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 theĀ "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. mike

    McCain is a complete joke after taking so much money from fannie mae and freddie..including his lobbyst.

    Now people have called him to it.
    Just this week jmac shows he is not ready to lead. The fundamentals of the economy that is strong less than a week u suspending ur campaign to look like u are a leader...joke...go to the debate and lets see what you got. We want you to answer to all the lies..and smear. If its true that Obama is not ready to lead why do Jmac/Bush want Obama in Washington?
    They are just empty suits cant think right they need Obama's ideas to copy and

    September 25, 2008 12:12 am at 12:12 am |
  2. EX -Democrat now for McCain

    Were so Sick of Obama and his hater supporters we could Puke!!

    September 25, 2008 12:16 am at 12:16 am |
  3. Terry Ridener

    Those who compromiise have agreed
    Those who surmise have a need
    Those who perpetrate will succeed
    Over those they continue to bleed

    September 25, 2008 12:16 am at 12:16 am |
  4. irony

    Since when does a lame-duck ram ground-breaking legislation through Congress on their way out the door? Don't fall for it Congress. Bush has been saying everything in the economy is great up until last week. Don't trust this guy he's lied and lied and lied. Mr Bush the saying is, "fool me once shame on you. Fool me twice shame on me.

    September 25, 2008 12:17 am at 12:17 am |
  5. Gary Lumsden

    The sad reality is that while the majority of the U.S. population dosen't even know how to balance their own check books, our Congressional 'leadership' is pandering for their votes this November!

    As a nation of nitwits, we are now becoming our own worst enemies.

    A Federal intervention into the financial markets is critical at this time in our history. It will prove to be a far better 'investment' in the countries future than any other conceivable Federal spending plan.

    September 25, 2008 12:17 am at 12:17 am |
  6. Chicago for Obama

    I would've loved to see someone take some responsibility and it should've been him. He has been in office for almost 8 years, this happened on his watch and he won't even make note of that. This is the party. No one knows anything and the mouthpieces do their bifdding. I'm sorry to feel this way but I just cannot wrap my head around this.

    September 25, 2008 12:24 am at 12:24 am |
  7. John Starnes Tampa Florida

    well at least he did not say "Nuke-ya-lurr" !

    September 25, 2008 12:28 am at 12:28 am |
  8. bob in LA

    Can we impeach this clown even when he leaves office? He has deceived the public. Lied to us. Given us false hopes that our ecomnomy was strong and done it all while depleting our treaury with a war that should never have been fought, He has ruined our relationship with every country around the world and has put us all in peril. This violates every part of his oath of office.
    I also think we need to arresat anyone who voted for him on the grounds of treason. They have affected the safty of the American population byplacing this man in power. OK, so that's extreme. But we don;t have laws against stupidity.

    September 25, 2008 12:29 am at 12:29 am |
  9. Rave

    Once again Mr. President, you prove to be a perfect Clown.
    Somehow I have a feeling that John McCain will create more disaster in this country than Bush, if elected President. Anyway, he is not winning.
    OBAMA (2008 -16)

    September 25, 2008 12:30 am at 12:30 am |
  10. Republi-Con

    They wanna tap Obama's brain don't they. Enough of the rubbish.

    September 25, 2008 12:31 am at 12:31 am |
  11. bart

    Give the mint a break, its been working last 8 years. 2 more years to print $700B.

    September 25, 2008 12:34 am at 12:34 am |
  12. Americans unite

    George Bush talking about the bailout and the economy was an absurd moment in press conference history. Talking about it as if it was not 'his' economy.....

    September 25, 2008 12:39 am at 12:39 am |
  13. Javier Oberti - Fort Lauderdale

    So much ignorance about what's at stake here. Liberals don't understand unity for the good of the country. All they want is to be in charge again. God help us.

    September 25, 2008 12:39 am at 12:39 am |
  14. Speider

    "Bush: 'Immediate action' needed" postpone these debates or our republican gooses are cooked!"

    When a staffer whispered, "geese, sir," Bush replied "oh, like 20 questions!"

    September 25, 2008 12:39 am at 12:39 am |
  15. Drew


    September 25, 2008 12:39 am at 12:39 am |
  16. Sue in MI

    I really don't see how the Democrats "caused this mess." The mess was caused by the American people wanting loans they couldn't afford, and the Republicans pushing through legislation that allowed these bad loans.There is plenty of blame to go around, and McCain's campaign CHAIRMAN was taking gobs of money from Freddie as late as last month-so don't blame the Dems.

    September 25, 2008 12:44 am at 12:44 am |
  17. 12345678

    Can you imagine Palin to be in Bush's position handling this kind of crisis? She might be if MaCain was electated. And she sure will lead us to nowhere.

    September 25, 2008 12:45 am at 12:45 am |
  18. libs be dopes

    Welcome to the United States of France

    September 25, 2008 12:45 am at 12:45 am |
  19. Paul Harbin - Waco, Tx.


    September 25, 2008 12:46 am at 12:46 am |
  20. Nathan

    Bush/McPain in 08! Take from the poor and give to the rich! Want to know what "conservative" means? It means the greatest government intervention in the market ever–in order to rescue the firms that have exploited the lack of government regulation. This is pure cynical greed. Let's have a real discussion of how a trillion dollars might be used to build a stronger economy. Think that will happen? Bush/McPain goes on and on.

    September 25, 2008 12:48 am at 12:48 am |
  21. Credit Card Republicans

    More FEAR tactics just in time for the election.He sounded like a petty thief robbing the bank down the street.Hurry up and put the money in the bag or else.Im still laughing.

    September 25, 2008 12:49 am at 12:49 am |
  22. mark


    September 25, 2008 12:54 am at 12:54 am |
  23. Marc

    I wish someone would take a look at this issue from a difference perspective, such as The American Critic web site.

    September 25, 2008 12:54 am at 12:54 am |
  24. Enough

    Jack September 24th, 2008 10:09 pm ET

    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.

    How clueless can you get?? What party was in charge of deregulating? Hint, it was not the Dems. McCains campaign manager was taking money from Fannie Mae as recently as last month. Open your eyes. They are robbing you blind, and you are defending them? Unbelieveable

    September 25, 2008 12:55 am at 12:55 am |
  25. KenB, MI

    Yea, I would have done things differently when the Big Dog Bill was in office...didn't happen...People do change...slowly...This has been the best 8 years in the life of being a husband and a father...we have grown intellectually and financially and much of that life financially has become some of the worst we have experienced in our life time.

    It boggles the mind when billions are being spent for war...billions being proposed to bail out top heavy financial corporations...the same corporations that give the people on the ground a difficult time in moving forward and if they did, well, look whats happening now.

    what an incredible time, I can only shake my head...God help us.

    September 25, 2008 12:55 am at 12:55 am |
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