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."

Full story

Filed under: Economy • President Bush
soundoff (329 Responses)
  1. McHoover Would Destroy What's Left of America

    Dear Jack,

    You must be part of the McCain campaign since nothing you stated was true.

    What is true is this mortgage meltdown is very similiar to the Keating 5 issue that your friend Mr McCain was involved in not so long ago.

    It also involved a very disturbing government bailout.

    Some people never learn from their mistakes.

    September 24, 2008 11:46 pm at 11:46 pm |
  2. Pedro Penduko

    The saddest thing about this speech is there was never an acknowledgment of fault or responsibility by this person at all. Most of the trouble we're in is because of his (lack of) leadership.

    He continues to prove everyday, even to his last days in office, that he is this country's worst president ever.

    September 24, 2008 11:46 pm at 11:46 pm |
  3. J.R.

    We won't get fooled again Mr Bush !
    Go Obama show up at the debate this friday
    and to be sworn in as president Jan. 20,'09

    September 24, 2008 11:50 pm at 11:50 pm |
  4. Stacy from Loudoun County, VA

    “We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all.”–2008 Republican Platform

    September 24, 2008 11:51 pm at 11:51 pm |
  5. Pooch

    Our "dear leader", Bush-With-ill-Song, and company have really mistreated the pooch this time. Wow! Impressive skill and finesse at engineering The Great Depression V2.0.

    Iraq V2.0 wasn't quite memorable (i.e. nightmarish) enough. Give yourselves a round of applause!

    Oh, and maybe you think you deserve a big fat $700 billion bonus for you and your Wall Street chums. So what if the taxpayers whine about it. They'll forget about it with a $5-dollar tax rebate to help stimulate the economy. Wish it could be more, but times seem to be a little tough, ya know.

    September 24, 2008 11:51 pm at 11:51 pm |
  6. Shrimp Barnicles:Longlsland, NY

    Have you heard this song before? Doesn't it remind you of a song the Bush administration sung shortly after 9/11.

    Be afraid people. Be very afraid.

    September 24, 2008 11:53 pm at 11:53 pm |
  7. glenn

    how can you expect the idiot who got you lost in the forest to lead you out? This man has lost all credibilty. I sleep better at night knowing i was never dumb enough to vote for him. How do you sleep?

    September 24, 2008 11:54 pm at 11:54 pm |
  8. Republican for change

    Last week: "The fundamental of the economy is strong"
    This week: "We are in the midst of a serious financial crisis"

    Welcome back to earth!

    September 24, 2008 11:54 pm at 11:54 pm |
  9. PE

    i HATE BUSH....

    September 24, 2008 11:55 pm at 11:55 pm |
  10. Every Wilson

    John Mccain suddenly wants to go to Washington D C, where he has been an deregulator for 20 yrs! He has a unique situation, his policies and lobbyist friends are responsible for this mess in the first place! He had an opportunity for over 20 years, to fight for regulation, oversight and less lobbyist influence in Washinton, but he chose to go with his republican party 90% of the time, which is a major reason for this debacle! This is just another political stunt by John Mccain to grab a spotlight! He and his party was for the Iraq War! Which has cost Americans taxpayers1 trillion dollars! He wants credit for a surge that is incomplete, but no credit for costing taxpayers 1 trillion dollars or for supporting going after Sadamm Hussein instead using the full might of our military, to go after Bin Laden!
    His hindsight like the surge and stopping his campaign after the fact to fix his judgment errors in policy illuminates his inadequacies and ignorance! We need a proactive president who forsees major problems and have the wisdom to safeguard America's interest! I am tired of this presidents manipulation of the country and congress! He waits until we are in dire circumstances, then whips a crisis management scenario on the people of America. Because of the time constraints left, he then can push through without thorough inspection a pandora's box!

    September 24, 2008 11:56 pm at 11:56 pm |
  11. Ray Fisher

    What a reversal from his previous "The Economy is rosy" stance. I wouldn't believe this guy if he said the sun would shine tomorrow. Only people with credibility should ask for help from our nation. Georgie lost his credibility along with the 4,171 war dead which he has caused for nothing!!!

    September 24, 2008 11:56 pm at 11:56 pm |
  12. David Newport, OR

    Fellow Americans, I have screwed up big this time. I have destroyed our you didn't do it George...those that voted for you did. This is what we deserve.

    September 24, 2008 11:57 pm at 11:57 pm |
  13. Anonymous

    7 years ago

    September 24, 2008 11:59 pm at 11:59 pm |
  14. Joe Reed

    Bush, Cheney, Rove, McCain, Palin...phony political drama at it's best.

    God help this Country!

    September 25, 2008 12:02 am at 12:02 am |
  15. Will

    Soooo now your agreeing with 70% of America?

    This is right after last week both you and McSame said that we were doing very well economically and 2 years of saying that we were on a small economic speed bump.

    September 25, 2008 12:02 am at 12:02 am |
  16. jimbo, dayton, ohio

    we are headed for a depression!!! we have to do something now!! i think i heard this before. it sounded like "saddam has wmds"!!! i cant help but think a bunch of fat cats are laughing all the way to the bank!! let them all go broke!! i allready am.

    September 25, 2008 12:02 am at 12:02 am |
  17. ted knolle

    High Gas Prices, An Endless War, The Worst Deficit Ever, Corruption from top to bottom, Wake Up People! The whole admin is criminal and dishonest.

    September 25, 2008 12:03 am at 12:03 am |
  18. Rolando Reyes

    I believe the people meeting tomorrow in Washington, need to take a serious look at this problem as part of this bail out plan. I believe this problem is being suffered accross the nation and it is related to the Home foreclosure crisis. The same people whom can't afford to continue to pay their mortgages because their Interest Only Loan arrangement has expired and the interest rates have increased to outrageous rates that has made people unable to make their mortgage payment.

    In addition, home Loans for houses that have been devaluated should be re-adjusted. If I bought a home for $400K and got a 5.75% rate on a loan for $300K to be able to purchase this home on which I put down $100K of my own money and now my home is no longer worth $400K and instead is worth $300K, then the home loan should be re-adjusted, to $300K with the original loan rate of 5.75% which could bring my mortgage payments to an affordable level that I may be able to pay and still own my home. Also, property taxes should be re-adjusted and the home owner should be refunded any difference there may exist after calculating the loans and taxes and perhaps the home insurance should also be re-adjusted as it was purchased for a home worth $400 when in fact it is only worth $300K, and who knows what else too may need to be re-adjusted.

    This I believe should be part of the proposed bail out plan.

    Thank you.

    September 25, 2008 12:03 am at 12:03 am |
  19. DemsUnite

    C'mon Jack! Look at who is behind deregulation legislation. THAT is who is to blame. Both camps have received money from Fan and Fred, that is not the root of the problem here. The deregulation legislation designed by Phil Graham and the Republicans...including McCain!!! Are what has caused this mess.

    September 25, 2008 12:07 am at 12:07 am |
  20. Rik

    Watch out America!!! Bush knows the Republicans are going down the tube, so lets make the big money richer and send the bill to working taxpayers. If the Dems go along it will show that McCain saved the nation and gets elected. If the Dems dont go along, They are bankrupting America.. I smell a snake!!!

    September 25, 2008 12:07 am at 12:07 am |
  21. Ian

    Under FDR, "the only thing we have to fear is fear itself."
    Under Bush, "Run for your lives!!!!"

    September 25, 2008 12:09 am at 12:09 am |
  22. GUY

    I don't get it... why is it all of a sudden that decisions have to be made RIGHT NOW?? I would rather see everything crash then give chunks of money to people that can't run a business so that they can keep making their oversized salaries and continue to run a business into the ground. It makes NO SENSE!

    September 25, 2008 12:10 am at 12:10 am |
  23. Archie Doby

    In reference to the President's address to America on Wednesday evening, September 23, 2008. I will repeat my request that there be no bail out for the financial Institutions. The President is using fear of a failing economy to convince America that socialism is the answer. It’s not! The major flaw in the President's presentation is that the average working person financial future is not secure because of the current financial crisis... NEWS FLASH – the working person has never had a secure financial future. Most families, 95%, live week to week. The President's bail out will not change this fact. The Bail out plan will help the President’s rich supporters that called for deregulation of the Financial Institutions that led to this financial mess. I will close with 1 word that best describes the President's speech – BOLOGNA.

    September 25, 2008 12:11 am at 12:11 am |
  24. TC, the Keystone State

    Wall Street Closed For Repairs. The Blue Collar workers that help keep the street in good repair had their jobs shipped over seas. Now the government wants to lay part of the blame on citizens for over extended their credit. Does this current administration realize that many citizens made loans and mortgages in good faith when they still had good paying jobs in the US? Americans can no longer support their family working for Wal-Mart wages. The good paying jobs have gone on a one way cruise out of the US. Where has the smoke stack industry gone? All the construction that is done throughout the country should have been using American labor and American products. What happened to BUY AMERICAN! You can hardly even find an American flag made in the US anymore. We import almost all the steel and other material necessary to build in our homeland. How can we strengthen our economy thorough importing? Apparently our high paid CEO’s would rather pay foreign countries citizens 67 cents and hour, lay off their higher paid American workers and then expect that the people they laid off in America continue to make their credit card and mortgage payments in a timely fashion and buy their products. Now we are being forced to be enablers and feed a system of greed and corruption. The fat cats are going through withdrawal because the people are wising up and withdrawing their money from the market before their money is used for yearend bonuses and retirement packages. Use the 700 billion to bring back factories and jobs to the US, not to support the fat cats addiction to money. CItzens First! Apparently money is the root of all evil.

    September 25, 2008 12:12 am at 12:12 am |




    September 25, 2008 12:12 am at 12:12 am |
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