Bush warns of 'long and painful recession'

AP on Yahoo ^ | 9/24/08 | Jennifer Loven

[NormsRevenge]

WASHINGTON – Pressing urgently for a massive financial bailout, President Bush says the nation faces a "long and painful recession" if Congress fails to act. He says "our entire economy is in danger."

[Silly]

He adopted the right tone in his speech. Concerned, but confident.

[cripplecreek]

I live in Michigan so the scary talk really doesn’t scare me much.

[ButThreeLeftsDo]

I’m afraid he’s tasting the kool-aid....

[forYourChildrenVote4Bush]

I didn’t see his speech.

Ok, now what?

[mnehring]

Is it just me, or did I miss the parenthetical phrase “long and painful recession”? Was this written before the speech?

[greatvikingone]

I disagree with the President’s priorities.

[MarkeyD]

I think there will be recession if they do, depression if they don’t.

I’m still not for it as written, not without lowering taxes and having a real energy plan.

[goldstategop]

If its a $700 bailout, I still say NO! Nothing's changed to convince me its a good idea.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[Silly]

Now we all go out for ice cream.

[NormsRevenge]

It was on the wire as he spoke.. so it was likely in the can with the appropriate spin already applied

[Comparative Advantage]

Nothing about prosecuting Wall St. or Congress for their part in the Fannie Mae fraud. Nothing about reform to prevent this from happening again in the future. Nothing about limiting executive parachutes of companies directly responsible.

No sale!

[LegalEagle61]

The bailout has to occur, but not as written, Mccain did have some good provisions when he gave his speech, I think yesterday, so maybe he will have what is needed to make it doable.

[NormsRevenge]

U.S. President George W. Bush delivers a nationally televised address from the White House to discuss a $700 billion financial rescue plan that he feels is needed to shore up the U.S. economy, in this frame grab taken in Washington on September 24, 2008. (White House Television/Reuters)

[goldstategop]

Agreed. Only 4 House Republicans back the bailout plan as written. And Bush didn't convince me it was necessary.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[LibertyRocks]

I posted the following on the Live Thread from this morning... Perhaps posting it here will help me get some feedback from others... I’m STILL not liking this one bit...

Here’s the post I put up on the other thread:

As I’m listening to the President right now I just have 2 comments:

1.) It’s even more frustrating when Bush admits that he KNOWS he should let these businesses fail, but feels that we can’t let that happen right now.

2.) Is there ANYONE in this country besides myself who DOESN’T rely on CREDIT for EVERYTHING!?!? I said this years ago — if it weren’t for credit cards, loans, etc... prices would be MUCH, MUCH lower and everything would be WAY more affordable. As I understand it from listening to the President this is all about “re-starting” the willingness of financial institutions to give out MORE credit. What possible reason is there to believe that they won’t make the SAME mistakes in the future. The point is — too many rely on CREDIT! It’s a GOOD thing if credit is hard to obtain, IMHO. Even if that means that I myself will have a tougher time getting back on my feet and purchasing a new home.

I’d STILL like to hear them explain how this is allowable under the CONSTITUTION!!! The Dems are going to use this as a precedent, and you can be SURE they are just chomping at the bit to nationalize the energy companies as well — all they need is some “problem” (real or imagined) and they will use this as precedent for government intervention...

I’ve said this numerous times over the last few days:

I would rather be dirt poor, and half-starving and FREE, than see my country turn into a COMMUNIST country with everything controlled and regulated by the government - where 99% of us would be dirt poor, and half-starving ANYWAY - but with no chance to come back stronger...

If we do NOT let the chips fall where they may - it’s only going to get worse. When has government intervention ever solved ANYTHING???

OK, I guess I had more than two things to say...

[Thane_Banquo]

Don't agree with teh $700 billion number, or the Paulson structure, which Paulson had put together specificaly to be a huge windfall to his Wall Street buddie,ps and himself when he goes back to Wall Street in Jaunary.

But I agree with the over-all concept, as long as it is structured with reverse auctions, the total is cut in half, executive pay is capped, and (this one no one else is talking about) Paulson is banned from working on Wall Street for another five years.

I thought the President did a good job tonight explaining it to us bitter clingers in fly-over country.

[bobby.223]

dead on the money. the elites will continue to cover for each other forever and as it has always been.

[mnehring]

I live in Michigan
Oh man.. a recession may be an improvement for you then... :->

[NTHockey]

Make each member of Congress put up all the money they’ve gotten from Fannie Mae, Freddy Mac, MBNA and the rest - then we can talk about a bailout.

It absolutely galls me that we are going to reward deadbeats who won’t pay their bills, crooks on Wall Street and money-grubbing bankers for their crimes.

PERP WALKS FOR CONGRESS!!