Bush addresses nation on bailout RAW STORY

Published: Wednesday September 24, 2008





Print This Email This President Bush gave a speech on the economy and the proposed Wall Street bailout Wednesday night in an attempt to frame the legislation as a bipartisan emergency measure to preserve American jobs and credit-based prosperity.



"This is an extraordinary period for America's economy," President Bush opened. "We are in the midst of a serious financial crisis, and the federal government is responding with decisive action...My administration is working with Congress to address the root cause behind much of the instability in our markets."



"Financial assets related to home mortgages have lost value during the housing decline," he went on, "and the banks holding these assets have restricted credit. As a result, our entire economy is in danger. So I propose that the federal government reduce the risk posed by these troubled assets and supply urgently needed money, so banks and other financial institutions can avoid collapse and resume lending."



"This rescue effort is not aimed at preserving any individual company or industry. It is aimed at preserving America's overall economy. It will help American consumers and businesses get credit to meet their daily needs and create jobs, and it will help send a signal to markets around the world that America's financial system is back on track."



"I'm a strong believer in free enterprise," Bush continued, "so my natural instinct is to oppose government intervention. I believe companies that make bad decisions should be allowed to go out of business. Under normal circumstances I would have followed this course. But, these are not normal circumstances. The market is not functioning properly. There has been a widespread loss of confidence, and major sectors of America's financial system are at risk of shutting down. The government's top economic experts warn that without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold."



More banks could fail, even "some in your community," Bush warned. Retirement accounts would dwindle as a result of the stock market falling further. Home values could fall and foreclosures could rise. Business owners and farmers would find it harder and more expensive to get credit. Millions could lose their jobs.



In order to avoid such a doomsday scenario, Bush urges the passing of the proposed Wall Street bailout. "It is difficult to pass a bill that commits so much of the taxpayers' hard-earned money," he said. "I also understand the frustration of responsible Americans who pay their mortgages on time, file their tax returns every April 15th, and are reluctant to pay the cost of excesses on Wall Street. But, given the situation we are facing, not passing a bill now would cost these Americans much more later."



"Despite corrections in the marketplace and instances of abuse, democratic capitalism is the best system ever devised," Bush closed. "It has unleashed the talents and the productivity and entrepreneurial spirit of our citizens. It has made this country the best place in the world to invest and do business. And it gives our economy the flexibility and resilience to absorb shocks, adjust, and bounce back.



"Our economy is facing a moment of great challenge, but we've overcome tough challenges before, and we will overcome this one."



The following video was broadcast on CNN on September 24, 2008:









Download video via RawReplay.com







