Bush: 'Immediate action' needed
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."
From CNN Politics
- Virus concern grips Washington as Trump dispenses optimism February 25, 2020 12:18 pm
- Top takeaways from CNN's South Carolina town halls with Sanders, Buttigieg and Steyer February 25, 2020 07:17 am
- Sanders defends comments praising Castro's Cuba: 'The truth is the truth' February 25, 2020 05:35 am
- Trump concludes India visit without major agreements February 25, 2020 11:45 am
- US wants new nuclear weapons to counter Russia but says there is no arms race February 25, 2020 07:09 am
- Analysis: The Sanders effect will touch every race on the 2020 ballot February 25, 2020 05:00 am
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.
what a MORON..... I hate Bush
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.
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
GOD HELP US! We LIVE IN A COUNTRY THAT ELECTED THAT MAN TWICE! LOOK AT HIM! LOOK AT HIM!
Jack,
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.
uhm..... I can't believe america is listening to this elmer fudd.
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!
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.
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.
Jack,
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!
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.
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
Republican stinks.........they sucks.
I'm sure Obama will just vote "Present" as usual.
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.
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.
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
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.
These are not normal circumstances and you're not a normal president.
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!
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.
Bush you blew it, you fix it OH!! sorry, he don't know how.
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
i dont trust my current President,i think he is bleeding this country for all its worth.
i would not give him a dime