Yeah - A Real Lame Duck! Wed Night, the Dubya address the Nation to issue a Warning about our financial crisis. Here's a transcript of his speech Link
Its been over a year since Bush's last address to the Nation and I just cringe everytime I hear him speak. Tonight (after a week of seeing the disastrous meltdown of Lehman Brothers, AIG and the mortgage fiasco), he is finally speaking out about our Economy - well, basically, its in DEEP SHIT!
"Without immediate action by Congress, American could slip into a financial panic and a distressing scenario would unfold," Bush said in a 12-minute prime-time address delivered from the White House East Room that he hoped would help rescue his tough-sell bailout package. "Ultimately, our country could experience a long and painful recession."Other 'not so wonderful' words in his speech:
The unprecedented $700 billion bailout, which the Bush administration asked Congress last weekend to approve before it adjourns, is meeting with deep skepticism, especially from conservatives in Bush's own Republican Party who are revolting at the high price tag and massive private-sector intervention by government. Though there is general agreement that something must be done to address the spiraling economic problems, Bush has been forced to accept changes almost daily, based on demands from the right and left. Link
"edge of collapse", "our entire economy is in danger", "serious negative consequences", "imminent collapse", "financial panic", "foreclosures would rise", "long and painful recession".
It is still not 100% understood nor completely accepted that this bailout would work - this coming from a President with the lowest approval rating and basically not trusted by the American People.
Bush have invited both Obama and McCain to the White House on Thursday, along with joint congressional leaders to discuss and bring about this bill. Guess he wants to welcome the future President and hand him this big lovely financial mess!
Senator Harry Reid of Nevada has said this,
“Today we face what economists call the gravest economic danger since the Great Depression,” Mr. Reid said on the Senate floor. “We’ve come to this point after eight years of President Bush waging a war on fiscal responsibility. His Republican philosophy of removing all accountability from big business — and expecting no responsibility from them in return — has created this crisis that now threatens to devastate America’s working families.”Bush's term will end this year. He's walking away (he himself retiring with millions) and we are left holding the bill.
“It is time for him to explain how eight years of deregulation policies have brought us to this dangerous ground,” Mr. Reid said. “And most importantly, it is time for him to explain how his plan — drafted literally under cover of darkness — will help America weather this storm.”