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. Machiavelli, Baton Rouge, LA

    All along, Bush and McCain have been saying that the fundementals of the economy are strong. What happened that all of this changed last week? Where were their team of advisors. We have one dummy sitting in the Oval Office and another dummy, in McCain, trying to take his place.

    Now they tell me they want my money to bail out their wealthy, unscrupulous friends. To Hell with the two of them.

    September 24, 2008 09:41 pm at 9:41 pm |
  2. cecil

    John McCain Overacted. There Was No Reason For Stopping There Campaign or The Debate. I Feel He Used Bad Judgement In This Matter!

    They Should Be Able To Continue Campaigning, Running TV Ads.

    They Do Have A Staff, VPs, Surrogates, and Advisors. So What's The Problem McCain.

    His Temperment ?

    September 24, 2008 09:41 pm at 9:41 pm |
  3. no more Black eyes

    tool!!! i dont even blame Bush, i blame ALL of you idiots who voted for him in 2000 and 2004….thank you, you treasonist fools for destroying this country, the axis of evil could not have done a better job, and now you want McCain.. to what, finish the death blow? 2 wars, 6.1 unemployment, gas and food on the rise, economic collapse, schools in shambles,10,000 homes lost every day, over 600,000 jobs GONE and YOU WANT TO VOTE FOR MORE? you people are IDIOTS

    September 24, 2008 09:42 pm at 9:42 pm |
  4. Ian, Minneapolis MN

    It's so hard to believe him.....but he may be right....anyone?

    September 24, 2008 09:42 pm at 9:42 pm |
  5. James

    I have an idea! Let's take immediate action and jail Bush.
    Let's look at his record since taking office.

    $400 tax rebate during the middle of a fiscal year
    Energy Crisis
    Uncalled for War based on faulty intelligence
    more vacation than ANY President EVER!!!
    Pathetic reaction to Katrina
    Runaway inflation
    Highest budget ever
    another rebate check for $600 in the middle of a fiscal year (at an administrative cost of $93 each)
    $10 trillion of debt
    now this sudden made up financial crisis!!!
    This sounds like the treacherous actions of someone that hates our country.

    September 24, 2008 09:43 pm at 9:43 pm |
  6. KM

    To be honest with everyone, I can't believe everything that I hear coming from our government these days. Can someone please explain the "crisis" to me in plain english if we don't give these lenders this money.

    I don't want to hear what MIGHT happen, tell me what WILL happen and provide facts.

    September 24, 2008 09:43 pm at 9:43 pm |
  7. sneaux

    After 7.5 years bush can almost read a teleprompter

    September 24, 2008 09:43 pm at 9:43 pm |
  8. McCain is full of drama


    September 24, 2008 09:44 pm at 9:44 pm |
  9. pam

    McCain proposes an oversight commission AFTER Obama announced His proposal fo an oversight commission. The plan Bush proposed sounds strangely like Obama's. Add this to the fact that on the Iraq war, timetables, meeting with Iran & a whole host of issues, everyone eventually comes around to Obama's plan. Can someone tell me why it is that we need a middleman? Isn't it time to elect the guy that has the right ideas 1st?

    September 24, 2008 09:45 pm at 9:45 pm |
  10. Trollmaster

    The best action Bush can take is resign along with Cheney. Any problems they try to fix don't solve anything and only make things worse.

    September 24, 2008 09:45 pm at 9:45 pm |
  11. marie

    Well, I don’t understand why the President is such in a hurry to approve this plan. This bailout must be studied very carefully before taking any decision, since the people that are going to be affected by it, will be us the working people.

    Where all that money is going to come from? The President has spent tons of money in a unnecessary war, then he gave more money to the people of Georgia etc… . Now, we are in need of money that has been waste by this President.

    I would like the Congress to go further to create a good plan that we do not end up affect by it, since everything done by Bush-Cheney Government have affect us during these past 8 years

    September 24, 2008 09:46 pm at 9:46 pm |
  12. sharon stevens

    McCain and Obama should walk arm and arm into Washington and show that they are leaders. We need them to do the jobs they are paid to do. The people of America are more IMPORTANT than a campain. We can see their ability to lead, their willingness to work together, and their ability to put their country and the people of America first .

    September 24, 2008 09:46 pm at 9:46 pm |
  13. Moose Pies

    When are you going to rescue us? I think the Victims of Katrina waited and waited and waited....but now the common man must act quickly to help floundering fat cats.

    I got it! McCain,Bush and the rest of you idiots that created this mess start with the first donations for the "rescue"'.

    I sure Cindy and John McCain will not mind donating 50 Million dollars and a few houses and cars. Great start....George W,what do you have?

    September 24, 2008 09:47 pm at 9:47 pm |
  14. Walt

    Well at least this time he is saying it himself, but I still don't believe him. And, like Nero and Usher, I say let it burn!!!

    September 24, 2008 09:47 pm at 9:47 pm |
  15. david in Roslyn

    Actually I put no value whatsoever in anything that Bush says or does. He is a twisted and sick little man. I would not support the current bailout in the fashion it is being prepared. Get outside of the box guys...try this one on:

    First I would prefer to see the government let the wall street mortgage whales die in the sand, and buy the mortages at current value.

    Second the govermment could then hire the little people that used to work at those companies and pay them to develop new mortgage contracts to homeowners based on current market value.

    Third I would like to see the government put together as set of 21st century rules and regulations for mortgage companies and wall street in general.

    September 24, 2008 09:47 pm at 9:47 pm |
  16. Michael, NY

    Here we go with the use of fear to get us to accept a bad idea. You can get anyone to accept a solution if they're afraid enough.

    September 24, 2008 09:48 pm at 9:48 pm |
  17. Bushy to the Rescue for his brother McCain?

    I know this thing is Urgent, but do Obama and McCain have the special solution to quick fix the economy? no. Sounds like more requests for delay.

    September 24, 2008 09:48 pm at 9:48 pm |
  18. ines

    Bush looks like he doesn't have a clue in that photo.

    September 24, 2008 09:48 pm at 9:48 pm |
  19. George Ennis from Toronto, Canada

    Well the politics of fear have worked so often in the past, why not try it again?

    This is crap coming from Bush. A president who has presided and helped facilitate the greatest financial meltdown since the 1930"s is now seeking input from a bipartisan group? Yes, I am sure he is looking for yes men to get his bill through. A flawed economic philosophy has resulted in flawed fiscal and financial policies. People actually trust Bush to fix the problem? This from the man who saw no problem almost up to the very end.

    Are Americans that naive to believe he can offer serious solutions to the problem? His credibility is shot! But I guess there are always some who will be prepared to jump off the cliff with him, and unfortunately take the country with him and without a parachute.

    September 24, 2008 09:49 pm at 9:49 pm |
  20. lisa indiana

    I have succeeded in ruining this Country and now I want you to give up more. I blame every closed minded one issue voter that put this man back in office 4 years ago. God Help Us All.

    September 24, 2008 09:50 pm at 9:50 pm |
  21. whiteside

    where the JOBS to pay for these loans? thats the real problem

    September 24, 2008 09:50 pm at 9:50 pm |
  22. John Starnes Tampa Florida

    He used fear and deception to stampede us into attacking Iraq, which made his cronies wildly wealthy, now he again is using fear to stampede us off a cliff while the rich criminals who caused the debacle will be left holding OUR money PLUS their huge golden parachutes. The GOP is the party of, by and for the hell with the other 99% of Americans. And to think this joke of a president will get a library and aircraft carrier named after him plus a life time pension and benefits.....all paid for by US, the people he so dearly screwed the last 8 years. And McCain is eager to grab the baton....

    September 24, 2008 09:51 pm at 9:51 pm |
  23. Pippen

    While I agree that "Immediate Action" is needed... my idea of action has more to do with voting every last career politician OUT.

    Sadly, it looks like we'll be stuck with Obama/Biden or McCain... career politicians with nothing but empty promises of change.

    September 24, 2008 09:51 pm at 9:51 pm |
  24. California Gold

    McCain is just like Bush:



    Quick throw money at it, lots and lots of money and insist on absolutely no accountability. No information on what we are buying, what it's worth or the benefit.

    And we better rush blindly into debt that will saddle our children or else the President will scare us with more talk of "panic" and the old Bush Fear ploy.

    September 24, 2008 09:51 pm at 9:51 pm |

    Like we should have heard this maybe a week ago?

    2 Little too late. I don't buy it and let's see what happens but no no no on the 700 billion.

    September 24, 2008 09:51 pm at 9:51 pm |
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