAY. THAT BEING BLIND PROFITEERING AND STEALING AT THE TOP. WHY DO YOU PEOPLE ASK US TO SAVE YOUR HIGH END CORPORATE FRIENDS AND THEIR MONEY TRAPS WHEN IF MY TWO ACRES GOES ON THE BLOCK IT'LL BE MY TOUGH LUCK!!!!!!! CAN SOMEONE DIRECT ME TO ANYONE WHO IS LISTENING TO US WHO MAKE LESS THAN 100K A YEAR AND ARE GONNA SUFFER MOST. IF I'D STOLEN...OOPS... MADE MILLIONS IN INVESTMENT BANKING ECT ID NEVER ASK FOR A PENNY. WHAT'S YOUR PROBLEM PEOPLE????

    September 24, 2008 10:05 pm at 10:05 pm |
  20. Obama can still vote "Present" by proxy

    At least McCain is not the same as Barney Frank and Chris Dodd, the Dems in charge of the Banking and Finance committees for the last 2 years. Why didn't they raise some eyebrows long ago??

    September 24, 2008 10:06 pm at 10:06 pm |
  21. Jill

    Often when I hear Bush speak, loud noises scream in my head at the same time. Help me here: in his speech tonight, did Bush blame the state of the economy on the American people, and also not refer to the war at any time?

    September 24, 2008 10:07 pm at 10:07 pm |
  22. Michael

    Just like the rest of us, I bet Dubya is counting down the days until the end of his presidency.

    Wasn't nearly as much fun as he figured it would be...

    September 24, 2008 10:07 pm at 10:07 pm |
  23. lisa indiana

    September 24th, 2008 9:50 pm ET
    Your comment is awaiting moderation.

    I have succeeded in ruining this Country and now I want you to give up more. I blame every closed minded one issue voter that put this man back in office 4 years ago. God Help Us All.

    September 24, 2008 10:07 pm at 10:07 pm |
  24. sue

    flash – slam dunk – ????? another of the shrub's
    stupid statements???? Do NOT BAIL OUT the usurpers!!!!!!!!

    September 24, 2008 10:07 pm at 10:07 pm |
  25. Big Tony

    With that speech Mr. Bush's legacy is now complete. Worst President Ever. God protect us all.

    September 24, 2008 10:08 pm at 10:08 pm |
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