October 6th, 2008
12:15 PM ET
14 years ago

Bush: Bailout will take time to work

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/29/art.bush.ap.jpg caption="Pres. Bush said the bailout will take time to work."]
SAN ANTONIO, Texas (CNN) - President Bush said Monday it will take a while to put an effective financial rescue plan in place after Congress approved a $700 billion scheme to prop up the lending industry.

"We don't want to rush into this situation and have the program not be effective," he said after meeting with small business owners in Texas, adding that he did not want to "waste taxpayers' money."

Watch: Bush's comments on the Bailout Package

Bush said the controversial plan was a "big step" towards solving the crisis in finance, which has claimed a number of the country's largest banks and investment banks and has sent stocks plummeting.

He admitted "a lot of people are not pleased" by the plan, but said the public would have been worse off without government intervention.

"Had we not done anything, people like the folks behind me would be a lot worse off," he said.

Filed under: President Bush
soundoff (118 Responses)
  1. eds

    Since comments were closed so fast on the story about McCain's advisors stepping up the attacks:
    No news there is it? You notice that they say they are "staying focused on the economy" (since when WERE they focused on solutions to the problems there??) but putting it (to paraphrase) in the framework of attacks on Obama's character. What the devil does Obama's character have to do with the economy and their (lack of) a plan to fix it????? Just curious.

    October 6, 2008 01:50 pm at 1:50 pm |
  2. Winnie in Montana

    The bailout plan will take a long time to work, if it works at all. Since we have never been in this situation, theory is all we have to work with. It's possible that this bailout won't work at all or may have a negative effect. Much more thought and analysis should have gone into this plan before the House and the Senate approved it. It's like they went to the grocery store when they were hungry.

    October 6, 2008 01:51 pm at 1:51 pm |
  3. Real Politics

    Abby: Look again........McCain went up. Sorry for the bad news.

    October 6, 2008 01:52 pm at 1:52 pm |
  4. Ilene Sternberg, West Chester, PA

    If you really want to know what happened to John McCain, please Google and read the story of McCain's life, "Make-Believe Maverick" by Tim Dickenson. John McCain is a complete fraud!

    October 6, 2008 01:52 pm at 1:52 pm |
  5. Mary Jane

    It' s my belief the democrats are in cahoot's with the economic crisis – they are playing politics in a backroom fashion so they can present the messiah as the answer, when in actuality the corrupt messiah and the "leaders" (lol!) of the democrats are the problem. Corrupt politics as usual. Country First – John McCain and Sarah Palin, sensible leaders in a turbulent time. Lets shake the corrupt out of Washington – starting with Obama.

    October 6, 2008 01:52 pm at 1:52 pm |
  6. Glenn; North Carolina

    "a lot of people are not pleased" That's like saying WWII was a skirmish. People are pissed, and it's getting very ugly outside. I was watching a NYC news station and there is a 30% chance of it raining stock brokers on wall street. NYPD is recommending avoiding the area immediately adjacent to the NYSE, as there could be some splash over from some of the "Fat Cats".

    October 6, 2008 01:52 pm at 1:52 pm |
  7. RH

    "...adding that he did not want to 'waste taxpayers' money.'"

    Well that's big of him.

    October 6, 2008 01:53 pm at 1:53 pm |
  8. ohio

    mccain and bush both idiots!!!!!

    October 6, 2008 01:53 pm at 1:53 pm |
  9. Pol

    The low-intellectual woman, who could be found only in Alyaska, is barking and digging a big hole for her future where she will be sitting forgotten by Mc-...whatever for the rest of her life.

    October 6, 2008 01:53 pm at 1:53 pm |
  10. George W. BUSH IS A CRIMINAL

    NO Farewell Party for – George W. Bush. This man is a discrace and has turned this country into the Laughing Stock among other world leaders. George W. Bush should be punished for his crimes against the American people. The Economy and The Iraq War. NO MORE GEORGE BUSH ECONOMICS.

    October 6, 2008 01:53 pm at 1:53 pm |
  11. karen raleigh

    I think that as a nation we should all vote for Obama/Biden–all states should be in the blue and see what they can do for this country and its people. Give the Democrats a chance –4 years goes by in a very short time- let's get it together..Obama/ Biden 08

    October 6, 2008 01:53 pm at 1:53 pm |
  12. ohio

    tell palin to suck a huge one she has a really big mouth with empty head not brains at all

    October 6, 2008 01:54 pm at 1:54 pm |
  13. Lou from CT

    As I have said before, the Republicans are trying to take the focus away from the economy and other issues hitting Americans where they hurt the most – their wallets – and focusing on smear, lies, and "Swift Boat" attacks that they have practiced since the days of Richard Nixon (anyone remember CREEP)? If they actually think the Democrats are oging to fall for this nonsense, they are sadly mistaken.

    October 6, 2008 01:54 pm at 1:54 pm |
  14. Foreign Born US Citizen

    I feel sorry for Palin. I watched the VP debate and she could not answer a single question appropriately that relates to the question that was being asked. "Joe six pack" to me that's an insult. Sounds like she was talking to drunk people in general. Maybe I misunderstood what she meant by that. Maybe someone could explain that to me because I'm not into "slang words". Palin said she is a journalist but she is not articulate enough compare to other journalist that I watch. Now she's attacking her opponents and so be it. I am independent voter and a woman but because she's a woman, and a governor and a mother it doesn't mean that she is qualified to be the VP. McCain is old and is not in the best of health. That scares me! Journalist and the OBAMA camp should not ve soft on PALIN because she's a woman after all she started the NASTY ATTACKED.

    October 6, 2008 01:54 pm at 1:54 pm |
  15. Pumpkin Eater

    Some day he may rank among the greatest of US presidents. Certainly one of the most controversial. He has had to deal with an attack on US soil, like Roosevelt. He has had to deal with natural disasters on unprecedented scale. He has had to preside over a financial crisis not seen since the 1929 crash. I think history will treat him a lot more kindly than his contemporaries.

    October 6, 2008 01:55 pm at 1:55 pm |
  16. Jason

    Does anyone even care what Bush says or does anymore? No one likes this guy and we all want him to just go away.

    October 6, 2008 01:55 pm at 1:55 pm |
  17. notime

    well george let the next gov't take the blame if this bailout you have proposed doesn't work. You will be in your ranch retirement party while the average american can worry about their jobs, 401k, healthcare, taxes and whatever mess you have left us with not to mention the war in Iraq and Afghanistan, God help us.

    help us Obama!
    help us Joe!

    October 6, 2008 01:55 pm at 1:55 pm |
  18. Old Guy

    Hate might not be working but, censorship sure is, I have tried posting to this story four times to no avail.

    This is the republican economy, the economy George Bush and John McCain worked on for these past eight years. Do you like what you have now?

    Where would your Social Security savings be if Bush/McCain had their way and your SS money was in the stock market?

    October 6, 2008 01:55 pm at 1:55 pm |
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