Thread: Bush May Adddress Nation on Financial Bailout

WASHINGTON — President Bush is thinking of giving a speech to the nation on the ailing financial markets, the White House said Wednesday, amid persistent criticism of a $700 billion bailout plan and the Federal Reserve chairman's warning that economic growth depends on it.

Ben Bernanke, the Fed chief, told Congress' Joint Economic Committee that the Federal Reserve will "act as needed" to minimize disruptions to business life. His appearance came a day after he and Treasury Secretary Henry Paulson heard withering criticism of the Bush administration's proposed $700 billion bailout plan and not long after Bush said he was confident an agreement would be reached soon on a "robust" plan to relieve the stress.

Second-guessing of the bailout plan continued on Capitol Hill. And on Wall Street, the financial markets remained tense, with stocks fluctuating, following investor Warren Buffett's decision to invest $5 billion in Goldman Sachs Group Inc. The credit markets showed added strain as investors await news about the government's plan to rescue banks from crippling debt.

Meanwhile, Bush's chief spokeswoman, Dana Perino, revealed that the president is considering a formal speech to the nation — his first such talk in over a year — and said the country is at risk of a "calamity" without bold action to calm down the markets and soothe nervous Americans.
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o Senators Express Reservations on Bailout, Despite Pleas for Swift Passage

Amid a raft of statements of anger and doubt about the bailout plan, Sen. Lindsey Graham said Wednesday that "it's not my job to just echo people being mad. I'm going to choose the bad choice over the catastrophic choice."

Speaking to South Carolina reporters, the Republican said, "We don't have the luxury of kicking this can down the road like we did with immigration or social security and dealing with it another day hoping somebody braver than us will come along and have courage that we can't muster to deal with immigration or social security. This is on our watch."

Reflecting the urgency of the situation, White House officials revealed that Bush had taken Air Force One back to Washington from a meeting of the U.N. General Assembly in New York and said he was canceling a planned fundraising trip to Florida to help the Republican Party. Bush had canceled a similar trip last week.

Perino said Bush has been trying to address the public's many questions and concerns and was weighing whether, when and where to have such a speech.

Pleading for Congress to act quickly, Bernanke said: "Choking up of credit is like taking the lifeblood away from the economy."

Asked whether the country would plunge into a depression if lawmakers do not enact a bill, Bernanke said he didn't want to make such a comparison. But he also said there would be "certainly very negative implications," including likely losses on retirement funds and other investments held by millions of ordinary Americans.

Bernanke and Paulson made the case for the plan in a closed-door meeting with House Republicans Wednesday morning, where lawmakers voiced new doubts about the bailout and said their constituents were overwhelmingly opposed to it.

"The American people are furious about the fact that Congress is being asked to put up some $700 billion to help stem off this economic crisis," said Rep. John A. Boehner of Ohio, the GOP leader. Still, he said "Congress has a responsibility to act," and added that he hoped to strike a bipartisan deal that could pass within days.

Bush has an uphill battle in selling the rescue, however, even to members of his own party.

Asked during their session with Paulson how many of them backed the plan, just four Republican hands went up, said Rep. Thomas M. Davis III, R-Va.

"It's a tough sell to most of our members," Davis said. "It's a terrible plan, but I haven't heard anything better."

Republicans and Democrats both say Bush has lost credibility on Capitol Hill, particularly in cases where he argues there will be dire consequences if Congress doesn't act.

"They sold the war, they sold the stimulus package and some other things. It's the 'wolf at the door' " argument, Davis said.

"It's hard being trusting" of Bush's bailout plan, said Democratic Rep. Luis V. Gutierrez, D-Ill, who said the administration's full-court press to sell it reminded him of the one the White House mounted before the Iraq war.

"You feel like you're always getting hoodwinked, because they say the consequences if you don't do it is a complete demise and collapse of the system," he said.

Executives whose companies get a piece of the assistance would have their pay packages strictly limited under proposals that broadly supported by both Republicans and Democrats.

The administration was resisting that move as it scrambled to overcome widespread misgivings and swiftly push through its plan to rescue tottering financial firms by buying up their rotten assets.

Frank has proposed adding substantial congressional oversight over the bailout and a requirement that the government make an effort to renegotiate as many of the mortgages it purchases in the rescue as possible to help strapped borrowers stay in their homes. Paulson was said to be willing to accept those revisions.

Frank also has been pushing to allow the government to buy equity — rather than just bad debt — in companies it helps so taxpayers can benefit from future profits. That idea is also gaining bipartisan support, but Paulson argues it would hamstring the very companies the government is trying to help.

He also is strongly opposed to another key Democratic priority: letting judges rewrite mortgages to lower bankrupt homeowners' monthly payments. Democrats view that measure as the heaviest lift and the most likely to be dropped as part of a final deal.

http://www.foxnews.com/story/0,2933,426825,00.html

Well, Bush coming out to push this plan, and the fact that traitor Sen. Lindsey Graham is pushing it tells me all I need to know.

This plan is BS, bad for America. Plain and simple.

W

Originally Posted by ALIPAC

Well, Bush coming out to push this plan, and the fact that traitor Sen. Lindsey Graham is pushing it tells me all I need to know.

This plan is BS, bad for America. Plain and simple.

W

I agree WE NEED TO STAND and SHOUT NO!!!!!

Birds of a feather stick together.

We have to really be prepared tomorrow morning to hit the phones first thing am. Bush going to threaten us in an attempt to scare all the airheads into believing this country will die without the bail-out. Bush thinks the American people are so ignorant, he can sweet talk us into believe his lies.

I prefer to see everyone involved in these problems go to jail, especially our financial executives in the White House.

So please, even after his speech start leaving voice mails !!!!

Amid a raft of statements of anger and doubt about the bailout plan, Sen. Lindsey Graham said Wednesday that "it's not my job to just echo people being mad. I'm going to choose the bad choice over the catastrophic choice."

Speaking to South Carolina reporters, the Republican said, "We don't have the luxury of kicking this can down the road like we did with immigration or social security and dealing with it another day hoping somebody braver than us will come along and have courage that we can't muster to deal with immigration or social security. This is on our watch."

Actually Sen. Graham it is your job to do the will of the people, mad or not they care enough to tell you what we the people want and its your job to act upon the people's will not the lobbyists. And another reason why these morons are in this posistion is because they keep kicking the big issues down the road and letting them get out of control.

Don't bail them out just cut off services to Illegal aliens that will save us billions a year that we can use to save our economy 400 billion a year it would save us.

By the way, if they bail out these crooks; we should all refuse to pay our mortgage payment again. I'm not paying these crooks twice via house payment, taxes and deficit.

Graham's lines are open. You can leave a message or PRESS 2 and speak to a person.

I just unloaded a LOT of hostility and anger.

What could Bush possibly say that would make us convinced that we should give him a blank check? This moron has zero credibility and his track record speaks for itself.

This one takes the cake:

Asked during their session with Paulson how many of them backed the plan, just four Republican hands went up, said Rep. Thomas M. Davis III, R-Va.

"It's a tough sell to most of our members," Davis said. "It's a terrible plan, but I haven't heard anything better."

What? Gee they don't pay you to think obviously. Just follow the lead of a complete failure like a docile sheep. Yes Master Bush, bah, bah, bah!!! I came up with a perfect plan yesterday on this board involving 27 steps and it all centered around cutting spending and enforcing our laws to the T. We don't need bailouts, we need investigations, but you fools don't want investigations because we all know the money trail will lead back to you, the politicians and that will be a sure fire way to lose your seats. You think you can pass this abomination and act like there is no other alternative so we might as well give up and surrender. HA, fat chance of that.

You clowns are nothing, but snake oil salesman and you all will be exposed.

Amid a raft of statements of anger and doubt about the bailout plan, Sen. Lindsey Graham said Wednesday that "it's not my job to just echo people being mad. I'm going to choose the bad choice over the catastrophic choice."

Speaking to South Carolina reporters, the Republican said, "We don't have the luxury of kicking this can down the road like we did with immigration or social security and dealing with it another day hoping somebody braver than us will come along and have courage that we can't muster to deal with immigration or social security. This is on our watch."

God forbid a member of the House of Lords would listen to those who put him in office and pay his ridiculous salary. My goodness, he's a one term Senator and he acts like he's been there for other 50 years. He doesn't care what the people want, he knows what's best. I hope the people of SC get wind of this and they can your ass in November. You deserve to be outsourced to Mexico and forced to compete with the third worlders you so hold near and dear to your heart. If there was any justice in this world, you'd be made to clean the toilets of some Mexican politicians house for 2 dollars an hour just so you know what it's like to go through what your putting us through. It probably would be the first time in your spoiled, pampered life that you would have had to work for a living you spineless worm.