"Bush urges bailout unity; President says economy is in danger, warns of risk of a long recession" by Michael Kranish, Globe Staff | September 25, 2008
WASHINGTON - President Bush, bluntly warning that "our economy is in danger," urged Congress to pass a sweeping $700 billion financial rescue package in order to avert "a long and painful recession."
While Bush's remarks were addressed to the American people, his immediate target was 435 US representatives and 100 senators, including many members of his own party who have responded with skepticism or outright anger to his call for what many have called a massive bailout of Wall Street. A vote could come within days.
Yup, everybody wants to get a "deal" done -- except for the AMERICAN PEOPLE who are going to get FLEECED by this thing!!!!
Bush's speech came at a pivotal moment in the negotiations over the package.
Yeah, see: Bush to Address Nation Tonight
That will give you a heads-up on the next paragraph.
The president's original, three-page proposal - which gave Treasury Secretary Henry M. Paulson extraordinary power to buy up to $700 billion in bad mortgage-related debt from distressed Wall Street firms without review - appeared to have no chance of passage. With Democrats in control of Congress, and many conservative Republicans openly skeptical of the plan, the administration worked feverishly yesterday cutting deals with Democratic leaders, hoping to get a bill to the president's desk within days.
Senate Banking Committee chairman Christopher Dodd, Democrat of Connecticut, said after the president's speech that negotiations were proceeding well. "We are making progress and are committed to sending the president a proposal in an expeditious - but judicious - manner," he said in a statement.
Reminder: Dodd got a sweetheart loan from Countrywide (a loan you or I wouldn't have gotten), so I'm sure he's really interested in getting to the bottom of this. These guys want to pass a bill and hope this all goes away -- as they loot us on the way out!!!!!!
Bush was a wounded messenger: a Fox News poll showed his approval ratings have plunged to just 26 percent with just over four months left in his term.
Then he must REALLY BE LOW -- about 10% I would imagine -- about the same percentage who are going to benefit from this bailout!!
What a coincidence, huh?
On Capitol Hill earlier yesterday, Paulson tried to assure skeptical members of the House Financial Services Committee. "The American people are angry about executive compensation, and rightfully so," Paulson testified.
It is not just that, dick!!!
We are OPPOSED to this SOCIALIST and FASCIST POWER GRAB and LOOTING OPERATION!!!
