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. grant

    "Section 8 of the proposed plan says: 'Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.'


    September 24, 2008 10:32 pm at 10:32 pm |
  2. Devon

    How did the economy reach this point?


    BUSH: Well, because I was elected twice and I screw up everything I ever touch... Sorry America but it's your fault for voting for me.. And you should have read the fine print on your mortgage because my cronies switched all the rules while you weren't looking that stacked the deck against you. By the way a few people got rich (mostly my friends) so it's not all bad. Now you the American people will have to give these people more money because they screwed up the system bad enough so that it is unworkable.... So now Your going to buy all kinds of bad investments because when free markets don't work then socialism is ok in order to bail out the rich.... I gotta go clear brush now... God Bless America

    September 24, 2008 10:34 pm at 10:34 pm |
  3. Ken

    Immediate action like IRAQ?! Republicans have no credibility with the American public. Their leadership has been a complete disaster for our country. Kick the Republic bums out of office!

    September 24, 2008 10:34 pm at 10:34 pm |
  4. Citizen

    George Dufus Bush actually wanted to privitize Social Security so that people could put there money into the stock market, but now he is claiming that the market is broken. Please investigate and incarcerate Bush, Cheney and all of their crooked friends.

    September 24, 2008 10:38 pm at 10:38 pm |
  5. Ron Peoria, Il

    YES YES YES Immediate action is needed.


    September 24, 2008 10:38 pm at 10:38 pm |
  6. db

    When the cameras came on, it looked like GW had just swallowed a live worm- and I was truly amazed that he was able to read all those really BIG words to the American people.
    I can't explain just how much it did NOT mean to me...

    September 24, 2008 10:38 pm at 10:38 pm |
  7. Veronica

    I'd like to know while their bailing out those "FAT CATS" on WALL Street, who's gonna help me with my forclosure. No body was there to help me, and they expect the American People to pay additional taxes to help them shew up even more! WHERE IS THE JUSTICE! As far as I'm concerned, they got what they deserved. Let them figure out their own mess!

    September 24, 2008 10:39 pm at 10:39 pm |
  8. Neal

    Booo, haha, be scared, be very very scared. No urge your congressman to do what I want.
    Fear is the tool of the dark side, or of bullies, and this president is certainly that.

    September 24, 2008 10:39 pm at 10:39 pm |
  9. Olivia

    He laid the problem out pretty well, I thought, and how it all came about.

    September 24, 2008 10:40 pm at 10:40 pm |
  10. Am from Eugene Oregon

    Amen Stephanie Amen.

    September 24, 2008 10:40 pm at 10:40 pm |
  11. Jeff Brown

    Wow, talk about a deer in the headlights!

    September 24, 2008 10:41 pm at 10:41 pm |
  12. biggy

    president dum dum wakes up and realizes he has a job to do and he is trying to do it. How can anything said by a man who was so scared to stray away from reading the teleprompter be taken seriously...holy cow we are in deeeeeep trouble

    September 24, 2008 10:41 pm at 10:41 pm |
  13. db

    For GOD's sake America- Vote for Barack Obama...

    September 24, 2008 10:41 pm at 10:41 pm |
  14. Tracey

    He neglected to mention all the billions of dollars that were spent in a war! that also contributed to the financial meltdown! Did anyone else pick that up. He mention absolutely nothing about all of that money. To me, he made it seem like it was the housing crisis and people unable to pay their mortages that caused the problem.

    I will have an Obama christmas!

    September 24, 2008 10:42 pm at 10:42 pm |
  15. Billiam

    Another ENRON scandal. Bush is leaving office and his cronies are filling their pocket at our expense.
    Like the Patriot act, Bush wants congress to agree to his proposal without questioning it.

    September 24, 2008 10:42 pm at 10:42 pm |
  16. no more Black eyes

    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.
    did you post this for a response? if you did here you go....Rick Davis FM and Phil Gramm- deregulation, i followed the money right to McCain's 9 front doors.

    September 24, 2008 10:42 pm at 10:42 pm |
  17. No Country For Old Men

    McCain called Bush and told him that he is scared to Debate
    Obama. Please help me out Bush because Obama didn't go for the oke-doke and suspended his campaign. Obama be wise because the last people to listen to a Bush got lost in the desert for forty years.

    Obama & Biden ‘08
    Hillary & Warner ‘16
    McCain 88, Hitting & Holding ‘24

    September 24, 2008 10:42 pm at 10:42 pm |
  18. 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 10:43 pm at 10:43 pm |
  19. Lost

    It's hard to be scared watching a speech by someone who obviously has idea what he's talking about.

    It was plain on his face that he had no idea what the sentence he had just read meant.

    September 24, 2008 10:43 pm at 10:43 pm |
  20. frank Honolulu HI

    Bush has a lot of gall is all I can say. He is responsible for this and he won't admit it. McCain wants to take care of what? He was there when they voted on deregulation. These are guys are so two faced they don't know where they are walking.

    Maybe they should all meet in some bathroom stalls and get some work done.

    September 24, 2008 10:43 pm at 10:43 pm |
  21. LaVelle from atlanta,ga

    Whats wrong republicans? Your big time boy is running out of war hero stories? Is he running scared?

    September 24, 2008 10:43 pm at 10:43 pm |
  22. Ian

    @jack – "the DEMS caused all this mess – and they are the group that took the profits" – where is your brain? It was republican deregulation / lack of regulation of the market that created this biggest mess on the planet.

    Any time Bush and his cronies screw something up, Bushgets into this scaremongering.

    In the case of Iraq, it's all been held at arms length and the people feeling the real pain are the military familes (and are not gettin g the support they need).

    In the case of the financial, we are all being screwed by wall street greed. every US citizen is going to pay dearly for this mess.

    September 24, 2008 10:43 pm at 10:43 pm |
  23. April Garlow

    Obama wouldn't debate all summer even though he
    had said he would debate John McCain anytime, anywhere,
    now during this crisis–the debate is all important.Obama won't go back to Washington because ,there the debates aren't scripted ,and he doesn't get 3 days to practice.He will have to use his own words, his own wit and his own wisdom–3 things he lacks.

    September 24, 2008 10:44 pm at 10:44 pm |
  24. Shpilk

    Deer in the headlights, this is GW Bush. McCain is just as clueless, except unlike Bush, he's "sure of himself". McCain will drive us right over a cliff.

    September 24, 2008 10:45 pm at 10:45 pm |
  25. james

    How come I can't trust this guy at all?
    Even as a cynical realist, I am scared.

    September 24, 2008 10:45 pm at 10:45 pm |
1 2 3 4 5 6 7 8 9 10 11 12 13 14