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."
From CNN Politics
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Make them pay for it…
1. By voting them all out of office in Nov and every election until the end of days
2. By garnishing their wages and liquidating their investments
Once again Bush shows the world why he is the worst president in our history. The meltdown happened on his watch while he has had a republican congress and senate for six years. (Only the last 18 months have the democrats had a slim majority in the house and the senate may as well be 50-50 considering Lieberman is not really a democrat any more.)
So now, when a fix is needed, he and McCain want everyone to come together. How about all republicans donate about $100,000 each to save the country? After all, they are the ones who have benefited from the no-bid contracts in Iraq and the other scandals that will follow this administration through history.
McCain and Bush deserve each other.
Immediate action has been needed far too long. He should've been impeached in 2003.
Yes Immediate Action IS needed and his name is Barack Obama!
jack, you moron, the DEMS aren't deregulators and mccain has fannie/freddie lobbyists working for him. just because you want to believe something doesn't make it true. this si the problem with all you right wing whack jobs, you think that if you believe it, it's true. like magic!
Did you notice he did not take any blame what so ever for his part in screwing up the economy. Maybe he is senile to.
You had 8 years George Bush....a supposed Yale and Havard grad....c'mon now. Enough with George Bush! GO AWAY
right @Jack the dems really did this is just two short years of control. Who cares if the republicans have been in control for almost a decade, small potatos,. NOT
Good Job Obama for trying not to score political points. If McCains intentions were to not play politics he could have just gone to Washington quietly.
I really can't take it any more. Bush's scare tactics are dramatic and insulting to the American people. It is like chicken little hollaring "the sky is falling, the sky is falling." Yes, it is a bad situation, but there are still places in this country that are steady and consistent... why scare the heck out of everyone and send everyone into a panic. But this should be expected of Bush. "You will lose your job, You won't be able to buy a car, You won't be able to pay for your childs education..." Let's try this novel idea... don't spend more than you can afford. Don't use credit for luxuries. Buckle down and be patient, but for goodness sakes, please do not buy into the same scare the heck out of you song and dance from the Bush Admin.
Look at that face. THIS IS THE GUY YOU WANT GIVING US FINANCIAL ADVICE? What a joke.
I would like to know which idiot is going to go and vote for a McCain/Republican party now after seeing and hearing all of this!!!!
Immediate action needed: Bush/Cheney resign, McCain suspends campaign forever.
Jack,at 10:09 pm EST: Have Republican play book of whom to blame and you to can be a card carrying member of the "Blame it on someone else" Republican Party.
Your party is a joke of epic proportion and Sarah Palin has foreign policy experience because she can see Russia from her house.
Follow the smell of dung and you end up at 1600 Pennsylvania Ave. You know who lives there right???
Jack, PUH-LEASE!!!!!! The Dems have been in control of Congress for 2 years...do you think this mess just started in 2007? This is the result of YEARS of deregulation, letting the CEOS take advantange of their employees/stockholders, etc. that caused this...Freddie/Fannie are just 2 of the MANY companies that are the root of this problem...
Yeah ....sure. Bush needs immediate action so he's called one of the biggest authorities on deregulation back to the White House for consultation. As a former member of the "Keating 5" and a supporter of the Gramm-Leach-Bliley Act, John McCain will surely have some great economic insight to contribute.
The People who voted for this Idiot Should be ashamed
Bush Stole all Obama's Proposals .......
Bush's administration is almost out of office, and there's still meat on the skeleton. One last feast on our future. This is criminal. This is the largest theft in history, our children and their children and their children... will be paying for this.
WOW! What a puppet!
Who the hell is pulling Bush's strings. Anybody figure it out yet?
Look at who we are talking about. BUSH-
This dude has no care STILL about whats goin on, he was just pressured by croonies to say somethin.
And yea, that was THE LAMEST speech i have EVER....... HEARD.
Hey Jack, follow the money, that's how deep- throat clued folks into the watergate scandal. do your homework. why would mccain be running if the truth (and a vp with a clue) were on his side?
Jack:
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.
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Hey Jack, your tin foil hat needs adjusting!
So it looks like McCain found a way to halt the campaign after all... query whether they would be going to the White House if the polls showed McCain in the lead . . .
Jack – the Democrats caused this mess? Really? "Go check it out" is your proof?
I think you've been watching too many movies and tv shows about conspiracy theories. Republicans have been in charge for most of the last 8 years. The housing boom that caused this bust started after the Internet bubble burst in 2001, when major sources of invested wealth moved into new sectors, like housing. Republicans in control of both congress and the white house, championing deregulation of the financial markets over the last 8 years creating unregulated and unmeasurably risky credit derivative products based on pools of bad mortgage loans, caused this problem.
THERE ARE SOME FACTS FOR YOU, JACK.
Oh Jack -
The Dems caused this problem? What? let's put blame where it belongs, on all of them. How is it your lame duck president just two months ago said how strong our economy was? How is it your candidate just said how strong the economy was last week? Now they need $700 billion that includes my money that I will never see. By the way, check your facts. Obama did indeed receive just over $100 thousand from F/F employees to his campaign. Many, many small contributions that added up. McCain has received some $160K from the executives at F/F.... so if your candidate is bought by the execs, and Obama is supported by the employees, who is really to blame?
Yeah, Jack you should follow the money...follow the Fannie/Freddie money right to the McCain campaign and search Rick Davis.
How dare you accuse the Dems who are the only ones looking out for the American taxpayers. Bush told us just last month that Wall Street got drunk so the Repubs had some idea that things were going bad, yet they told us the fundamentals of the economy were strong. Paulson told us that and McCain repeated that just last week.
Get a grip on reality and stop drinking whatever the Repubs and Wall Street are giving you!