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."
Yes, immediate action is needed: Bush's resignation/impeachment.
So six months ago when everyone and their grandmother saw this coming it wasn't an emergency, but with six weeks to the election suddenly we need to scramble and come up with a solution now? This apparently has more to do with showmanship and poor planning than economics.
One has to wonder how long ago we could have changed course and averted this disaster entirely. Instead it is just one piece of bad news followed by another and another and another. The end result is that Wall Street is getting 700 billion of our dollars from a government that was and is entirely too friendly with them
McCain was RIGHT – he is already in DC to help America – obama wants to stay in FL to study for the debate. Pres Bush had to ask obama to come do his job!!!!
McCain – A Leader we Need!
I DON'T KNOW ABOUT YA'LL … BUT I SMELL A RAT. MIGHTY INTERESTING THAT MCSAME JUST HAPPEN TO POSTPONE THE DEBATE ON THE HEELS OF THE PRESIDENTS CALL THAT EACH SIDE MEET WITH HIM TOMORROW….
Remember – it was important to BOMB a country that did NOT attack us!!! Do NOT rescue a thieving enterprise who has BOMBED the American people.
I honestly voted for this man, I am so ashamed; I may need therapy for years to come, maybe I can get the bill tossed into this bail out. Oh by the way call your congressman NOW!!!!!!!!! Vote no on this bail out.
Geez, you'd think after eight years, Bush would have lost that deer in the headlight expression on his face.
Haven't we had enough of rookies in the White House? You people have it wrong. It's not John McCain who would be the same as Bush; it's Obama. Too green, too inexperienced, zero accomplishments, no record to back up his mantra of 'change.' Open your eyes people and be careful what you ask for; you might get it. We can't afford four years of on-the-job training for wonder-speaker, empty words, Obama.
I agree with Bush (WOW, that hurt) that some type of intervention is needed. HOWEVER, oversight & regulation must be a part of this as the taxpayers now seem to be responsible for this mess. And NONE of the executives of any of these companies should be given a cent, the only thing they should be given are directions to the nearest door.
Obama had to be told to come back by Bush – maybe because he knows it is the DEMS that caused all this mess – and they are the group that took the profits.
Freddie/Fannie – follow the money – you will see who is to blame.
My comments are worth posting!!!!! This is a person speaking – NOT a "paid for politically involved" network!!!!
I do not have any confidence in a failing president who is leaving office with a severe financial crisis in tow. He mentioned that this crisis has been developing for some time, then why wasn't he proactive in preventing this situation?! He said many people will lose their jobs, well what else is knew! All the jobs here in our town have gone to China.
That's the real problem, the mortgages were sold to China and now they are going to lose and won't allow any more loans to the US government.
The government may actually have to lay off workers?!!! Welcome to reality! Bush mentioned if ( Wall Street and) financial institutions fail, people won't have credit for everyday needs. If we had jobs, we would not need the credit but could pay in cash. All of this has happened due to greed and I feel as a tax payer who works two jobs to make ends meet at age 53, that the rich people who own and direct these unscrupulous financial institutions should not receive one single penny!! And if they go down the better! Throwing money at the problem will not solve this because the same greedy people will find a way to take the money and run! It will be out of the country in no time in off-shore accounts! And we will still have nothing Mr. Bush! I vote NO NO NO TO THIS STUPID PLAN THAT WILL SURELY BRING OUR COUNTRY INTO DEPRESSION AND WILL BE ON THE BACKS OF MY SONS AND DAUGHTERS TO PAY FOR YEARS! YOUNG PEOPLE WHO WILL NOT HAVE ANY JOBS AND WILL NOT BE ABLE TO PAY BACK THE DEBT YOU SO FONDLY HAS CAST UPON THEM. WHAT A DISHONOR TO YOUR COUNTRY! NO, I VOTED FOR YOU TWICE AND NOW SO THOROUGHLY DISTRUST YOU JUDGEMENT!
i think this is some bull to help MCSAME. He an his cronies are up to something an the american people are on the hook!!!
NO TAX-PAYER FUNDED SURGE FOR CRIMINAL CORPORATISTS.
LET THE WALL STREET FINANCIERS IIMPLODE FROM THE WEIGHT OF THEIR OWN INCOMPETANT "FREE MARKET" CHARADES.
CORPORATE CEO SCHEMERS SHOULD DO PRISON TIME FOR FRAUD AND GRAND THEFT........NOT GET A "BAIL OUT" FROM TAX- PAYERS.
STOP THE SHOCK DOCTORS AND THEIR HYPER-CAPITALIST SCHEMES.
JUST SAY NOT TO MORE "BAILOUTS" OF CORPORATE HOOLIGANS.
WELL – what are you really waiting for??? An honest commentary or – a politically endorsed network???
God help us. While Americans are in serious trouble and hurting bush and mccain wants to play politics.
George Bush has no knowledge of fundamental economics. All he was doing was reading a speech prepared for him by the very people who allowed this mess to happen in the first place. The "equity" in the housing market caused by the Fed's bubble policies is GONE, no amount of government intervention will restore prices to their prior ridiculous levels. Now the question is who pays for this malfeasance, the banks and Wall Street firms that got rich off creating the situation or the American taxpayer. In a free market system those who take bad risks and perpetrate fraud fail, deservedly so. We need to purge these firms from our economy. There are still many sound banks and businesses that did not get caught up in the Ponzi scheme that the real estate market became in the last few years. There is NO WAY people who prudently managed their money and bought homes within their budget should be forced to hand over their savings to bail these guys out.
Sounds like the same old fear tactics George Bush has used in the past just to get his way. The financial crisis needs to be dealt with a cool and level head. If we are going to have to give Wall Street at least $700 billion of our money to fix the mess their greed got the country into, the least the President and Congress can do is try not to reward these jackals and give taxpayers some accountability for how this money is spent.
Wake up America, McCain is the same as Obama = NO CHANGE FOR THE GOOD! We have been hyjacked by a "two party system" it's actaully one big coin with two sides. A vote for Obama is terrible and a vote for McCain isn't that much better.
Funny how they pit us against eachother but the politicians seem to buddy up once their election season is over. How does that saying go? "A house divided against itself will not stand".
They play the "liberal" against the "conservative" and laugh as they suck the power right away from all of us.
These guys are so dumb. They do not understand that most Americans are acustomed to living in extreme debt and close to financial ruin. Thank you Republicans for getting us ready for the day when your policies finally bring Uncle Sam down to his needs.
McCain /Palin 08 ... if you hate America
Sure, we're going to believe President "WMD" Bush about another crisis. The President's credibility is so low that he actually does harm to the effort by trying to explain and support it..
And can you believe that Cheney was actually sent to convince members of Congress that there is a crisis. Talk about Toxic..
I love the fear tactics that Bush so shamelessly employs. Maybe we can have a secret color-coded warning system that will monitor (likely) financial ruin?
I feel like I just had a gun held at my head and was asked to donate to a country club which I could not visit.
What happened to living on earnings? Why are we such a debt-ridden nation? There needs to be some correction here. In the market, and in the habits of business and Americans, not just a bail out. LW
So... Can't buy a house because you can't get a loan... Can't get a loan because the housing market's in decline...
"I have an idea! Let's throw a LOT of money at the problem. It's worked for us before!"
"I dunno. $7b sound good?"
"I was actually thinking $700b."
Good thinking. I hate to be a big sloppy buzzkill, but... Where are you guys gonna get the money for that? Taxes? Oh good. Yeah, I have an additional 2 grand (what $700b would cost per person if equally distributed and *paid* by every person in America) laying around that I wasn't sure what to do with. I wasn't planning on putting my kids or MYSELF for that matter through college or anything, so...