Bush Urges Quick Passage of Bailout Plan to Avert Recession

FoxNews ^ | September 24, 2008 | Staff Writer

[Petronski]

President Bush, warning of the danger of a "long and painful recession..."

The language is weak. He needed to warn of a "deep and severe recession, or worse."

[A.Hun]

He can sink the markets with his words...he had to be extremely careful in his choice of them.

Paulson and Bernanke have been dancing around for two days because they have the same dilemma.

[Petronski]

Spent like drunken sailors on liberty for the first time (sorry sailors).

My father is a Navy man (Korean era) and he once told me not to say that kind of thing about sailors, because sailors spend their own money, and when they run out they stop.

[VRWC For Truth]

If it wouldn’t ruin me too, I’d love for a bunch of you to experience about ten years of depression. It would serve you right.

Where can I sign up. I know I'll survive. It's the ACCOUNTABILITY stupid!

[jmj3jude]

That is a stupid statement. We will be buying the paper, which backs real houses at a discount. If you didn’t it would further erode the market. because if you paid to much for them the houses would go up in value in the area surrounding them, if you bought them to cheaply they would further erode the value of the homes in the area surrounding them. The hardest part of the job will be to mark them to market. And the other hard part is to keep Democrats honest. The value of these assets will rise over time, and thus this is really not a bailout. Because, we will recover the money back over time. At least a lot of it!

[Petronski]

He can sink the markets with his words...he had to be extremely careful in his choice of them.

It's true, of course.

But in this situation, I think we can agree the markets understand the risk far better than Jim and Suzy Citizen do.

I'm not too critical on this score, though. I'm sure they considered all the angles.

[VRWC For Truth]

Bush was reading from Pelosi’s script. He’s a lame duck with no power.

[dalereed]

“and when they run out they stop.”

No the fools borrow until the next payday at $10 for $5, $20 for $10 etc!

[A.Hun]

It drove those out of business that it should have.

Your out of your mind. It drove nearly everyone out of business. Their was no market for goods...no one had any money.

Exactly how old were you in 1934?

[Petronski]

...my retirement is up in the air here but I’d rather work till I’m 85 before I see these rotten bastids get hold of that money...

Those are precisely the stakes here.

[Petronski]

Do you continue to espouse a full-blown economic depression?

[Petronski]

Sounded like McCain’s script to me.

[VRWC For Truth]

Same difference. Bi-partisan mumbo-jumbo.

[A.Hun]

But in this situation, I think we can agree the markets understand the risk far better than Jim and Suzy Citizen do.

The markets have acted like herd animals for the last two years. I have no faith in how they will react to bad news. Everyone is sitting on the sidelines praying for this rescue...did you notice how low the volume was today?

It would have suited me though if he had told the unvarnished truth, but we might have had runs on the banks tomorrow.

[A.Hun]

Wanting a depression is what is stupid.

[jmj3jude]

You are truly NUTS! If you think when we go into a GREAT DEPRESSION that men will stand in soup lines orderly like they did in the 30’s you are truly deranged. They will come in your home and shoot you for a can of beans! We will have anarchy and you will be lucky to stay alive for a month. I for one don't want roaming gangs around controlling my neighborhood.

[Petronski]

If this goes on much longer, we’ll have bank runs anyway. People are paying attention now, and voices carry far in the age of the internet.

If there’s no deal by Monday, I could see bank runs and failures by Wednesday or Thursday.

[madison10]

Don't agree with that at all.

[dalereed]

I was just 2 but my parents did alright.

My dad sarted his business, they built a new 2400#’ home in an upscale neighborhood, they both had cars to drive.

I was taught from the time I could sit up in a high chair economics and the lessons learned from the 1880s depression when my GG grandfather lost his bank, First National Bank of Pomona, and everything he had.

I was also taught to hate Roosevelt for everything he did that kept the country in the depression.

I’m redy for a depression now, bring it on and wipe out everyone that is living on credit!

[Ken H]

Everyone involved will still be multi-multi millionaires.

Yep.

Hell, I expect Jamie Gorelick will be on a commission that investigates this at some point in the future.