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Bush implores Congress to act to rescue markets

Posted September 30, 2008

— President Bush said Tuesday the economic damage to the nation will be "painful and lasting" if Congress fails to pass a $700 billion bailout bill.

Bush said the troubled economy is depending on "decisive action on the part of our government." He spoke a day after the House voted narrowly to defeat the massive relief measure that his administration and leading members of Congress had agreed was necessary.

Bush said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process."

He also said "it matters little what path a bill takes to become law. What matters is that we get a law. We're at a critical moment in our economy."

The president said he acknowledges "this is a difficult vote for members of Congress"and that many are uncomfortable with what's transpiring in the economy. But he also declared: "We're in an urgent situation and consequences will grow worse each day we do not act. If our nation continues on this course, the economic damage will be painful and lasting."

"We're facing a choice between action and the real prospect of economic hardship for millions of Americans," Bush added. "For the financial security of many Americans, Congress must act."

The president cited Monday's free fall in the stock market as an ominous, and real, sign of what's to come if a rescue deal isn't approved.

Bush said that administration officials will be talking with congressional leaders on Tuesday on how to keep legislation moving. Congress is on a break for the Jewish holiday.

"The sooner we address the problem, the sooner we can get back to the path of growth, and job creation," he said. "This is what elected leaders owe the American people."

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  • ifcdirector Sep 30, 2008

    The goal of the president, all presidents, and the Congress, and the federal reserve is the elimination of the middle class as an entity. Anyone who cannot see that is blind. We had the opportunity to elect someone who was NOT going to give us more socialism, more federal reserve manipulation of our economy and investments, more illegal aliens, higher taxes, etc etc ad nauseum but his name was Ron Paul. I think America gets what it deserves and I hope the people who put signs up in their yards for Obama, Brad Miller, McCain, Price, and all the other people bent upon destroying this country's economic and social fabric get hit the hardest of all. Maybe a bit more suffering for poor choices made is what some people need to wake them up but then again if history is any judge it won't matter.

  • news4u Sep 30, 2008

    IMAGINE:

    How much money the illegal aliens are draining in gasoline?
    How much money the illegal aliens are draining from fire services?
    How much money the illegal aliens are draining from police services?
    How much money the illegal aliens are draining from social services?
    How much money the illegal aliens are draining from medical services?
    How much money the illegal aliens are draining from sanitation services?
    How much money the illegal aliens are draining from correctional services? How much money the illegal aliens are draining from Americans by identity fraud? How much money the illegal aliens are draining because they killed productive American citizens in car crashes?

    Don't you think it is more than $700 Billion?

  • enoughsenough Sep 30, 2008

    The scary thought is what a major terrorist attack would do the economy/country now.

  • news4u Sep 30, 2008

    You know it's getting bad when Wall Street is trying to get on Welfare!

  • davidgnews Sep 30, 2008

    Government and Big Business have been in bed together a long time. Look what an ugly baby they've made. SEOpro

    And we're gonna be paying for that big ugly baby, too.

  • SEOpro Sep 30, 2008

    "We're facing a choice between action and the real prospect of economic hardship for millions of Americans," Bush added. "

    Um. Somebody needs to tell President Dubya that the working people of America have been in economic hardship for years. 7 years to be exact.

    The Elite Few that cooked up these schemes in the banking and lending industries have conspired to rob the American people of their money. The Bush Administration llowed it by ignoring regulation and even state legislation ignored thousands of complaints filed every month to the Attorney Generals against each and every one of these banks that are in trouble.

    I say let the lenders hold what they've pushed out.

    Government and Big Business have been in bed together a long time. Look what an ugly baby they've made.

  • LocalYokel Sep 30, 2008

    "painful and lasting" is how we will remember you George W. Bush

  • davidgnews Sep 30, 2008

    In 2002, Bush worked to reform Fannie Mae and Freddie Mac ...

    Yes yes and it's a tired argument. I salute his concerns, but he had a majority and if it were that important at the time, why didn't he go on TV like he's done in the past week and make some noise about it? It would have gotten someone's attention. In the end, this is just more posturing. They'll hem and haw, and eventually pass the bill and once again the taxpayer is on the wrong end of the deal.

    I'm sure there are lots of paper trails to everywhere in terms of contributions, but it's just more noise. Meanwhile, last week, a huge spending bill was passed while everyone was watching this - anybody catch that one?

  • jg2007 Sep 30, 2008

    I for one am glad it did not pass. The banks and financial institution could have easly lowered intrest rates and the high paying salaries. Below is a list of the N.C. Congressman and how they voted. Also next to there name's are the candidates that are running against them.

    The Ayes
    Etheridge (D) Nov. 4th Election (Dan Mansell www.danmansell.com) (Will Adkins www.adkinsforcongress.com)
    Price (D) ) Nov. 4th Election ( William Lawson http://www.lawsonforcongress.com)
    Watt (D) Nov. 4th Election ( Tyrus Cobb http://tycobbforcongress.com/)
    Miller (D) Nov. 4th Election ( Hugh Webster http://www.websterforcongress.com/)

    The Noes
    Butterfield (D) Nov. 4th Election ( Dean Stephens deanstephens.com)
    Jones (R) Nov. 4th Election (Craig Weber http://weberinthehouse.com/) Foxx (R) Nov. 4th Election ( Roy Carter http://www.roycarterforcongres.com) Coble (R) Nov. 4th Election ( Teresa Bratton http://www.teresasuebratton.com) McIntyre (D) Nov. 4th El

  • DowntownGirl Sep 30, 2008

    The real terrorists have been sitting right there on Wall Street all along.

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