Let's always remember who really fixed the economy
 

http://money.cnn.com/2008/09/24/news...ion=2008092422

Good evening. This is an extraordinary period for America's economy.

Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration.

...

With the situation becoming more precarious by the day, I faced a choice, to step in with dramatic government action or to stand back and allow the irresponsible actions of some to undermine the financial security of all.

I'm a strong believer in free enterprise, so my natural instinct is to oppose government intervention. I believe companies that make bad decisions should be allowed to go out of business.

Under normal circumstances, I would have followed this course. But these are not normal circumstances. The market is not functioning properly. There has been a widespread loss of confidence, and major sectors of America's financial system are at risk of shutting down.

The government's top economic experts warn that, without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold.

More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically.

And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs.

Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And, ultimately, our country could experience a long and painful recession.

Fellow citizens, we must not let this happen. I appreciate the work of leaders from both parties in both houses of Congress to address this problem and to make improvements to the proposal my administration sent to them.

...

But given the situation we are facing, not passing a bill now would cost these Americans much more later.

...

In close consultation with Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox, I announced a plan on Friday.

First, the plan is big enough to solve a serious problem. Under our proposal, the federal government would put up to $700 billion taxpayer dollars on the line to purchase troubled assets that are clogging the financial system.

...

Thank you for listening. May God bless you.

:1orglaugh

Democrats keep trying to take credit for Bush's plan.

Damn straight! Getting Bush out of office did more good than anything.

Maybe so - they did vote on it and help draft it up... but what's a bit ironic is the Republicans 'blamed' Obama for this bailout. Saying he pushed for it, he was the President when it went into action, it's Obama's mess - even though Bushed signed it in.

How quick the tables turn when it goes from screwing our kids over to actually helping the country.

Those have to be fake Republicans then. Why would they give Obama credit for what Bush did? That doesn't make sense.

i think everyone was more upset about money going into infrastructure than disappearing into bank coffers

but i am just a canadian

A true disgrace to the USA! All we did was trade on idiot for another......

Vendzilla, sperbonzo, daddyhalbucks, stickyfingerz, no comment?

That's funny. Getting Bush out of office brought in a bigger idiot who's destroying our economy on levels Bush could only dream of. And I love TheDoc's argument that "Bush signed off on the bailouts." Who instituted them, moron? I wonder why he's even allowed to post in argumentative threads.

Didn't you watch this speech or read the words Demon? How can you pretend Bush didn't push for this?

This part was pretty smart, of the bill Bush signed into law:

No oversight. No court review.

Wait, who said I pretended Bush didn't push for this? When have I ever supported Bush's economic policies?

"fixed"?

You betcha'

I misread your post. I wondered who you were talking about.

As a republican and fiscal conservative, I was always against most of Bush's economic policies and I didn't think it could get any worse. Then we elected Obama and it got worse ten-fold.

again, i have to point out, when are you people going to wake up and stop pointing fingers at one person.. its the whole govt thats fucked up and more corrupt then ever..

this is just what both sides want, people busy spending time blaming the other side..

what we should be doing is getting people on the same team to kick all of these corrupt long standing congress members out of office..



.

ok marketsmart, let's do it. who first?

Vote against all incumbents, in all elections, always, everyone.

Aside from that you have to try to get one of them to impose term limits, and they tend to not want to fire themselves.. so ...

Otherwise they are too entrenched and there isn't a lever long enough to pry them loose from each other. Lobbyists & "representatives".. totally bedded down together. Longer they are there, the more comfortable they are doing anything for any reason. Just keep the cash flowing.

My incumbent rocks, it's your incumbent that sucks.

Nope, we've got to vote against all incumbents. Good today, corrupt tomorrow. It's the only way. I dont care if they are freshmen or veterans (there should NEVER be these idiotic lifelong appointments), when they come up for a vote, we should turn them over for at least a few cycles.

No doubt.......:thumbsup

When the economy gets good again (which it ain't), I might be cool with reelecting some of them.

Amen! Hopefully, more and more Americans are waking up to this concept.

I just feel that corruption seeks out stagnant conditions.

anyway.. I just cant think of another way to actually make a change. And I like some of them pretty well too.