President Bush argued his case for an unprecedented $700 billion bailout of troubled financial institutions to the American people Wednesday, a day before a White House session that will include Barack Obama and John McCain. "Our entire economy is in danger," Bush said in a high-stakes address. "Without immediate action by Congress, America could slip into a financial panic. … More banks could fail, including some in your community."Rico says angry? Nah. Why should we be angry about stupid men making millions (yup, millions) of dollars a year by screwing the American people?
The president warned that inaction could cause millions of layoffs, bank failures, business closures, lost retirement savings, more foreclosures, a further drying up of credit and "a long and painful recession." He added: "We must not let this happen."
With that in mind, Bush invited congressional leaders and the two men vying to succeed him to an extraordinary meeting this afternoon "to help speed our discussions toward a bipartisan bill."
Bush used the 22nd nationally televised address of his presidency to urge quick action on the plan, despite deep misgivings among lawmakers and the American public that it would put taxpayers' money at risk. "We expect that much, if not all, of the tax dollars we invest will be paid back," he said.
The administration agreed to include a limit on salaries earned by executives whose companies benefit from the plan. "The American people are angry about executive compensation, and rightfully so," Treasury Secretary Henry Paulson said.
25 September 2008
Remember how much fun the last Depression was?
USA Today, along with all the others, has the story of the President's television address to the people and, over their heads, to Congress, about passing the 'bail-out' bill for seven hundred billion dollars:
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