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. No Hillary = No Obama

    Americans need to start a national petition and force Bush out of office. Then Americans should ask for the resignation of Nancy Pelosi and the so-called congressional leadership. A new government division needs to be created – The Office of Economic Accountability and Oversight. There also needs to be an independent inspector general who is in charge of the Office of Congressional Accountability and Oversight. Americans should be outraged.

    September 25, 2008 12:56 am at 12:56 am |
  2. sad

    How come he not once mentioned that the war in Iraq is the main reason why the country is in debt?? Did he forget that we are spending over 10 Billion dollars/month over there??? Maybe if he brought our troops back it would take a big dent out of our debt and we could start to get back on our feet. Granted it won't be easy, but its a start.

    September 25, 2008 01:00 am at 1:00 am |
  3. Matt

    Being stuck with someone for 3 years adds weight to their words, even when you think he's an idiot. This guy has 3 months left. I think we've reached the center of this onion.

    September 25, 2008 01:03 am at 1:03 am |
  4. NB

    Two words- LAMEST DUCK!

    September 25, 2008 01:05 am at 1:05 am |
  5. Debra

    Help!!! I have had it with all the bailouts and the rich walking away without a scratch.

    With the upcoming elections, my high school student has been given a project entitled "Presidential Elections Notebook". He had been told to pick "one" of the candidates; Obama or McCain! To my knowledge, there are more than two individuals running for office and I have asked for a meeting with his teacher.

    Question: I need some websites to pull another information from. I would love to have a list of the current candidates listed on the ballot; I know there are more than two!

    If anyone can help, please email me at

    Thank you

    September 25, 2008 01:06 am at 1:06 am |
  6. Tariq

    Well what do you know....the arsonists trying to put out their own fire!

    September 25, 2008 01:11 am at 1:11 am |
  7. T-Prop

    Z E R O C r e d i b i l i t y

    September 25, 2008 01:12 am at 1:12 am |
  8. Irony

    Bailout = Golden Parachute for wall street and a Lead balloon for the taxpayers.

    A sincere thank you to the deregulators like Senator McCain, and his economic advisors. We are afterall only having a "mental" recession, and are just a nation of whiners.

    Why not send everyone in the US $2300 instead, we could then use it to buy stuff instead of giving it to the people who messed it up in the first place.

    September 25, 2008 01:13 am at 1:13 am |
  9. Paul Harbin - Waco, Tx.


    Be careful what you wish for, he just might.

    September 25, 2008 01:14 am at 1:14 am |
  10. Tariq

    I'll be happy with Bush finishing up his last days as president and if we NEVER have a president again for as long as the US me, I'll be very happy. At least I'll sleep soundly knowing that whatever somehow survives the Bush Administration has no chance of being invaded, flooded, or in need of a bail out.

    September 25, 2008 01:17 am at 1:17 am |
  11. Bill Stapp

    I thought I just read and and heard recently from Republican leaders at the highest levels that the foundations of our economy were strong.

    How could it go from being so strong to being in such danger in only a few days.

    September 25, 2008 01:19 am at 1:19 am |
  12. disappointed

    one bailout after another, they keep asking for more and more... with no oversight.... enough already, we see the pattern.... but it's the same for the homeowners who didn't read the fine print of the loan, and we are in this mess.... we can not afford to be this ignorant, keep on spending and not having the means to pay for it, and there is no guarantee of how much this mess is worth, and how deep it goes.... people start living within your means, but also vote smart.... lies and distorted truth won't do anymore.... by the way why is McCain avoiding debate, and Palin most of all the journalists.... it looks like Bush and Chaney all over again....
    Obama has to win, and we all have to do the work to make this better!

    September 25, 2008 01:21 am at 1:21 am |
  13. Scott Tucson

    Don't worry folks! The democrats who currently chairs the banking and financial committees and have oversight of same, along with Pelosi and Reed will save the day.. unless they take another vacation.

    September 25, 2008 01:25 am at 1:25 am |
  14. Bush isn't that bad..

    Why the hell would you want to impeach a president with 4 months left in office..

    A. Katrina was largely that IDIOT New Orleans mayor's fault..and wow, re-elected too.

    B. true..Iraq was a blunder, but at least we haven't been attacked again since 2001, unlike Britain, Spain, France, Etc.. And 9/11 happened almost immediately after he was put into office, i think it was more Bill Clinton's fault.

    September 25, 2008 01:27 am at 1:27 am |

    When the backbone of the Global Economy is to find the Country with the cheapest Labor Market it will only lead to Global Recession.

    Daryn Kelliher
    Rainier Or.

    September 25, 2008 01:29 am at 1:29 am |
  16. Brian MacDougall

    Hey, it's an October surprise and it's only September! Thanks, President Bush, another swell present!

    September 25, 2008 01:33 am at 1:33 am |
  17. jennifer

    Oh, please....WE cant wait till your gone.

    September 25, 2008 01:33 am at 1:33 am |
  18. Susan

    He bankrupted the country with the war in Irak, he bankrupted each of us with oil prices, and now he is going to give $700 billion (that we don't have) to Wall Street.

    The worst part is he, and others, have us almost convinced that we need to do this.

    Think about it out of context: Wall Street needs 700 billion dollars.

    September 25, 2008 01:33 am at 1:33 am |
  19. Brandon

    this speach was 15 minutes long

    8 of it was used to give a blow by blow account of how we got to this point.

    7 of it was carl rove scare tactics already used by Ben and Henry to congress along the lines of if you don't it will be economic genocide!

    You must do it! or we will lose even more jobs! You must do it because Henry's former colleagues at Goldman Sachs needs to defend their US$20billion bonus pool!

    September 25, 2008 01:39 am at 1:39 am |
  20. Michael G-Ventura ca

    One thing about ole george- always a day late- and seven billion dollars short!
    No more seat-of-the-pants politics!That's why we're IN this mess!

    September 25, 2008 01:46 am at 1:46 am |
  21. Marj,Paso Robles, Cal

    Uhblubla has staff members from Fannie and Freddie. That we paid for.

    September 25, 2008 01:46 am at 1:46 am |
  22. YT in MA

    Ok, ok, we do need some sort of salvage plan before the country plunges into another great depression...

    But folks, the next time you hear a Republican wailing on about how it's the Democrats who spend too much, hit them.

    September 25, 2008 01:48 am at 1:48 am |
  23. cameka

    He just want to insert himself into this bill he want to act presidential when he really doesn't look the part he need to go back to az and retire

    September 25, 2008 01:49 am at 1:49 am |
  24. Bigbubba

    Is there some reason that this has to be pushed through without the congress having time to check out the details?
    I know McCain is using it as an excuse to avoid debating Obama and has already started laying the groundwork to avoid Palin having to debate at all.
    I realize that he has said she would set up a debate on some mythical future date.
    I am also aware that the most likely thing to happen is that just prior to the Vice-Presidential debate, something else will cause the debate to be "unavoidably" delayed. And it will be too close to the election to be rescheduled.
    Wow, too bad, cause Palin would have mopped the floor with Biden due to her superior education, experience, creative use of lipstick and her Miss Congeniality tiara.

    September 25, 2008 01:57 am at 1:57 am |
  25. Michael

    umm you might want to double check your facts. Deredulation occured under Clinton's watch. Not to mention he was the one that pushed for fannie/freddie to make those loans that are now forclosing. Ohh and by the way three years ago McCain was saying we need to change what was going on in the banking industry. He may be smarter then you all think,

    September 25, 2008 02:00 am at 2:00 am |
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