Wednesday, September 24, 2008
President Bush went before the US to make a case for $700 billion bailout of the financial system
Our entire economy is in danger
President Bush went before the nation this evening to make a case for the $700 billion bailout of the financial system proposed by his administration, which has been met with skepticism by some in Congress and the American public.
"Our entire economy is in danger," Bush said, urging Congress to take quick action and outlining his rationale for the bailout.
Failing to pass a rescue plan, Bush said, would create the risk of a "long and painful recession" -- meaning more foreclosures, lost jobs, business failures, stock losses and difficulty getting loans.
"These are not normal circumstances. The economy is not functioning properly. ... Without immediate action by Congress, America could slip into a financial panic."
White House spokeswoman Dana Perino said the president decided to make the less-than-15-minute address because he wanted to tell Americans directly about the severity and stakes of the financial emergency.
Posted by KNN-AHTUR KEYMAH at 6:49 PM