Posted on 09/24/2008 7:34:32 PM PDT by mdittmar
THE PRESIDENT: 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. We've seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money.
(Excerpt) Read more at whitehouse.gov ...
I listened to it on the way home from work. Upon entering the house, before I even had time to give my opinion, I was met by my 15 yr old daughter, and 18 yr old son who had watched it on T.V. and declared the speech an exercise in pandering.
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. There is a spirit of cooperation between Democrats and Republicans, and between Congress and this administration. In that spirit, I’ve invited Senators McCain and Obama to join congressional leaders of both parties at the White House tomorrow to help speed our discussions toward a bipartisan bill.
BO....you’ve been summond to DC to do the people’s work.
ZZZzzZZZZzzZZZZzzzzzzzz
Except a few things: 8 years of poor leadership.
Thanks for sleeping at the wheel Georgie! Thanks Greenspan! Thanks Carter! Thanks Clinton and cronies with your stupid CRA expansion! Thanks Obama and cronies and Black Caucus! Thanks stupid Congress RATS! Thanks RINOS! Thanks money dumb people! Thanks Illegal Aliens! Thanks CEO a-holes!
The dems and the msm would have had conniptions if he were any harsher. We know where the blame lies and we also know that the perps will never be held to account
The most awful, terrible, scary, 9.999 pucker-factor crisis in the history of the entire universe . . . and it warranted 15 minutes of `deer caught in headlights’.
(But hey, it’s white-tail rut season!)
Maybe Hank’s waiting for Halloween to wheel him out again so they can cue the spooky music for Holocaust Speech II.
Well, at least he’s in double approval figures; most of Congress, on the other hand, is excreting masonry building materials over this whole ball of wax.
No. Bail. Out. !!!
And we will get up (early) and go to work tomorrow,because that’s what we do.
‘Zactly.
He was out of breath and his mouth was dry. It did not at all inspire confidence or give a calming feeling. Seemed like the person who was answering the door while someone was behind with a gun to his back telling him to “act normal”.
In there you'll find ...
The clear gravity of the situation pushed the legislation forward. Some might say the current mess couldn't be foreseen, yet in 2005 Alan Greenspan told Congress how urgent it was for it to act in the clearest possible terms: If Fannie and Freddie ``continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road,'' he said. ``We are placing the total financial system of the future at a substantial risk.''
What happened next was extraordinary. For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets. If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.
But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.
He always gets like that when he gets caught lying or with his hand in the cookie jar.
I sometimes think Al Gore would have probably done less damage to the country in the White House than he has running around selling carbon offsets and Global Warming Elixer.
While George Bush would probably have done a lot less damage chopping weeds on his Texas ranch the last 7 1/2 years instead of sitting in the White House.
- Orwell
“for the first time in history”
Well, not particularly, Fannie went public in ‘68, no?
nice to see the Bush-haters out in force. Howdy all!
I liked it. I think he said what needed said. He provided needed background and laid out the situation plainly for people to see. That’s what he needed to do. I’ve got no problem with it.
You all sound like the filth that caused the Athenians to loose to the Spartans. Could you do a better job? I couldn’t, and unlike most of you whiners I’ve actually run companies and been elected to things. So do everyone a favor and STFU!!!!!!!
Are you calling me a Bush-hater?
I have zero confidence in GWB or the Congressional Leadership. They have failed us citzens and they all should be tarred and feathered.
My views on Bush have changed dramatically since 2004. I really can’t stand him anymore and not for the same reason libs hate him. I see him as a traitor to conservatism. He has shifted the Repuiblican party to the left and I believe that was his intentions all along.
The Bushes try to act like macho Texas cowboys, but really they are Connecticut leftist eletists from Yale.
John McCain, love him or hate him, is more conservative than Bush. The only issue where McCain really pisses me off is amnesty fo illegals. But everything else Bush and McCain have sparred over, McCain was right. He was right in opposing the tax cuts without spending cuts (this was pre 9/11, remember), he was right about the surge, he was right about Rumsfeld not being the man for the job and he was right back in 2005 on Fannie Mae and Freddie Mac.
I believe we’ll be better off with McCain than with Bush. I believe McCain will veto alot of the pork in that budget and I believe McCain will be successful in wrapping up operations in Afghanistan and Iraq with complete victory.
Just my feeling.
I refuse to believe a word of what this man says. He has lied to us for eight years. He is part of the problem.
I can’t wait to see him walk out of the White House forever, and to see the end of a dynasty that has fleeced the American people.
We are so boned.
Nice to see all of the folks from DU are paying us a visit
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