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. Brandon in Indiana

    When I was told that the President was live on (local channel #) making a statement, I said "No thanks, I don't listen to that guy"

    I then took a second to consider that the current president of the United States holds so little respect and credibility that I simply didn't want to listen to anything he says. Kind of sad that this is the case.

    September 24, 2008 11:01 pm at 11:01 pm |
  2. Ed, Santa Fe, NM

    what a MORON..... I hate Bush

    September 24, 2008 11:01 pm at 11:01 pm |
  3. Janice Il

    I for one am tired of hearing that McCain is just another "W'. There is no way in the world that there could be another like this one. Cloning couldn't even accomplish this mess. I'm not voting for him because of his stance on war but to say he's just like Bush, is not true. People can learn from past mistakes.

    September 24, 2008 11:01 pm at 11:01 pm |
  4. shocked

    Rush just like the vote on the Iraq war
    Look what we endedup with
    Hope this is not the same result because of rush to vote

    September 24, 2008 11:01 pm at 11:01 pm |
  5. The Media is the Enemy


    September 24, 2008 11:02 pm at 11:02 pm |
  6. Darrell

    Have you ever heard of a guy that runs the McCain campaign that was on the Fannie Mae payroll up until last month ? He may not have cashed his checks but he sure is the owner of the money for favors.Now candidates,get to the meeting in Washington tomorrow and get your butts to the Presidential debate on Friday, your country needs to hear from you more then ever.

    September 24, 2008 11:03 pm at 11:03 pm |
  7. Pitbull without lipstick

    uhm..... I can't believe america is listening to this elmer fudd.

    September 24, 2008 11:04 pm at 11:04 pm |
  8. Anonymous

    This is the most eye opening event in my life. We really need to go with the best person to lead America : OBAMA

    Come on America get over the he dose not look like me thing.
    The man is more educated to handle this crisis.

    put a hold on democrats and republican. WE THE PEOPLE!

    September 24, 2008 11:04 pm at 11:04 pm |
  9. elb

    Jack, how can you say the "Dems" got us into this mess when the Republicans had control of the White House for the past 8 years and of both houses of Congress for most of the last 8 years? I'm not saying the whole mess is the Republicans' "fault"–it's mostly the fault of poor oversight and unscrupulous lenders taking advantage of people who don't read the fine print in their mortgage papers. But saying it's the Democrats' fault is just ridiculous; it's not a question of political responsibility, it's one of fiscal IRresponsibiliity.

    September 24, 2008 11:05 pm at 11:05 pm |
  10. Tab

    Jack – nonsense. Obama has been calling congress every day; McCain has not.

    The Dems did not create this mess – it is the Republican philosophy of deregulation that did.

    Did you know that McCain's campaign manager was on the payroll of Freedie Mac until it was taken over – $15,000 a month to do nothing.

    September 24, 2008 11:05 pm at 11:05 pm |
  11. Jayson


    Are you kidding? Have you not opened your eyes? Even republicans (as well as some democrats) are claiming some of the blame on this one, and that says a lot!

    In case you didn't know, republicans tend to subscribe to the idea that if you impose less regulation, that the market will do better in the long run (did you actually watch Bush's speech?). Well, here it is, the proof! The proof that it doesn't work! Open your eyes and read a newspaper sometime... If you're not outraged, you HAVE NOT been paying attention!

    September 24, 2008 11:06 pm at 11:06 pm |
  12. catmom

    Bush looks like a deer in the headlights.

    For once, I would like to know from Republicans what Bush has done for this country during the past 7.5 years? Republicans have spent all of that time blaming Clinton and Democrats for everything wrong with this country. I have even heard them blaming Jimmie Carter for the financial mess we are in. What responsibility does Bush and the Republican congress have? When will Bush, his administration and Republicans in Congress ever take responsibility for their role in the shape this country is in. Where is their accountability? Man up.

    September 24, 2008 11:06 pm at 11:06 pm |
  13. NC

    the chickens have come home to roost,McBush trying to use scare tactics again,you aint sen nothing yet until all of these people you are scaring run to the banks and draw all of their money out,empty food out of the grocery stores,buy all the seeds for planting food and this BS backfire then what will you do McBushes

    September 24, 2008 11:06 pm at 11:06 pm |
  14. former for democrats

    Republican stinks.........they sucks.

    September 24, 2008 11:07 pm at 11:07 pm |
  15. PUMA

    I'm sure Obama will just vote "Present" as usual.

    September 24, 2008 11:07 pm at 11:07 pm |
  16. DWoods

    This meeting will not take all day and night. Both candidates should be committed to attending the debate. Millions of dollars, time, effort, and manpower has been put forth for this event. It would take a maximum of 5 hours to come and go in Mississippi. This is too close to the election to try and achieve some star power. Let's get this debate done and move on. We have 40 days left.

    September 24, 2008 11:07 pm at 11:07 pm |
  17. Hillary Independent finally for Obama

    A message to Bill Clinton:

    Bill, I watched you on Larry King tonight. I appreciate all you had to say except your championing Sarah Palin.

    Bill, I contributed not once but twice to Hillary's campaign. Daily I get emails from the Democrats asking for more money for various senatorial campaigns.

    I really resent your support of Sarah Palin. This woman is not of the caliber I expect from a high-level government official.

    Her education took six years and five colleges for a BA in Journalism. I got three degrees in five years and could have added the one in journalism as a "fun" degree. I also paid my own way and raised two kids without any help at all.

    September 24, 2008 11:07 pm at 11:07 pm |
  18. bill

    i cant belive the media is letting mccain getting away with this,all mccain wants is to show a picture of him in obama in bush working on this together,this is a joke

    September 24, 2008 11:08 pm at 11:08 pm |
  19. Ebony

    President Bush just said (9/24 TV address to the nation) that various deposit and checking account sare each insured by the FDIC for up to $100,000 each. That is not accurate and may give a false sense of securtity to the uninformed. The FDIC issures each DEPOSITOR for up to $100,000 NOT each account.

    I hope some of the commentators address this error quickly.

    September 24, 2008 11:08 pm at 11:08 pm |
  20. TyWebb

    These are not normal circumstances and you're not a normal president.

    September 24, 2008 11:09 pm at 11:09 pm |
  21. Agalag

    Just so you know, you can thank Bill Clinton for this. Economic problems such as these don't manifest themselves for years. During his administration he fought for a bill that would enable most anyone to get a mortgage. Poor credit = higher interest rate. Good credit = lower interest rate. People bought houses that they couldn't afford, refinanced while housing prices were inflated, and took out equity loans for houses that are no longer worth the loan amount. Just like a Democrat! "Mortgages for Everyone"! Thank God there's a Republican party to clean up after the Democrats. Thank God Hillary is gone–God help us if Obama wins!

    September 24, 2008 11:09 pm at 11:09 pm |
  22. J.C.

    How about having a week of financial holidays to cool things off first?
    Immediate action may not be good. We need long term solutions, not temporary ones. Ask Mr. Buffet for advice. He is an honorable man and begged to pay more taxes. It looks like Mr. Greenspan is nowhere in sight.

    September 24, 2008 11:13 pm at 11:13 pm |
  23. Edwin, Fayetteville, NC

    Bush you blew it, you fix it OH!! sorry, he don't know how.

    September 24, 2008 11:14 pm at 11:14 pm |
  24. I Can See Russia

    We cannot allow a Republican to sit in the white House anymore.

    What more do we need to see to make this any clearer?

    People, the time has come for true change....Obama

    September 24, 2008 11:18 pm at 11:18 pm |
  25. Lee from FL

    i dont trust my current President,i think he is bleeding this country for all its worth.
    i would not give him a dime

    September 24, 2008 11:19 pm at 11:19 pm |
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