September 24th, 2008
09:12 PM ET
14 years ago

Bush: 'Immediate action' needed

[cnn-photo-caption image= 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."

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Filed under: Economy • President Bush
soundoff (329 Responses)
  1. Peggy

    I am not an American and I don't live in the USA either. The USA have lived ( as far as I can remember) to shop. Americans don't travel to poor countries to see hunger, poverty. Stop blaming Bush, this crisis should help you change your way of life.
    Americans send their kids to spend a semester or a year in Florence , Italy; guess what happens? Prices go up, you can't rent a studio in Florence for less than $1200. Everybody knows that Americans will pay without a word.
    Start living a better life.

    September 24, 2008 11:19 pm at 11:19 pm |
  2. mac pain

    NO NO NO what am I seeing here people REJECT THE BAIL OUT. The bad mortgages have been securitized and sold this is JUST ABOUT CASH TO REPLENISH THE RICH, and guess what, I don't have any cash either. It is bailing out the rich cronies before Bush leaves office pure and simple LET THEM FALL. Here are three simple steps to restore the economy:

    1. Revise legislation so the evil servicers can WORK OUT THE BAD LOANS for christ sake lower the interest, the payments and lower or erase the PROFITS to the idiots who bought them.

    2. Let the banks operate at break even or a loss for a year or two (for pete's sake I do).

    3. Let the DJIA fall for a change, what market only goes up.

    I refuse to be dinged $10,000 grand per person to preserve some parasite's RATE OF RETURN

    September 24, 2008 11:19 pm at 11:19 pm |
  3. Huh!!!!!!

    The only immediate action we need is to send you straight to jail and not collect you oil royalties. Bush, you are the dumbest person in america.

    September 24, 2008 11:21 pm at 11:21 pm |
  4. Am I the only one...

    that thinks Bush looks just as lost and stupid as he did in 2000.

    September 24, 2008 11:22 pm at 11:22 pm |
  5. Georgia Girl

    Someone just posted that Bush made Obama come back to Washington. Yet another incorrect statement, Bush asked Obama, just like he asked McCain. Obama stated he would do anything to help and I believe him. Also, I am tired of people falsely blaming the Democratic Congress, Democrats have been the majority for 2 years, the republicans are responsible for the other 6 years. However, for the past two years Bush has vetoed bills and the democrat majority can not achieve anything when the republicans senators have bombarded congress with ridiculous tactics to kill important bills.

    September 24, 2008 11:22 pm at 11:22 pm |
  6. Remy

    Bush really scared Americans in his speech. By the way he tried to help his buddy McCain. McCain suspended his campaign. McCain better withdraw from the ELECTION on November for the good of Americans. He supported 90% Bush plans. Few months ago McCain told that ECONOMY is strong.

    What happened all of a sudden? This is a ploy from Republican camp to divert attention of the people from Obama!

    September 24, 2008 11:22 pm at 11:22 pm |
  7. Peggy

    I would also suggest to Americans to pay attention to their kids, obesity is very high, kids on drugs. Stop talking about Bush, the economy. Take this opportunity to take care of your children, money is not THE MOST IMPORTANT THING IN LIFE.

    September 24, 2008 11:24 pm at 11:24 pm |
  8. NoMccain

    We know what happened last time when Bush asked us to vote without thinking.
    Bush is hijacking our economy to get Mccain elected with FEAR as the main tactic. And with Mccain’s impulsive move today, his senility is trully showing. His inability in judgement is also revealing. He WILL debate Friday, and the people=government, demand it of him.

    September 24, 2008 11:24 pm at 11:24 pm |
  9. Honest Abe


    September 24, 2008 11:27 pm at 11:27 pm |
  10. go away mongers-Ventura ca

    Whenever King George addresses the Nation- it's always BAD news...EIGHT IS MORE THAN ENOUGH!

    September 24, 2008 11:28 pm at 11:28 pm |
  11. Fort Collins, CO

    That's quite a fantasy trip you are on there, Jack. Tell me, did you swallow the red pill or the blue pill?

    September 24, 2008 11:28 pm at 11:28 pm |
  12. twayne

    I just read the 10 comments posted. Incredible stupidity on each one. We have a problem and it is not just one person's fault. Lot of it is some of those who wrote those comments have no idea what is happening in the country and expect a free handout. Let's work on a solution – either be part of the problem or be part of the solution.

    September 24, 2008 11:28 pm at 11:28 pm |
  13. Wendy

    Don't do it.
    It'll be another Iraq war, instead this will happen in the american soil, and the US citizens will be screwed by own government.
    Do not write a blanck check.
    Don't authorize $700B without oversight.
    We should help out with the financial crisis. But we shouldn't rush in, or provide this large a sum. We need to understand before we approve what we are agreeing to in the first place.

    September 24, 2008 11:30 pm at 11:30 pm |
  14. David in Illinois

    This mess is brought to you by 8 years of Bush and his do-nothing, regulate-nothing, prepare for nothing administration. Just when you thought they couldn't botch anything worse than Hurricane Katrina, take a look at our economy.
    And McCain - call him McGimmick –wants to perpetuate the Bush policies that brought us to this catastrophe. Wake up my fellow Americans. How can anybody even THINK of keeping the GOP in the White House????????????

    September 24, 2008 11:35 pm at 11:35 pm |
  15. nathan

    Deer in the headlights.

    September 24, 2008 11:36 pm at 11:36 pm |
  16. Mr. Johnson to you

    We are sound, the ecomony is sound. We are not in a recession.. Did I not hear this from Bush and McCain within the last 120.. Obama has been complaining about the ecomony for the last 6 months. When Obama stated how important the ecomony played a part in this election, McCain was pushing the war.
    So you tell me who is ready to lead. Obama!
    McCain has to suspend his campaign to focus on Ecomony, because he "Just don't get it"

    Sorry McCain, I'm an "American" and I'm not stupid

    September 24, 2008 11:37 pm at 11:37 pm |
  17. Larry

    I wish the Dems would own up to fact that this situation REALLY has been caused by their party starting under President Carter and then enhanced and promoted by President Clinton.If elected Obama can finish us off.It just proves ,idealism and what works in reality are totally two different things.Socialism is what we are going to end up with,and the people that vote for Obama will be at fault,and as always in denial.

    September 24, 2008 11:39 pm at 11:39 pm |
  18. russ

    The entire economy/country is in great danger. Immediate action is needed to fix the financial crisis/get the terrorists. Do not ask any questions – just say yes. Hurry, America needs you to say yes immediately without thinking about it too hard.

    September 24, 2008 11:40 pm at 11:40 pm |
  19. Don't Vote For Hate

    How nice of him to finally notice the American People's needs. Only took him 7.75 years.

    September 24, 2008 11:41 pm at 11:41 pm |
  20. KC

    Bush to the rescue….oh I meen Bush to the destruction! He can't get out of the office fast enough. Look people it's ok for us regulars for the economy do slow down, this will help increase the dollar and make America stronger on the world market. Sure we might not be able to get a loan for 40k for that next updated Hummer but don't worry you will still be able to pay for you cable bill to watch the Super Bowl!!!!!

    September 24, 2008 11:43 pm at 11:43 pm |
  21. Gin

    Had this crisis started in January. Hillary would have won primaries by a landslide and would have been the nominee. I think she is by far the best in these testing times than Mccain and Obama. USA once again missed a great oppurtunity, the same way they they did by voting bush for 2nd term.

    September 24, 2008 11:43 pm at 11:43 pm |
  22. California Gold

    Interesting that McCain and Bush, whose policies put our economy on the fast track to bankruptcy, want to meet with Obama, who is successfully pulling voters to his campaign because of the Republican de-regulators mess.

    So what are they going to talk about? Obama is going to spend his first term cleaning up the mess these two irresponsible, greedy, foolish, bigoted, Republicans created.

    September 24, 2008 11:44 pm at 11:44 pm |
  23. Gee

    I am so sick of this idiot opening his mouth when he more than helped us get here in this predicament for the past 8 years. I wish they could just make him shut up until we get our next president. That would be lovely.

    September 24, 2008 11:44 pm at 11:44 pm |
  24. Glenn

    All this from the idiot in the White House that has caused this entire mess...he and the entire GOP economic philosphy of deregulation. Bush and the GOP...gutless wonders!

    September 24, 2008 11:44 pm at 11:44 pm |
  25. Pam

    I love the deer-in-the-headlights look.

    September 24, 2008 11:44 pm at 11:44 pm |
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