Bush adresses nation on Financial Crisis.

I'm pretty sure when he is addressing to the "American people" and the "people overseas" it's code word for all special interests.

Notice how he reads off the text half the video, he really does not care anymore. I was just telling my friend that since the bill didn't pass we should expect an executive order anytime soon to bypass the system. Looks like Bush/Cheney are hatching up a similar plan.

I feel bad for Americans, I really do

[edit on 30-9-2008 by vegno]

Originally posted by vegno

I feel bad for Americans, I really do

[edit on 30-9-2008 by vegno]

I feel bad for all of us. Whilst some of the greed might have been American-based, it's ultimately a problem that's going to affect the world.

reply to post by Merriman Weir


Yep, I'm from Holland, and our government just bailed out Fortis bank with 4 billion euro, together with the Belgian and Luxembourg governments. Combined it was 11 billion euro.

It was pushed through in the weekend, without any form of democratic process.

After the injection, Fortis bank stocks still plumeted.

I thnk there is to much injustice happening right now. It's always there within the superpowers of this world, but its now that justice is catching up with time.

It's up to you, the people of America to change this for the better. This injustice has been stripping you all, to the extent you've become clouded in problems that you didn't fully create. yet you all feel cot up in it? ask the questions and find the answers.

Learn from this valuable lesson and mistake. To be aware.


Yet after 8 years, of flith of your leaders, you've realised your hands are dirty. The level inappropriate behaviour was so great, it further sparked your awareness and morals. The level of destruction the governement has done, has led themselves to a great fall. Even they I feel didn't predict this


You look at your hands, and it's only now you say what I can do to change this. You didn't create this chaos, but yet you feel apart of it. You just gave away your power and awareness to others, you let the leaders, take it and abuse it for their will and desires. You want to rid clean this chaos!

You can take it on a personal level too.
George Bush in this case abused your power. Created havok with it. And now put your country in jeparody for his selfish desires.

Yet he takes no responsiblity for it, and ask's for your pocket money to fix the problems him, himself and the administration caused.



Not only do I ask what are you all going to do? But what are you going to do with all the mistrust, guilt, anger and betrayal you as nation has witnessed and experienced and from now going forward. What do you do with this awareness now? I ask this question, as I feel it need's to be addressed.

[edit on 30-9-2008 by mind is the universe]

Originally posted by vegno


I feel bad for Americans, I really do

[edit on 30-9-2008 by vegno]

I can have empathy with that. But that in itself won't help the situation.

The American people, need this wake up call, to realise, what the leaders of their country leaded them too.....


The Important thing, I feel that, the big coporations, BUSH FAMILY, oil greed no gooders, the entire administration. Will fall from this, they probably don't realise it now. But time and justice is really catching up.

As long as the American people can snap out of ignorance and procastination. Learn from these dreadful times, and move forward to better times.

In fact the market would have dropped if the plan was passed. You know, the market opened up down 200, even though everybody thought they would pass it. First of all this isn't a bailout. Your Government is broke. It can't afford to bail out anybody. The way The US have to raise the $US700 billion ($882 billion) to buy up these bad mortgages, and The US has to go to the Chinese and the Japanese and borrow even more money, and drive your over-indebted economy deeper into debt.

Or Ben Bernanke has to print up money and destroy the value of the dollar. $US700 billion, that would have just been the tip of the iceberg; it would have cost are $2 or $3 trillion.

the Fed chairman, and Treasurery Secretary Hank Paulson, both believe there is no alternative at the moment.

they've run the economy into the ground. They don't want bureaucrats and politicians running your economy. That's how come your're in this mess. You had Alan Greenspan who brought the interest rates down to 1 per cent and blew up this bubble. And you had two government entities, Fannie and Freddie, that were guaranteeing all the mortgages, creating a moral hazard, making it possible for people to buy homes they couldn't afford.

You need the free market to run the economy; you need to get risk back into this economy. The Government is trying to make believe that nobody has to suffer losses; that it can come in with a printing press make everything better. It can't. We need to restore balance. What's happening in America is the deflation of your bubble economy. And you've got to stop borrowing money from the rest of the world that we can't buy back to buy products you didn't make and we can't afford.

You need a serious recession, and that’s what's going to purge the economy of these imbalances, and you can restore a viable economy.
But it's not going to happen without a lot of pain; and all the politicians want to pretend they can make the pain go away, and all they can do is make it worse.

"This is a recession we had to have". Is this what America is now facing?

it's the artificial boom; that was the disease. The recession is the cure. The market is trying to cure the economy from the disease infected by the Government, by Alan Greenspan and Ben Bernanke, and Hank Paulson; and the Government is trying to interfere with this process.

The risk that you run is in trying to avoid this crisis, you get a much bigger crisis because they destroy the value of the dollar, there's a global run on the dollar and that's going to send US interest rates into the stratosphere and consumer prices into the roof and you'll turn into Argentina or maybe Zimbabwe.

inflation is running at 10 per cent plus per annum. The Government lies about inflation with the phoney numbers it puts out. And to say nothing happened to the dollar; the dollars hit historic low, it’s bounced a little recently, but that's just a dead cat bounce. And you know, this nonsense that the Government will make money buying these mortgages is sheer nonsense. It's going to go into the market and overpay dramatically for these assets, and if it tried to buy them cheap enough to make money it would actually bankrupt all the institutions it's trying to bail out.

And then if you read the language of the bailout, once the Government bought up these assets, it was going to be required to renegotiate the mortgages to avoid foreclosure. They were going to reduce the value of the assets, they were going to reduce the principal, extend the maturity, lower the interest rates. This was going to be a fortune; they're going to lose more than $US700 billion, because if this Bill was passed almost everybody with a mortgage was going to stop paying.

And it would have created a much bigger problem; you would have seen delinquencies go through the roof.

Where are we going to get the money... first of all where are we going to get the money to buy up the assets in the first place?


Well, we are just as solvent as a subprime market was a year or two ago. People were foolish enough to buy these bonds because they trusted them. Pretty soon no-one's going to want to buy US dollar-denominated debt. I mean it's a subprime currency; you're a subprime economy. And you're going to see it collapse.

And remember, you're not making productive use of any of the borrowed money. you're spending it all on consumption, so you're not going to be able to pay it back. So, the world isn't actually lending you money, they're giving it to you. And at some point they're going to tire of that; they're going to come to their senses, and they're going to stop. To say that's its going on in perpetuity is ridiculous.

A weak currency is never a good thing. Unfortunately it's going to be the result of the fact that you squandered your wealth. you let your manufacturing base disintegrate to borrow from the world to consume. So unfortunately you're going to have to deal with a lower dollar. The problem is if you get these kinds of bailouts the dollars going to lose all of its value. It doesn't help an economy when its currency is the debased; its citizens are poor, it devalues the purchasing power of everybody's wages, of everybody's savings.

And when all the politicians are talking about protecting the taxpayers; it's not... you're not going to lose as taxpayers. None of the politicians are talking about funding the bailouts through higher taxes; they all want to fund it through inflation, and that's going to hit every American in his pay cheque and his bank account...

While The politicians Are gathering as much money and hiding it to keep their power over the masses.

they'll do a deal. But it's not going to stop the stock market from falling. It's certainly not going to stop home prices falling; they're all going to come down. The economy is going to be in worse shape because of the deal. Sure, if you don't have a deal it's going to be trouble. you're going to have a serious recession; banks are going to fail, companies will go out of business, people are going to lose their jobs; that has to happen.

The Government can't stop that; the Government doesn't have any wealth. All they can do is change the character of the losses and shuffle it around, and make sure that people didn't really any part of the process suffer any losses. But there is no way out of this that involves more government and more inflation.

the US economy creates 25 per cent of global production; it consumes 30 to 50 per cent of global consumption. So what happens to the rest of the world, the rest of the global economy effectively, if America goes into a serious recession as I am predicting?

this is my thesis; I think certainly there'll be some people outside the United States with a vested interest in the status quo that will be hurt. But overall the global economy will actually boom. Once they no longer have to support the United States. See the problem is the world has to produce a lot extra to supply you and they have to lend you a lot of money.

If America wasn't borrowing and consuming, that would free up resources and capital for everybody else. And so you see, the rest of the world, particularly Asia where governments are suppressing the value of their currencies, people go without things so that America's standard of living can be artificially propped up. So I think the US is actually the caboose of the global economy, not the engine. And if we decouple the caboose, the rest of the cars will move around the track faster.

King George W Bush has been addressing the American people on the current crisis. Let's recap quickly to a little of what he's saying

Quote:
GEORGE W BUSH, US PRESIDENT: Unfortunately the measure was defeated by a narrow margin; I'm disappointed by the outcome.
But I assure our citizens and citizens around the world that this is not the end of the legislative process. We are facing a choice between action and the real prospect of economic hardship for millions of Americans. And for the financial security of every American Congress must act.

My Administration will continue to work closely with leaders of both parties on Capitol Hill. I appreciate their determined efforts. Congress is out today for the Jewish holiday. My Administration will talk to congressional leaders about how we can move legislation forward when members begin returning to the capital tomorrow. Our economy is depending on decisive action from the Government. The sooner we address the problem, the sooner we can get back on the path of growth and job creation.

That's what elected leaders owe the American people, and I'm confident we'll deliver.
it's just going to make it worse, you'll get more and more Government. What happens is the Government affects the free markets, it creates a problem, and then they use it as an excuse to get more even Government, and you get into a self-perpetuating spiral where the government keeps worsening the problems it's trying to correct, meanwhile growing its power at the expense of individual liberty.

Bush doesn't understand the economy; just a month ago he was ensuring everybody a month ago fundamentals were sound; they're not sound. If they were sound we wouldn't be in this predicament

It doesn't matter if Americans stop consuming, the US dollar collapses; other currencies are going to rise. Your purchasing power is going to be transferred abroad. The world will not miss a beat. Just because America stopped consuming, all factories around the world are producing goods, all the resources are being produced, all the savings are going on; you don't have to consume.

Everybody else can do all that buying for you, it's no problem. You are hurting the world, You are suppressing everybody else's standard of living so they can subsidise America. You remove the subsidy and the rest of the world will be better off.

Look at all the inflation you are supporting. They are giving you real stuff; you via your Jewish bankers are giving them pieces of paper.

The bankers are the reason there's so much inflation.
printing money to pay for the goods you import.

The reason Saudi Arabia and China have high inflation because the banks are pumping fake credit into their economy to prop up the dollar.

So the world suffers to keep Americas fat arse above water.

You export money to pay for the goods you buy. Foreign centre banks have to print it to keep the dollar collapsing. you're the reason their money supplies are going through the roof; they're printing money to prop up the dollar. That's how they export inflation all around the world, you're the root cause of it.