Bush adresses nation on Financial Crisis.

Bush adresses nation on Financial Crisis.

news.bbc.co.uk...

US President George W Bush warns the US economy is at a "critical moment" as he vows to get his Wall Street rescue plan through Congress.

He said consequences would be "painful and lasting" if the $700bn (£380bn) deal rejected on Monday by the US House of Representatives was not passed.

(visit the link for the full news article)

Video of speech after the link.

[edit on 30/9/08 by enigmania]

Well no surprise there, even though the Bailout bill was voted away democratically, King George won't take no for an answer.

I wonder how this whole situation is going to turn out. Is this bill going to be pushed through anyway?

Once again, the democratic process is not respected.

How will the country and the markets react to this?




news.bbc.co.uk...
(visit the link for the full news article)

[edit on 30/9/08 by enigmania]

fear mongering is all it is.

He's trying to SCARE the US tax payers into allowing a legal theft of 700b by the scum that fabricated this scam to begin with.

I am so mad!

Later,...... Ausable_Bill

It is SO HORRIBLE that I saw Anderson Cooper last night practice fear-mongering. I wanted to go in the TV and punch his lousy face.

He was saying THIS IS YOUR MONEY YOU ARE BURNING.

Then they were talking about the jewish holiday and he said THEY ARE GONE????

Then they spoke of the DOW and he was asking someone "those who voted nay, did they know how the stock market was doing?" She said yes and he said wow.

They keep pushing it that doing nothing is worse than the package.
It's like the two-party system, you got dems and repubs no other option.

The package and nothing, those are the only two options.

He knows where the WMDs are (Widely Mismanaged Debts) - so he wants to get money in the bankers hands who really should be going to jail for mismanaging their companies.

Forget the "bailout" (IMO) - the Fed will probably do it through printing money anyway. They need to uphold Sarbanes-Oxley and provide the oversight that the Federal Government "says" exists. We need debt managers in federal jail and not being bailed out.

Market will come back (as it is now) and the right companies will fail. This is financial darwinism. No need for the taxpayers to fix it.

[edit on 30-9-2008 by bonaire]

Why can't the countries get together and just forgive the debt? Didn't they do something like that before? We all need food, clothing and shelter, but it is getting difficult to live a normal life with this kooky economy. Why can't we just forgive the debt and start over with a clean slate?

Bush Statement

Here's his statement from this morning in case anyone missed it.

reply to post by skeptic1


Never mind.

[edit on 30/9/08 by enigmania]

How is 700 billion dollars going to help our trillions in debt?

It's like throwing a cup of water at a burning building and hoping it puts out the flames.

Seriously, the 700 billion isn't even there to help the public. All it's there for is so that banks have more money to lend out, increasing the debt, and adding more fuel to the fire.

Did he actually call for the citizens of the world, since when he declare himself the president of the wrold

Well the markets are doing fine today.

He probably wants to stress the "importance" of the bailout for the whole world economy.

Here I thought Bush intentionally crashed the market.. Was going to envoke Martial Law and remain in power, then go to war..

[Not in that order exactly though..]


Hell, he just can't WAIT to get out of office and relax and spend his millions..

I'm afraid that will be on next week's program.

Stay tuned for more, people!

Bankruptcy does not mean the [failed financial] company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.

In contrast, a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy's allocation of its financial resources.
...
Talk of Armageddon ... is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else.

www.cnn.com...

Todays market is purely based on an assumption that congress will spit out some deal, to pay the bankers money... while further sending the US people into debt.

700billion, today they lost close to a trillion?...

so effectivley, the bailout would of brought little relief from the 770pt whopping... but what about the next day, the next bank?

Id like to know how much KBR or Carlyle group investments have been hit, surely they had investments in major banks through foreign nations.

I tell ya,

watching bush's speech..

his manerisms, his facial movements.. this means nothing to him. he's reading a script and showing no emotional or mental connection to what he is reading.

he just read out a script that practically told the world, if this fails its congresses fault.

YOU BROKE IT, YOU BOUGHT IT!

im disgusted,what a load of crap!

Yeah - with CONgress coming back in session on Thursday and more weekend "planning" - things could get ugly on Monday Oct 6 into the 7th. Maybe a few more banks failing, who knows.

I like that they didn't vote the bill in on Monday. I like what Gerald Celente says "whats bad for wall street *is* good for main street" in this case. What is nice about this stuff these days is it exposes the emotionally inept bank deals - and this is a chance to build the right restraints to keep this from happening again.

The bankers have been acting like Evil Knievel over the years with debt and leveraged funds. Gotta break some bones now. People will suffer, sure, but I now have a better feeling of the future for my kids. Unless the food riots get us...

you all have a responsibility to go out and rally
go door to door

don't let the media brainwash the people with fear-mongering

every news station right now is promoting fear, talking about it must be good if it's bipartisan, where are the two-parties and paulson during this jewish holiday etc...

horrible and revolting.

but you know what, it's even worse if you the people allow it to happen.
you have to alleviate.

Originally posted by Blueangel7
Why can't the countries get together and just forgive the debt? Didn't they do something like that before? We all need food, clothing and shelter, but it is getting difficult to live a normal life with this kooky economy. Why can't we just forgive the debt and start over with a clean slate?

Good question! The people responsible (besides ourselves) for setting up and operating this deformed, crippling and inherently corrupt system do not stand to gain at 'forgiving' debt.

It are the same kind of people that will literally kick you while you are down, almost surely in the head and hard. This ugly monster we call Economy has been with us for so long it is hard to say goodbye, like a spouse that's being beaten regularly has a hard time leaving. It's pretty much the water used to slowly boil us in and we are the lobster.

This is the time to ride it out and seek another way of dealing with each other.

Originally posted by Blueangel7
Why can't the countries get together and just forgive the debt? Didn't they do something like that before? We all need food, clothing and shelter, but it is getting difficult to live a normal life with this kooky economy. Why can't we just forgive the debt and start over with a clean slate?

Be careful where you're waving that crazy socialist madness. That's unAmerican to point of practically begging to have your phone tapped! What you're suggesting is the difference between some people having millions and billions in their accounts. Those third and fourth homes won't pay for themselves you know! Any idea what a Christmas gift to the Rockefellers costs?

Originally posted by DJMessiah

Seriously, the 700 billion isn't even there to help the public. All it's there for is so that banks have more money to lend out, increasing the debt, and adding more fuel to the fire.

Thats what this bill does in a nutshell. It doesnt attack the root of the problem which is falling house prices. This bill wants to give this institutions a clean slate to start doing bussiness as usual without even placing some serious thought as to how we got here in the first place!!! This is what I think is more worrisome about this.