Posted on 09/20/2008 2:50:59 PM PDT by BGHater
President Bush defended the $700 billion cost of his financial bailout proposal, saying Saturday it needed to be massive so that turmoil on Wall Street did not spread to Main Street.
Bush pledged to work with Congress to quickly pass legislation as part of the largest financial bailout since the Great Depression.
"You get it's big because it needed to be big," Bush said, acknowledging that hundreds of billions of dollars in taxpayer money is being put at risk.
"I believe when it's all said and done, however, that the taxpayer is going to get a lot of that money back," he said.
Trying to allay public fears about the health of the economy and people's pocketbooks, Bush said that the risk of doing nothing far outweighed the risks of government intervention.
"People are beginning to doubt our system, people were losing confidence and I understand it's important to have confidence in our financial system," he said. Over time taxpayers will "get a lot of the money back," he said.
Bush's remarks in the Rose Garden capped a roller-coaster week on Wall Street. The Federal Reserve engineered an $85 billion takeover of insurance giant AIG this week after seizing control of housing giants Freddie Mac and Fannie Mae. One investment giant, Lehman Brothers, collapsed and a second, Merrill Lynch, was purchased by rival Bank of America for less than half its value.
The president, speaking to reporters after a meeting with Colombian President Alvaro Uribe, said he initially thought the government could deal with problems one at a time, as in the case of Fannie Mae and Freddie Mac, Lehman Brothers and AIG. He said he soon realized that the problems went beyond Wall Street.
(Excerpt) Read more at ap.google.com ...
No it didn't, not if the word doesn't get out! So far, the Dems are winning the spin war on this crisis. So, it as good as did not happen in 1999 until we make the case over and over and over again. Bush isn't helping get that word out, and neither are most other Republicans.
Breeding always tells. Goodbye.
You’re fooling yourself. It’s going to be devasting anyway. We don’t need no stinking bailout to prolong the delusion that things are going to be OK.
We’re being treated like children being tucked in at night and being told Daddy is going to make everything all right.
Well, it ain’t all right and neither George and any sum of bailout money is going to make it alright.
Americans will have to Unite and take to the streets to show our opposition to this bailout!!! We have to protest!!!
Oh wait tomorrow is Sunday...Football. No one will do it!
WAKE UP AMERICA....TAKE YOUR COUNTRY BACK!!!!!!!
I see. Hadn’t encountered him / her before. Thanks for the heads up.
You are talking about the Gramm-Leach-Bliley Financial Services Modernization Act.
53 Republican Senators (including Senator McCain) and one Democrat voted to approved the Act.
44 Democrats and no Republicans voted against the Act.
YEAs ---54 Abraham (R-MI) Allard (R-CO) Ashcroft (R-MO) Bennett (R-UT) Bond (R-MO) Brownback (R-KS) Bunning (R-KY) Burns (R-MT) Campbell (R-CO) Chafee, J. (R-RI) Cochran (R-MS) Collins (R-ME) Coverdell (R-GA) Craig (R-ID) Crapo (R-ID) DeWine (R-OH) Domenici (R-NM) Enzi (R-WY) Frist (R-TN) Gorton (R-WA) Gramm (R-TX) Grams (R-MN) Grassley (R-IA) Gregg (R-NH) Hagel (R-NE) Hatch (R-UT) Helms (R-NC) Hollings (D-SC) Hutchinson (R-AR) Hutchison (R-TX) Jeffords (R-VT) Kyl (R-AZ) Lott (R-MS) Lugar (R-IN) Mack (R-FL) McCain (R-AZ) McConnell (R-KY) Murkowski (R-AK) Nickles (R-OK) Roberts (R-KS) Roth (R-DE) Santorum (R-PA) Sessions (R-AL) Shelby (R-AL) Smith (R-NH) Smith (R-OR) Snowe (R-ME) Specter (R-PA) Stevens (R-AK) Thomas (R-WY) Thompson (R-TN) Thurmond (R-SC) Voinovich (R-OH) Warner (R-VA)
NAYs ---44 Akaka (D-HI) Baucus (D-MT) Bayh (D-IN) Biden (D-DE) Bingaman (D-NM) Boxer (D-CA) Breaux (D-LA) Bryan (D-NV) Byrd (D-WV) Cleland (D-GA) Conrad (D-ND) Daschle (D-SD) Dodd (D-CT) Dorgan (D-ND) Durbin (D-IL) Edwards (D-NC) Feingold (D-WI) Feinstein (D-CA) Graham (D-FL) Harkin (D-IA) Inouye (D-HI) Johnson (D-SD) Kennedy (D-MA) Kerrey (D-NE) Kerry (D-MA) Kohl (D-WI) Landrieu (D-LA) Lautenberg (D-NJ) Leahy (D-VT) Levin (D-MI) Lieberman (D-CT) Lincoln (D-AR) Mikulski (D-MD) Moynihan (D-NY) Murray (D-WA) Reed (D-RI) Reid (D-NV) Robb (D-VA) Rockefeller (D-WV) Sarbanes (D-MD) Schumer (D-NY) Torricelli (D-NJ) Wellstone (D-MN) Wyden (D-OR)
Present - 1 Fitzgerald (R-IL)
Not Voting - 1 Inhofe (R-OK)
16 posted on Sunday, September 07, 2008 12:24:27 PM by Doe Eyes [ Post Reply | Private Reply | To 3 | View Replies | Report Abuse] --------------------------------------------------------------------------------
Post #30 was to you as well, please stick to the historical facts.
You don’t read for comprehension do you.
The facts don’t matter if they don’t get out! Bush is not helping get the facts out ... neither are most Republicans. Maybe they’re taking a break for the weekend or something, but the Dems are smoking up the media with their spin.
Your facts mean squatt until they are widely publicized .... and that is not happening.
Do you have the House vote on it?
Until we get rid of affirmative action nothing will prevent this from happening again.
just buy everyone in the USA a house and be done with it.
I can't believe what is happening to our country.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but “predatory.”
Mr. Compassion strikes again.
Bush: “I believe when it’s all said and done, however, that the taxpayer is going to get a lot of that money back”.
There is a basis for that statement. As shown a previous thread, the government made money with the RTC from the S&L bailout. See the original post and reply # 22.
http://www.freerepublic.com/focus/f-news/2086593/posts
You pathetic little folks keep screaming that $100 M is a lot of money. Well, we will give you back $100M, which as you say is a lot of money. Stop complaining and stop bothering the masters of the unverse. We have serious issues to deal with. /sarcasm
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