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 agree immediate action should be taken. Take Bush and his rich cronies out of their jobs now!
please elaborate on your ridiculous accusations... thanks.
so let's see....let us all pay to keep up a system which doesn't work and people can keep taking out loans they can't afford....
YES that will work!
Lord, that man still makes me tired, on the 20 of January I will be cooking bar b que in the back yard, I don't care how cold it is here in Texas, somebody take him away, OBama 08--later-
I do not believe a word from his mouth, remember the same rushed vote just before the elections that gave him a blank check and authority to go the war. Never again!!!! Not this time! Afteralll you only have 3 months left in office. Just go away!
Just like we needed to jump head first into the Iraq war. Please America see this as what it is... A play for McCain because he is drowning.
Another crock from Bush. This is an imaginary crisis with an imaginary, in fact hallucinated, solution. The only bipartisan response that is needed is–No!
NO NO NO NO NO. This is insane.
NO, NO, NO... HELL NO!
DO NOT TRUST THIS MAN!
I'm mad as hell and I'm not just gonna sit here. I may not have any direct say in this, but I sure can make myself heard.
People, please, email and call your Representatives and the relivant committees, write the editor of your local paper, MAKE YOUR VOICE HEARD!
Tell them all to SLOW DOWN. Slow this bailout train down!
I first heard someone use the phrase many years ago, and it's never been truer than now: "It's Socialism for the rich, and Capitalism for the poor!"
What a Huuuge Mess, Bush has got us in! What a Shame! Better Resign Man! The Republicans, so-called Conservatives that they are, have got the future of our Kids and Grand-Kids in a Black-Hole it seems! Our troops are in Quick-Sand in Iraq, in this game of Abu-Grabb OIL! In Afghanistan, more of our Boys are dying! All for what? The so-called Best Buddies of Bush-the rogue Pakistanis are now shooting down our drones and at our helicopters, with...weapons and money we have given them the last 6 years! Our fiscal situation is a total mess. The Neo-Conns have spent like drunken Sailors in their OIL-Games and are now asking, nay Begging to bail out the Wall Street crooks! I have a question to ask...how on Earth can the Price of Oil rise by Twenty-Five Dollars in a Day as happened this Tuesday??? Arent we all being scammed by so many Crooks on Wall Street??? Why in hell should they be bailed out??? Whoz gonna pay for all this??? Where is the Accountability???It is a total Game being played by the guys in White-House! In this Oil game, our Airlines, Auto-Industry have folded! Our Housing and Mortgage is in a Mess! Now Wall-Street...how much can be bailed...Bear n Stearns, Freddie, Fannie, AIG, Lehmann....how many more??? Why should the public pay for this Mess??? Let the OIL-Buddies of Bush pay for once!
just wrote a scathing, irreverent comment about this moron...where is it?
The last couple of days, I've gotten the feeling Paulson and Bernacke have been trying to hard-sell us a timeshare.
Now, Bush dutifully caps it off in the role of the inept boss/closer.
Can we move on to the next plan now? Maybe a real one?
C'mon Congress, just say no to this scam.
p.s. this has got to be a special kind of hell for papa(GHWB)...
Bush looked like a controlled puppet on TV tonight. Not a good thing for the world to see. Not even a good thing for my kids to see. I do not know what to believe but I know that if I choose not to prepare and I am wrong then I will be in for a world of hurt. I may already be in for a world of hurt so now is not the time to lay blame.
Guess I will get my field pack and MRE's and munnitions and get ready to go up into the hills. This mess is a real mess.
He forgot to mention that he is the one who got us into this mess.
Yeah, lets call all Bush's bank friends so that they can also take advantage of the fact that Bush can bail them out of their economic problems. And We the People keep paying the consequences....
Less than 20% of the American approve of the job this man is doing. Now we are supposed to support his prescription for dealing with this mess?
Between the obvious attempt to push back the VP debates and now this I can only conclude that the Republicans think the average voter is very stupid.
So, Bush expects us to believe a word he is saying ?
WMD, a quick war in Iraq, etc.And now he wants a blank check
to be administered by an ex-employee of Wall Street ?
Enough is enough !
Once again, the emperor has no clothes. This guy doesn't get it. For eight years he saw nothing inherently ailing in our economy. Now, having fiddled too long and let the foxes have their pick of the finest, plumpest hens, we are now at the brink of economic collapse. He takes no blame; instead he derides Congress for having the audacity to not accept his plan which places the economy at further risk in its lack of fundamental, and eminently reasonable, checks and balances that not only the Democrats but stalwarts of his own party are demanding. I'm not saying Congress has not earned its chops on occasion, but they are entitled, and in fact have a Constitutional obligation to the people, to examine safeguards, contingencies and measurable objectives that will make this a plan that serves taxpayers, investors and homeowners, and not just the institutions that started this whole debacle. When deregulation comes down to nod-and-a-wink oversight and Wall Street's audacious expectation that they will be given a blank check, with absolutely no risk of accountability, and we allow it to happen, then maybe we really are as stupid as the government and its corporate masters think we are. We had a war shoved down our throats by this little man's hubris; we don't need economic ruin in the form of a sketchy blueprint for recovery added into the mix. Furthermore, CEOs' compensation should be capped, and for the life of me I'm not sure why there isn't a great hue and cry for current and former heads of these financial services firms to give back some of their ill-gotten lucre. It's obscene and, indeed, utterly unpatriotic to continue to award the bloated compensation packages these people are walking away with for having run their respective companies into the ground. Even though Goldman Sachs has survived the carnage (so far), take a look at what Henry Paulson, the champion of the administration's bailout plan, took home in his last three years as CEO of GS. This bailout will happen, because there really is no choice, but it may not be what the president and his corporate beneficiaries want. When he gets a solidly bipartisan bill from Congress a week from now, let's see if W's time-is-of-the-essence pitch still holds or whether he vetoes it. Eight years of war, cronyism, a do-nothing domestic policy, and now, the ultimate unraveling of the economy with no compunction about letting the people who caused it play a major and lucrative role in fixing it. Welcome to your legacy, Mr. Bush. Have fun back on the ranch.
Enough, McCain. Do you honestly think we are that stupid? You made your bed (Palin), now lie in it. She should debate, as should you. Let's hear what you both have to say. Country first!
What do Republicans stand for anymore? Small government? No. Rugged individualism? No. Barry Goldwater and Ronald Reagan are turning over in their graves right now. This one sweeping moves puts us on par with France in regards to being a socialist country.
So-called Conservatives attack Liberals for wanting to be socialists, but even the most fervent left winger could not dream up this amount of socialism in the USA.
It is amazing that Bush has the courage to try scares one more time. The US should make history and bring this Administration to trial. Of course, this trail for Bush and his guerillas should happen after the economy is on track once again.
If you don't believe this is a crisis you have your head in the sand. Stephanie, you're an idiot. This crisis was caused by the democratic party. You can blast Bush all you want but this problem was created during the Clinton administration and by the democratic congress. Please do your homework!!!!
Those idiot lenders and buyers if bailed out will just do it all over again! A lot of this bailout funds will be lining the pockets of the already mega wealthy!
Jack. Why don't you follow the profits? Are you kidding? Republicans all. You're either extremely stupid, uninformed, or a paid shill for the Republican noise machine. Most of us have followed the money, and it's not the Democrats who are to blame. Get a life, or maybe try thinking an original thought, for God's sake!
A simple rational paraphrase is offered regarding what President Bush said to explain why the current financial crisis occurred. That is: an open market environment with minimally enforced regulation, simply allowed run away greed in the absence of conscience driven controls and had the natural result of exactly what has happened. Said another way, the aggressive pursuit of totally open markets, while in theory is seemingly attractive, in reality is inherent with the potential for drastic consequences and reality dictates the real need for conscientious government regulations diligently applied; not advocating for excessive control but for adequate checks and balances to insure a few don’t abuse the system. Now we the voters can see the truth in all of that and then demand that government recognize and avoid the problems with irresponsibly seeking totally open markets that encourage a few to abuse and benefit from the laxness of the system and instead demand they install enough controls and regulation to insure a productive market without abuse or we can simply wait for another go around of more of the same. The theory of totally open markets as an academic theory seems attractive but when the human element with the naturally inherent greed and aggressive ego characteristics is introduced, the result is unavoidably disastrous.