Bush: 'Immediate action' needed
[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/24/art.bushecon0924.ap.jpg caption="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."
From CNN Politics
- Biden eyes big win that will send checks to millions of Americans March 8, 2021 05:05 am
- US and South Korea reach agreement on cost sharing for American troops March 8, 2021 01:14 am
- Russian disinformation campaign is working to undermine confidence Covid-19 vaccines used in the US March 8, 2021 12:39 am
- New York state senate majority leader calls on Gov. Andrew Cuomo to resign March 7, 2021 11:49 pm
- White House coronavirus task force coordinator won't say how soon Americans should expect to be vaccinated March 7, 2021 09:49 pm
- What happens next with the Covid relief bill (and when you could see another stimulus check) March 7, 2021 08:42 pm
Immediate action? How about we just impeach Bush already and declare Obama the winner. Then we can get things sorted out.
SOMEBODY TELL THAT ANTI-AMERICAN MORAN OBAMA THAT A 'CRISIS' IS NOT A TELEPROMPTER FAILURE.
McCain will be a hero because he is. Obama will be an empty suit talking by himself to the TV cameras, because he is.
Guess what dillweed...., you put us in this situation.
Why don't you take your money and bail us out.
God bless america, because you sure didn't during your watch!
Homes have BEEN in foreclosure, millions of people have BEEN losing their jobs, banks in my neighborhood have BEEN closing. Where the hell does Bush live? These things have BEEN happening. How dare he try to scare us into doing whatever the hell he wants to do...meeting with Wall street for them to tell him what to do with investing the money. Bu******! McCain and Bush are working together. This is all totally political. Just like the demise of our economy. ALL POLITICALLY MOTIVATED! WE ARE NOT IDIOTS.!!!!!!!!!!!!!!!!!1
Bush stood before the American people tonight with the same dumb look, the same read speech and the same unbelieable details as he did when he told the country why we needed to go to war in Iraq; didn't believe him then and don't believe him now.
What, five years from now his counter-part McCain lands in front of the Wall Street Bull and announce "mission accomplished" as thousands of homeless people stagger past in the background, when does it stop?
I agree – Nancy Pelosi, put impeachment BACK on the table and at least start it before January. This has been the very worst administration in the history of this country. IMPEACH !!
Put impeachment in his below zero legacy records.
Allright 'Bots, let's try to come together on this.
Hurray for both of the Candidates, and the United States of America.
this is the October surprise Rove talked about–they want to screw us for good. No way in hell should we bail them out . What are we , the public getting for this ? Nothing , as usual
Bush the worst president in history
"America, we need you to immediately surrender $2,300 per person to turn our bad debts into gold"
say you're sorry ya dumb chimp.
Mr. Bush,
Immediate action was needed when you were reelected. That action should have been impeachment. But the country was too numbed by war, followed by joblessness, followed by homelessness. Thank the good Lord your reign is almost over. Even McCain can't be as helpless as you are.
I just watched him and I wasn't moved. Call it the "Boy Who Cried Wolf" Syndrome or i'm just tired of the lies, but I don't believe a word that man says. He could probably tell me my boat is sinking and water could be up to my waist and I wouldn't believe him. Maybe he needs Colin Powell to provide a presentation and i'll reconsider!
You mean the panic you're trying to cause to give Paulson ungodly power, Mr. Bush? Shut up. Go away.
What a waste of my 14 minutes. Mr. Bush you really think we're idiots. The collapse would not have been permissible if the system didn't exist to allow it. it is not the American people faults Mr. Bush, it is our failed government oversight.
Bush is such an idiot. It is his and the Republicans fault that we are in this mess..... Exactly why I am voting Obama. Id rather have this man who is educated with the perfect VP than McShame who has no college education and Palin who is a college drop out!!!!\
Obama/Biden 2008!
So?
The market will right itself in time! I am not convinced that this bailout is worth considering. Let the greedy CEO's and home owners who bought with no or very little money down pay the piper!
If America is only all about the almighty dollar it isn't worth rescuing!
Surely, we are better than that?
So?
The market will right itself in time! I am not convinced that this bailout is worth considering. Let the greedy CEO's and home owners who bought with no or very little money down pay the piper! 🙁
If America is only all about the almighty dollar it isn't worth rescuing!
Surely, we are better than that? 🙂
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.
All I wanna say is I'm 22 years old. And I can't (expletive) believe my country is stupid. The President made me sad, he really did. I'm just upset...YOU...DON'T...KNOW...S-!!!!
BUSH MAKES ME SICK!!
WE WOULDN'T BE IN THIS PROBLEM IF YOU WERE DOING YOUR JOB!!
He can't even show a speech without the tape screwing up and having to take back up.
How is he suppose to fix the economy?
CNN, why are you showing a pre-recorded interview with Bill Clinton right after the President just made such a sensational address?! Where are the experts? Where is the discussion? His claims are going unchecked? No wonder they were able to fool the public about WMD. I guess they just got the opportunity to do it again with their big corporate bailouts!
This president is an utter failure. What a disgrace.
No bail out. No free rides for greedy executives!
THE THING I WANT TO KNOW IS ..
WHERE DID YOU GET THIS 70 BILLION DOLLARS?
SOMETHING AINT RIGHT!